ETF CORNER

XLB : Rising and falling wedge !

XLB : Lighten up on SMN !

I had suggested two weeks ago taking a long poistion on SMN (Ultra short XLB) when XLB was trading at $35.11 near the 61.8 fib (Click Here). I'm suggesting now to lighten up on SMN as XLB is nearing some support.

 

XLB : Tempted with SMN ?

XLB (Basic Materials ETF) is close to its 61.8 ret level ! If you are tempted to short aggressively at these levels , you can buy SMN (Double short XLB) for a trade !

XLB : Basic materials breaking above 50% retracement !

XLB is on track towards the .618 retracement around $35-$35.5 where overhead resistance (black shaded area) is waiting impatiently !! SMN (Double short XLB) must be in a s*** hole by now !!