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Closing XBI LABU Long Trade

XBI (S&P Biotech ETF) has now hit & slightly exceeded the 68.12 resistance level & the sector chopped around for a few weeks before getting there, the decay on LABU caused it to fall short of the expected 21.50 level. As such, the LABU long will be closed at the current price of 20.18. As stated in the Biotech Sector video posted last night, this is certainly an objective area to re-short the biotechs and although I did reverse my position from long to a modest short in LABU here, I 'm still not confident enough to aggressively engage the biotechs long or short right now although my bias both short & even more so long-term remains bearish at this time.

XBI 60 minute Oct 19th

XBI 60 minute Oct 19th

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Oct 19, 2015 12:33pm|Categories: Completed Trades - Long|Tags: , |2 Comments

2 Comments

  1. HiddenPivots October 19, 2015 12:46 pm at 12:46 pm

    BLUE getting dumped in a big way, I think also caused IBB to drop a bit.

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  2. rsotc October 19, 2015 12:55 pm at 12:55 pm

    HiddenPivots, Yep, BLUE definitely getting taken to the woodshed today, flirting with critical support as well. Massive gap/thin zone down that will likely take BLUE to the 44-50 area if it can’t hold 73, Posting chart in the Trading Room now.

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