XLF is indicated to gap below the previously stated first target of 23.15 & is currently trading just below the 23ish support level at 22.55 in pre-market right now. I am revising the final target to this level (covering in pre-market) & may re-short XLF following a bounce. Note: This chart DOES NOT reflect today’s pre-market trades, it only shows Friday’s close).
FAS was the preferred shorting proxy for a short trade on XLF with the entry on July 21st. I use the chart of XLF (or any 1x tracking ETF for that matter) when timing entries & exits on the leveraged ETFs. The XLF/FAS short trade will now be moved to the Completed Trades category. This gives a profit of about 29% on the FAS short trade in just over one month.
XLF daily Aug 24 (Aug 21 close)