/RB/Burr - There was a draw in gasoline so this drop is a bit silly and it's Thursday so I do like taking a long poke over $1.28 but it's a risky play, so be careful.  

Speaking of pokes - /TF long at 1,130 - tight stops below. 

 I was just speaking to an institutional investor who is almost all cash and told him I'd buy some UNG.  It's my favorite current play and I think today's action is an attempt to flush out the weak hands ahead of a big run-up. We just added to UNG in the LTP and I still like:

• Sell 10 2017 $14 puts at $3.80 ($3,800) 
• Buy 10 2017 $9 calls at $3.65 ($3,650) 
• Sell 10 2017 $14 calls at $2.10 ($2,100) 

That's a net $2,250 credit so your net $10.75 if you end up buying it (about where we are now) and you clear $7,250 at $14 for a 322% gain on no cash at all (and little margin).

Want to see more?

Reap the benefits of one of our paid membership plans and get access to articles like these PLUS:

• Insightful daily market reviews
• Educational guides and posts
• Access to our Virtual Trading portfolios
• Unique trading opportunities
• LIVE trading webinars
• Intraday market commentary from Phil
• Our community of traders