Why would they sell now? Oh the humanity!
I trade UGAZ and DGAZ daily, never holding overnight. This morning was very different from most mornings. At 8am the bid and ask had already tightened on both UGAZ and DGAZ. On most days this does not occur untill 8:30 to 9:00. The early volume should have been a warning sign that something huge was about to take place. If I had waited untill the trend was established @ about 8:30 I would have been a big winner today. But I was looking at resistance @ 3.96 and thought that it was going to hold, I was wrong. I jumped into DGAZ @ 8:10. The next time I see big volume on UGAZ and DGAZ before 8:30 I will wait for the trend to appear. I went back and looked at days that large moves up or down occured and noticed early large volume on these ETNs always happens, even before the trend starts. Hope this helps anyone, I learned the hard way today.