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JNK             in weekly downtrend, bouncing up from what looks like oversold territory (outside of range). Price may come up to $33 before resuming the downward trend.

A directional rebound would likely see retest of the $32 level. We haven't seen that. Thus, this isn't a reversal but a temorary bounce off the lower trend channel.

Trade closed: target reached: Covered winning trade just below $32 (greedier than planned, but not as much as I could have gotten away with).

Quantity demanded below $32 drove a bounce with big momentum chasing. Price is back to $33 (2016-02-26). Time to short JNK and HYG again.
Covered at $31.77 today.
$32 level busted. Crude Oil down, hovering around $30, JNK will go lower, possibly to $30.50 before a bounce.
I'm keeping this one on until further notice. Going to go down to $31.40 is an easy target. Probably going down a whole lot more.

Keeping JNK and HYG on the short side until further notice.
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