- Posted by ZorTrades
- on January 10th, 2013
The XLB technically and breadth wise looks extended here at these levels. Currently 92% of the stocks within the XLB are trading above their 10 day moving average and 92% are trading above their 50 day moving average. With today’s gap up I would look to short this outright or play it via the SMN (2x inverse). Stop high of day (XLB), 1st target $38 then the gap fill $37.59.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Frank Zorrilla is the founder and chief investment officer of Zor Capital LLC.He began his Wall Street career 10 days after his 20th birthday when he became a Series 7 licensed stock broker. More »
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