The XLF/FAS short trade that was entered on Thursday was stopped out on Friday on a move above 27.63 on FAS for a modest 2.2% loss (or about 7/10ths of 1% on XLF). In hindsight, my stop for the previous XLF/FAS short trade was set too tight as I should have based my stops on a daily close above the bottom of the gap vs an intraday move above. After barely clipping the stop with a very slight intraday move into the bottom of the gap zone XLF/FAS reversed & still appears very likely to be headed lower in the coming days to weeks.

XLF or FAS may be added back as official short trades soon, quite likely today & for those that gave the trade a little room, the previous price targets listed for FAS are still high probability targets. That FAS/XLF trade has been moved to the Completed Trades category with details on a possible new short entry on the financial sector to follow.