- Posted by Frank Zorrilla
- 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.
blog comments powered by Disqus
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 »
Sign up for ZorTrades FREE updates.
Additional Articles and Updates
- THE XLF BREAKS-OUT, NOW WHAT
- Liquidity Is Completely Relative
- Myths, Fact, Fiction About Momentum
- Why Financial Advisors Don’t Show Their Returns
- Buy The Dip
- 445 Wins – 1 Loss The Secret To Trading
- In Case You Are Struggling This Month
- Sitting As A Strategy
- The Reason For The Sell Off
- The Whole Truth Nothing But The Truth