sorry, the friday data wouldn't update, Umn.... xbi dropped under support and it's now resistance... But... I can't help but notice this is similar to how the whole market is trading right now.
Monday, August 18, 2008
xbi update
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2 comments:
Good call on the XBI. I was watching the XBI movement throughout the day, but I was busy at work. I was hoping you opened your short in the early am and made some coin.
Low volume day with all indices testing support-- I guess this means the counter-trend rally is getting long in the tooth.
But I still expect another leg up and if we cannot make a higher high, then it'll be time to find some exits.
Don't worry, they will cure cancer sometime soon.
Seems like the consumer names still have some momentum... Maybe.
I like TK's optimism, but think Brain's call of a small retrace is most likely.
Like i've said... If we can move sideways, I'll be surprise.
Else we sell off and find some lower support. For a few days...
It's quite a few weeks till October earnings.... That is a very long time, I was hoping we could hang on for a couple more weeks. Hope springs eternal
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