Material Short

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.


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