Wall St. Media 6/10

Hi todd, I am a frequent reader of your blog and really enjoy your commentary. However, in regards to your commentary on UNG I think that you have overlooked a fairly large risk factor of these etf's. That is the impact of these etf's on the nearby futures month. Seekingalpha published a great article today on that very topic (http://ftalphaville.ft.com/blog/2009/06/11/56933/the-problem-with-commodity-etfs/). While I share your bullishness on energy, I dont think that these etf's are an efficient means of getting exposure to this sector. The futures markets are much different than the equities markets. Frontrunning by speculators on the these etf's is big business, as you can see by the mammoth "roll" these etf's need to do every month.
Natural Gas could go much higher from here, and it probably will. All I am saying is that these etf's entail risks that are not included in their "prospectuses" and perhaps you could shed some light on this in future posts for all your readers. If you already have, my apologizies.