I like the idea of buying dips, and I still have some of my ETF position, so I’m happy. I just would rather find more value because I did close out half of my ETF position, at about 240 or 245, and therefore I think this surge higher most certainly will be followed by people trying to support the market.
But you need a pullback at this point to find any value. Yes, short term momentum players may push this market higher. And yes, temperatures in America have been hotter than expected. But really, at the end of the day, natural gas is a completely abundant resource that is not hard to find. I actually live in an area that is flooded with natural gas.
So I know of what I speak, and therefore I never really trust these moves for anything more than a short term trade. Whether or not we can sustain the upward pressure remains to be seen, but right now I would not bet on it. What I am looking for is a pullback to take advantage of, and I’ll add my ETF position because as you know leverage in this market is very dangerous.
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