Don't look now but the natural gas fund (UNG) is currently the farthest above its 50-day moving average out of more than 200 key ETFs (and ETNs, etc.) that we track daily in our ETF Trends report over at Bespoke Premium. You know the financial markets are struggling when natural gas is the most overbought asset class, considering that the commodity has been a perpetual decliner for years now.
Give credit where credit is due, though. As shown below, UNG has made a significant bounce over the past week or so, and today it traded to a new four month high.
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