What happened on Friday 9/29?
On the 28th, I published going short on XBI (via LABD). Well... my call started just about right. I announced a small pop and then a price pull-back. This worked well until it didn't. Is just like if bulls had read my post and tried to trap us. They pushed the price higher and barely broke the resistance line we'd been watching for the past week.
What was I expecting? I was expecting a neutral or slightly red day for XBI just to close the loop on the SM momentum and start a possibly bearish trend. This didn't happen obviously.
What to do next? If you've not made a move, just wait. Is not safe to short or go long, yet. Wait to see how to momentum pans out after the first 60 minutes of trading.
Since I've shorted XBI, I am holding my short position for the same time frame to see how Monday's opening bell treats me. I speculate that the price was driven higher due to last day of bullish Q3 ER's. There could be a possible sell-off in the next trading day(s).
Although I'm shorting XBI, my comments stay neutral until further notice.
What was I expecting? I was expecting a neutral or slightly red day for XBI just to close the loop on the SM momentum and start a possibly bearish trend. This didn't happen obviously.
What to do next? If you've not made a move, just wait. Is not safe to short or go long, yet. Wait to see how to momentum pans out after the first 60 minutes of trading.
Since I've shorted XBI, I am holding my short position for the same time frame to see how Monday's opening bell treats me. I speculate that the price was driven higher due to last day of bullish Q3 ER's. There could be a possible sell-off in the next trading day(s).
Although I'm shorting XBI, my comments stay neutral until further notice.
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