Bakken Competitor GMXR - 10.8 days to cover short position
GMXR is a nat gas stock that, in 2011, began oil production in the Bakken and other US areas.
Check out the charts on 2/7, 2/8 and today - we are finding intraday support at $1.54-1.55 each session. Additionally, we traded here briefly 2/6 before staging a huge breakout 2 hours before the close.
UNG brokeout on its weekly data at 10:30 EST today as well. Historically, natural gas has its best month in FEB.
I have been watching this trade every day since 2/2. It is obvious that the shorts are waiting to see who is willing to capitulate and put sell orders in at $1.54-1.55 before coming in with buy to cover orders. They are not sitting on the bid - look at the heavy volume each day at the close.
Longs, we have suffered for many, many months now. This is our time. Look at a 6mo chart of KOG - there is real upside here. I'm seeing this massive amount of short covering in AUMN, LSG, SLV, NFLX etc - these are all heavily shorted, and hedge funds were blindsided by all of the good economic data in JAN/FEB.