I thought UNG had a chance to form a bottom. I put on a July 6 / 8 call back spread for a credit. The basis for my trade changed when UNG did a reverse split. I sold the 8 calls (which would require 32 strike and rode my 6 call (24 strike for a few days as it collapsed. Today I closed the trade for basically even money. -$2.00 with commission.
This trade emphases why spreads can be a great bottom fishing tool. I turned out to be very wrong, and everything went against me. However, because my position was a spread trade I end up okay.
I closed the position here because it was no longer worth the time monitoring as my upside was only $16