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DUG in Decline
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.
