2:11 p.m. EST:
We’re looking at biotech fund LABD (3X inverse IBB).
The case has already been made in a previous update, IBB upward bounces off support (on a weekly close basis), are traveling less distance.
Now, it looks like there’re reversing more quickly as well.
Each retrace move is taking less time. LABD has gone from twelve days before continuation, to four days …. and now, maybe just two?
This morning’s biotech IBB, action is either a reversal to more upside or it’s a short squeeze.
Long term momentum indicators remain down for IBB.
Probabilities point to a squeeze; especially so, if IBB continues to retrace lower into the close.
With such greed, avarice and deceit on full display, one can’t expect everyone (of them) to be operating in concert.
Our Project got stopped out with a profit early in the session. Based on the above data, that position, LABD has been re-entered (not advice not a recommendation):