Booking Partial Profits on LABU Short

After looking over the charts of numerous biotech stocks, I have decided to cover approximately 60% of my LABU short position along with a few individual biotech stocks. LABU will continue to remain an Active Short Trade idea on the site as the biotech sector still looks to have more downside in the coming weeks to months & it could very well continue sharply lower in the coming days, should the broad market begin a waterfall selloff if/when the Aug 24th lows are broken.

However, as mentioned in the recent AMGN update, there are number key biotech stocks are or near key support while very oversold. This increases the odds of a sharp counter-trend rally, hence, my reasoning for reducing my short exposure to the sector at this time. More updates on the biotechs, along with charts, to follow soon.

2015-09-28T15:46:18+00:00 Sep 28, 2015 3:46pm|Categories: Completed Trades - Short|Tags: |Comments Off on Booking Partial Profits on LABU Short