watch out in case XLK rotates to XLF/IWM

.

I have a few down somewhere in the vicinity of coronary heart failure and heart attack.

ha, no, that is 5% in the market. I am in 3x etfs… so I am down 10-15% as it stands

I think as tech breaks it will pull the whole market down with it. I appears when they report earnings even if they meet expectations the stock still tanks so the downside could accelerate as more companies report. I shorted IWM and I am waiting to see how it reacts at 145.08. I might cover there.

How great it must feel to have shorts only down 5%.

TY. Would you put some levels to watch for SOXS? What price would negate this break down?

Great question. Essentially, here’s how that works: To wait for a solid close below a key support level (trendline, bearish chart pattern, well-defined price support, etc..) provides better odds that the breakdown will stick & not prove to be a whipsaw signal. The downside to waiting for a daily close below the sell trigger/support is that sometimes, once a breakdown occurs, a stock, sector, or index can fall very fast. Hence, shorting the breakdown as soon as it occurs (in that case) will provide a more favorable entry price although it runs a higher chance of the breakdown proving to be a whipsaw signal with the trade going on to be stopped out for a loss.
Every trade setup has different variables & even on the same trade, the idea entry criterion (or criteria) for one trader might not be the same for another trader (e.g.- an aggressive or active/nimble traders vs. a more conventional swing trader or investor). I wear multiple hats; swing trader, day trader, investor/trend trader, etc.. with different entries in various accounts (active trading account, IRA’s/long-term accounts, etc.). As such, will often scale into positions in those longer-term, less-active accounts, which I have been doing lately with various index & sector shorts, while more actively trading the minor zigs & zags in my active trading account.
Regarding SOXX (or SOXS, the 3x short SOXX), I think that today’s breakdown warrants at least a starter short position & maybe even a full short position for a more aggressive trader.