Sunday, April 19, 2009

Hello again 2c Nat Gas Dennis Gartman

"We're not short-term investors; we focus on the long term" (Karen Finerman)

Of course sweetie pie “C is a value girl” and things must be going real well for you if you have to make extra nickel by participating in freak show…back to Dennis now.

Last week during Fast Money Show Mr. Gartman said: “Nat gas? It must be going to 2c he-he”

Today I will not be wasting my time reminding you about Dennis’ inconsistencies in respect to “staying out of oil” and “trading oil around” and “holding oil” – there were too many of those back in the summer of 2008 – none is perfect.   Today I’d like to ask you - you “have been doing IT for 35 years” – you still have NOT learned that “huge new supplies” not always equal to “low price”?  I bet you did learn that – WHY would you ironically predict Nat Gas to go down to 2c? Mr. Gartman – may I see what you are buying now, please?  Of course not, that would be disclosing “proprietary trading techniques” (I heard that somewhere not long ago – have not I?)

No, I just cannot hold myself – let me remind about those good ole days when I was naive enough to contradict Mr. Commodities King (What is it with “King” thing – are not we living in Republican Society?) and made pretty good money.

April 29/30 2008 Mr. King himself was “very bearish on commodities” – if we would listen to him – we would miss 50% run-up by the end of June 2008 – nice timing Dennis.

"Big Day" tomorrow
Updated Trade Signals as of April 30th 2008

Back to Natural Gas

I’ve been watching the “Widows Maker” for a long time now, even bought few July 20 UNG calls few days ago (nothing big to talk about), but I think THIS IS a time now, not for crazy parabolic run, but time to make money on Natural Gas playing the long side of it.

Why?  Gut feel first. 161.8% Fib = 14.28 (was waiting this for ages now) – second.  Tradable range – if it falls below $13.40 on weekly close – that would be clear stop for me.  Not to mention multiple DeMark setups developing.  If I am right and it goes above $15.70 – I’ll be adding to initial position.  First (initial) target for me would be around $25 within the next few months.  No chart today – tired - just video of not such a good quality, still cannot figure out YouTube’s best approach (better quality full sized UNG VIDEO is posted on Contributors Site )