AMEX:XBI   SPDR SERIES TRUST SPDR S&P BIOTECH ETF
283 11 9
Here's the thing.. whether you like it or not the Stock Market is heading higher and if you really wanna maximize your upside potential then BIOTECH is where you should park some of your money. Biotech is very much on the move but I would wait for a bounce off the trendline to buy back in -- Momentum is on our side but RSI/Stochastics are showing a tad overbought in the short to medium term.

Ps: And if your balls are made of steel then you might want to take a look at LABU             to further capitalize on any potential gains.
Comment: XBI traded and closed below its 10DMA today and could be looking for a correction. I will be looking to buy back in once RSI/TSI reaches oversold levels, and Price finds support around $54 -- give or take a dollar. The 100DMA should also provide support as well.

Ps: Carl Icahn sold his Apple shares and reinvested in Bio/Pharma. A good omen!

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Comment: Right on target.. XBI could drop a little more over the next couple of days but I will definitely be buying in if we get a retest of $54.. And possibly once more if we are fortunate enough to get Price/RSI/TSI bullish divergence like we did back in May 2016. Also worth mentioning.. with tomorrow's FOMC meeting and Brexit looming, things could get a little hazy! Hang tight.

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Comment: LONG LABU @$30. Will pick up some more if the Market decides to retest the current lows.
Comment: Another incredible buying opportunity. XBI just tagged trendline support and the 100DMA.

Picking up more LABU @$27
Comment: XBI couldn't break through the 200 DMA and could as a result correct all the way back down to $54.. which means that I will look to sell some of my LABU shares tomorrow at the open and look to reload when my RSI/TSI indicator has dropped into 'oversold' territory.

Big picture: I am LONG Biotech but would like to buy at the bottom of the range, just in case this consolidation continues to drag on a little longer than expected. Hopefully I won't get left behind :/ but at the same time, it's important to adapt to an ever changing environment.

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Comment: Option #2 -- Keep your current shares and buy the dips or move to an un-leveraged position!
You nailed it Nightstar. I am in nice profit on LABU from $27. i like how it keeps going up! haha
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Nightstar Richmand808
Good for you! I only wish I had more cash on hand to pick up shares at $22 but oh well, you can't have it all :) With S&P breaking to new highs, Biotech should follow suit. Let's see if we can break $40.
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Yes me too, if only I had just a little more money then I would be REALLY happy! haha!

i saw LABU $22 also but didn't have the confidence to grab the bottom. Biotech is new to me but expecting stock markets to remain upward now at least until the elections so expect Biotech to trend up too. Looks like we are in the XBI resistance zone at $57 to $60 now, showing BTK Rzone to be 3240 to 3324. I am showing LABU zone starting 38.27 to 39.91. Not sure I will have the confidence to hold LABU once we are into that zone. If LABU breaks $40 you think it could breakout above $42 channel top area? Seems like blue sky past $42.
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Nightstar Richmand808
I see blue skies above $40 as well but LABU seems to be stuck in a range at the moment. I might sell some shares tomorrow and wait for sentiment to reset.
Reply
Nightstar Richmand808
I see blue skies above $40 as well but LABU seems to be stuck in a range at the moment. I might sell some shares tomorrow and wait for sentiment to reset.
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It was such a nice run too. Hate to sell at the down but 200 DMA was cryptonite. Maybe the S&P shook it up too. Daily chart showed reversal risk on the 8th but I was in the money and in denial. Risk Oscillator showing divergence suggesting hidden strength, but agreeing with SMI and CCI saying more down likely near term.
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Richmand808 PRO Richmand808
correction...I meant the 100 EMA on the daily LABU chart not the 200 DMA.
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Any plan for this now if brexit wins?
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What's interesting is that I was always a little 'impulsive' when I first started trading.. Since then, I've learned to exercise patience, meaning I'd like to see the dust settle first and then take action. And if that means I have to take a loss or move over to an 'un-leveraged' position then that's Ok.. Thankfully I'm well diversified and can withstand a 'jab punch', haha
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dmz Nightstar
Thanks good advice. Will sit tight and see how things play out.
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