With OIL moving lower LABU could drop here to retest the lower trend line. I do notice that the SP500 seems to go with OIL or conversely! I have some LABU. I thought the chart looked good coming off the lower trend line. But if the market moves down with OIL I can expect LABU to follow. I'll probably sell 1/2 my position Today and see how OIL and markets do.
Comment:
Looking at LABU. I see a LABU coming out of a 1/2 cycle low here. Pushing higher with the stock market to $42. A possible AB=CD target of $45. I am looking at a 2 hour chart. (refresh). Stochastics turning up, giving me a buy signal as well.
Comment:
LABU starting to get close to the upper trend line. I see a lot of indicators telling me that the stock markets are getting close to a top. I don't think LABU will continue higher IF the markets sell off. Look for 5200 Nasdaq as a possible place to sell LABU or at least place stops. Hopefully we make it to $42
Comment:
Great trade on LABU, up over 40%. Hit $42 and sold 1/2 poistion, now riding the rest. At $45 currently. Watching TQQQ at $125 for a top.
Trade closed: target reached:
Sold 2nd half at $44 last week