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By Mike Paulenoff, www.MPTrader.com
Most of the time it is just better to be lucky than smart! Although I exited my long ProShares UltraShort Oil & Gas ETF (AMEX: DUG) position prior to the completion of the upleg into yesterday's recovery rally high at 30.47, my concern was that a rally in the Q's (technology) could drag the energy names higher, thereby hurting the DUG. This morning's down-gap and plunge of 4.25% certainly has inflicted pain on the DUG, which now appears to be me to have ended an initial upleg from 26.43 to 30.47, and is in the midst of a correction that points to 28.00-27.70 initially.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
