CHRISTMAS EVE – PROFIT TARGET HIT United States Natural Gas (UNG) December 24, 2009
Posted by Marlowe Cassetti in UNG.trackback
Stocks ended a holiday-shortened session Thursday at new highs for the year following upbeat reports on unemployment and durable goods orders.
A weaker dollar also helped buoy the market, lifting energy and materials stocks. Christmas Eve trading was extremely light.
The encouraging signs of the labor market and consumer demand helped assuage investors who were disappointed the day before by an unexpected plunge in new home sales last month. (commentary & photo courtesy of AP)
On this shortened trading day my profit target was hit and my position was sold in United States Natural Gas (UNG). Strangely its price kicked up at the opening, hit my price of $12.80, only to selloff the rest of the day. It was a good ride while it lasted and it netted a nice profit of 18% in a little over a five weeks. Not too shabby. My major problem is that RSI’s picks come in small doses, except when the market moves big, such as this past March.
Have a Merry Christmas. Catch you after the market closes next Monday.
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