Short

XBI - Weakness Ahead

Updated

A weak sector for when the market switches gears. When the broad indices eventually start to pull back, XBI should bare a large part of the selling. My stop is at 61.50, risking .60c to potentially make $8.50

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XBI hit its downtrend line this morning and rejected its daily 100MA. I entered the 2nd half of my position to full size on this one. Stopping out on a closing break over the 100MA.

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XBI MUST hold below its daily 100MA at 62.64 today. A close above will stop me out.

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XBI is taking every inch of leash. Might get stopped out tomorrow at this rate.

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XBI is on its way to target. Aiming for $57 and dual channel lows.

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Friday's rally took XBI right to my stop. It is at an alternative downtrendline so I'm giving it the .03c wiggle room, but any higher on the first day of trade next week and I'm stopping it out.

Trade closed: stop reached

The broken downtrend line is not consistent with a short trade. Time to cut 'er loose.

ClosingBasis

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