the XLK (technology etf) short trade hit T3 today and friday, offering plenty of chances to book some profits (9% gain from entry). T4 remains primary swing target for now. from my experience, it seems that when we are in an uptrend but even more so in a downtrend, and many of my outstanding trades all hit one of their price targets on the same day, especially when the broad market also hit a key support level or price target (as the SPY did on friday) the odds for at least a bounce are very high. as you can see, quite a few active trade ideas did exactly that by hitting a target on friday when the SPY hit the daily support & 60 minute target. however, i still believe this bounce will most likely be limited in scope (sometime this week) and duration (under 6%) but i will continue to assess it as it plays out for signs that it could morph into something more.
