AMEX:XLE   SPDR SELECT SECTOR FUND - ENERGY SELECT SECTOR
1569 24 29
For those who missed every opportunity as afraid of chasing the price in gold             , oil             , labu             or spx             here is a fantastic opportunity : buying XLE             (or for the advanced traders ERX 3x ETF )
As oil             getting close to confirm the cycle low XLE             just working on the close of the opening gap.
I will be adding to my positions at 68.50 in XLE             . If you don't want to miss the move you can add right now 50% of the position (68.75) and add the other half at 68.50.
At ERX you can open 50% at 30.96 and the other 50% at 30.60 if we have an exact gap close.
Comment: The gap was closed at 68.5$.
I was loading up with ERX.
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Comment: We entered a bit early but yesterday all who were patient for 2 days are rewarded.
We are in profit.
Yesterday's volume was gigantic. Almost the same as at the reversal at the beginning of 2016.
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CNBC should said "Buy XLE" - time to short it! :)
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mbw1972 mbw1972
CNBC "just" said, not "should" said - sorry
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Opportunity seems logicial, I entered too. However my hedged short position is doing better than my long in XLE.
Any advice for this XLE long position?
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Arpi, what's about LABU now?
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suli ArtFly
thanks for asking. I also don't know where to get out of the position. I find it easier to enter. If one knows a bit of Elliot wave it might be easier
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suli ArtFly
Arpi - how do you see LABU? What is your goal? Would be fair to let us know your view
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Thanks for sharing, master.
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BTW, Oil might be revisiting $43.85 or even $43.00 areas in the next 3-4 days. So, those who are more risk averse or who are willing to take chances and wait, might be able to scoop a portion of ERX position at around $30, give or take (100 SMA) or even $29.50 (current year trend line).

But, it, obviously, involves a risk of being left behind if Oil takes off without looking back again...

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shinsky VirtualFax
In 3-4 days? Ok, we'll see then ;)
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VirtualFax shinsky
No guarantee,.... just the triangle pattern development logic. However, the similar logic did work with Gold, which was expected to tag the uptrend line after bouncing off $1,352 couple of weeks ago
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