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Bullish on UltraShort Oil & Gas ETF DUG

Commodities / Crude Oil Jan 19, 2011 - 12:56 PM GMT

By: Mike_Paulenoff

Today's new low -- and upside reversal -- in the ProShares UltraShort Oil & Gas ETF (NYSE: DUG) has the right pattern "look" and the necessary acute oversold conditions reflective of a seriously overbought oil and gas equity sector in the S&P 500 -- and one that is overdue for a meaningful bout of profit-taking.

We are bullish on DUG, taking a contrary near-term view of the commodity sector, in general, and the oil and gas sector, in particular, during the days immediately ahead.

Sign up for a free 15-day trial to Mike's ETF & Stock Trading Diary today.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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