Plan on shorting X tomorrow at the open and if necessary, once more at upper Resistance [if it can get there] with my stop above Fridays HoD. Its broke down from a rising wedge [as has XLB], bounced off its 21d EMA and that same 21d is poised to cross below the 200d EMA – very bearish if that were to happen. Further downside could transform into a H&S top with a target of $32.50. The overall market has been toppy and based on T2122 I believe we’re in for a market pullback so this seems to be to be the perfect time for this play without risking a lot of capital. If it makes it through the day, I’ll slap a $3.50 trailing stop [2x ATR] on it and let it run. Sunday evening overseas markets shows USD strength which will hurt commodity prices and ES_F is down to $1078.00. Of course anything can happen once the US markets open.
Incidentally I’m also looking to get long DRV which trades over 1mil per day and has been outperforming the other ETFs by a good margin. Have traded it several times. Could be for the day or it could be for two. Have a buy signal with a target b/w $23-29.00 Will judge whether I hold overnight by the market sentiment. One could also merely short DRN [3x inverse real estate] but never hold overnight. Very thinly traded and volatile.
Kos' Tradebuz 