Purely from a technical perspective, U.S. Natural Gas Fund (AMEX: UNG) weakness after its pre-open high at 41.00 to 38.91 represents a "gap-filling" expedition"' -- at least, so far. The fact that selling pressure filled the entire up-gap this morning and then buyers re-emerged to push up prices to 39.62, as we speak, warns us that the action is a correction within an underlying advance off of Monday's low at 35.67. As of this moment, the UNG pattern remains constructive within the overriding bullish potential indicated by hurricane Gustav.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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