Further Update: Closed rest QLD short for 10 cents, closed TNA short for 25 cents, Sold more OIH for 1.7 points. Sold more XME over 53. Starting to close the swing. Have left small XLF, 1/3 OIH, 1/3 XME.
10:30AM update. Flattened out rest of positions. Swing closed. Back to day-trading!
As we wrote yesterday we didn't know whether XME 53 breakout would work or not but we did have conviction it would at least be touched. As per plan we took off 1/3 of the position from 51.68 into 53 and now stop has been moved up to above break-even. We won't let this go to a loss (unless gap down of course). Next target is 54.
We also took off half of our QLD short for a 12 cent loss.
We also sold 1/3 our OIH swing this morning for 2 points (entry 107.89) and also would be stopped now on any move below breakeven.
We have left the TNA short position which is small and we have not added to and will probably just sit on for a while (unless IWM 68, would probably add there).
We also have our initial XLF position which we added early yesterday and which we will not add to either until we get some type of pull-back. The XLF TNA positions were a fraction of the XME position which was our largest hold in a long time.
When a Bridge Falls
9 hours ago