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The FRED Report – Financial Research, Education & Data
Mid Week Update
Volume 14, Issue 76
October 26, 2022
Download PDF Version here
Update of Market View
The stock indexes have showed enough follow through to suggest this rally should continue here, and SPY has targets of 390 to 400. QQQ has targets of 295 to 300. We will look at these markets once again if they hit those levels. Note, this is happening at the time we have been looking for – close to but before the Midterms. We have buy recycles on the weekly stochastics and will look at the stock indexes when these indicators become overbought. For now – enjoy this rally.
We have had some questions on UNG (US Natural Gas ETF) VS. FCG (First Trust ISE Revere Natural Gas Fund). UNG is based on the Futures markets, while FCG is based on stocks pertaining to Natural Gas. The question was which of these ETFs look stronger, and our answer is right now we would use FCG and not UNG. We think the reason for this is twofold – first the stock market should rally and carry these stocks along for the ride, and second, oil in particular, should rally and many of these stocks produce oil as well. We show daily and weekly charts, below.
Other Points of Interest
There is another Natural Gas ETP: GAZ (iPath Total Return natural Gas ETN). We thought we should show this, but we note that (a) most clients cannot use it, and (b) the chart is pretty much the same as UNG in any event. We show daily and weekly charts, below.
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