After DUG broke 30 it took up residence in the 30 to 34 zone forming an ill formed wedge, but any wedge is a good wedge after it breaks which is exactly what DUG has done. We added another 1/2 position yesterday which should have been added the day before, but have broken the wedge and a stochastic with the short line crossing the long line so, I do expect DUG to run for awhile.
On the fundamental front you just knew when Iran fired that missile over the weekend that it was their last ditched attempt to scare prices up. Sooner or latter the professional traders have to take profits to pay bills and continue the ponzi scam in another sector. The collateral damage could be bloody for the bulls in the short term.
We were stopped out of the other side of this trade (hedge) DIG at 109.10. I will update the Open Positions.
For stops on DUG I am going to say 31.5 based on the 15 minute chart.
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