With the onset of Winter just around the corner, fewer gas rigs in operation, no major storms this year that damaged structures which minimized demand, more and more homes outfitted with gas-burning furnaces, and more uses everyday for natural gas, why isn't this going up?
I'd like to believe that UGAZ gets back to $17 by the end of November.
kzgp, I feel for ya. I read your posts over the past couple of weeks. I know what happened to you, because it happened to me. Just yesterday, in fact, I was holding some SPXU. I should have sold the night before, Tuesday, in AH, right after Fitch came out with that US ratings watch call.
In AH, SPXU spiked up, just four cents per share below my cost basis. I thought, no, I'm gonna hold. I'll get my four cents tomorrow. Well, about 15 minutes after that, Harry Reid comes out and says that the Congress is close to a deal. SPXU dropped about 30 cents, right away.
On Wednesday, I held out hope that some Tea Party guy would hold the process up, in turn causing the S&P to drop, and I'd get my money back (even). A few minutes after the market opened, it was clear they were going to deal, and the S&P spiked upward.
I never use market orders, but I did then, just to get out, while I could without a major loss. Well, I lost about 4% on the trade, which isn't bad, but I hate taking losses. Still, had I been smart, seen the politics for what they were, I should have sold for a much smaller loss on Tuesday night, even after Harry Reid's sound bite came out.
Anyway, right now, I don't see a situation on the horizon that could cause TZA to get back to $23, even. Still, what do I know?