Natural Gas (UNG) - Update

I've been long UNG (Natural Gas ETF) but took the trade off today because of the bearish engulfment that developed.  About 9 days ago we had another bearish engulfment and over the following week UNG sold off.

UNG has been in a trading range over the past two months which means I am wasting my time trading this ETF. I'd rather trade UNG when it starts moving than to sit in it hoping for something to happen. I'll leave this market alone for now.

Apple Inc. (AAPL) Continues To Show Relative Strength

Apple is a stock I've been writing about lately due to the fact that it continues to show relative strength compared to the overall stock market. Today was yet another example of AAPL's strength. The S&P was down over 1% while AAPL managed to close up 1.54%.

Last week I posted the above 60 minute chart of AAPL which showed that this stock was about to break out of a consolidation. The breakout level was at 252. Today AAPL traded up to 265.94 making a 19 day high but retreated in the last hour of trading when the stock market came under selling pressure.

Apple Inc. (AAPL) closed today at 260.83 which was up 3.95 from Friday's close.