XBI Trade Yields 5.6% in 3 Sessions
by Mike Paulenoff
June 22, 2017 • 12:00 AM EDT
On June 14, Mike noted to members that the SPDR S&P Biotech ETF (XBI) was exhibiting a "spectacular technical set-up intermediate term." The set-up was cup & handle, with XBI finishing and emerging from the handle potentially into a vertical assault to targets of 76 and 78.
He was looking for a kneejerk, head-fake pullback in the 71 area in reaction to the Fed announcement that day, which he got, and added the trade to his model portfolio at 71.40 on June 16.
XBI took off, as expected, and, raising his stops along the way, Mike was stopped out on June 20 at 75.43, for a gain of 5.6% in 3 sessions.
See his chart below from June 16.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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