Probably the most notable weakness of the day was in Nat' Gas prices. Despite some very valid concerns about the Russia/Ukraine situation, Nat Gas prices swung from minor opening gains, to close -2.3%. The 3x ETN of UGAZ closed -7.3% @ $25.19
*first, an update on Nat Gas' weekly
So..Gold, Silver, and Oil all benefited from concerns about the increasingly unstable situation in the Ukraine..yet Nat' gas actually declined. I'm pretty bemused at this, maybe it will turn higher tomorrow..or later this week, but really..its kinda odd.
Of course..spring is coming though, and we're another day closer to a seasonal peak..before 6-9 months of downward price pressure.
As for UGAZ, the statistical decay will likely be a real nightmare across the coming late spring/summer. As ever...such 3x leveraged instruments will generally slip lower on a month to month basis..even if the trend is somewhat in their favour.