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Bullish on DUG

Today's new low -- and upside reversal -- in the ProShares UltraShort Oil & Gas ETF (NYSE: DUG) has the right pattern "look" and the necessary acute oversold conditions reflective of a seriously overbought oil and gas equity sector in the S&P 500 -- and one that is overdue for a meaningful bout of profit-taking. 

We  are bullish on DUG, taking a contrary near-term view of the commodity sector, in general, and the oil and gas sector, in particular, during the days immediately ahead.

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