Back Down to BISuness Into the Weekend; Chess Moves

I went long $BIS at $41.79 into the weekend with a stop below $40. This is a 4% portfolio position.

With the biotechs in the IBB ETF still teasing a major rising wedge breakdown, I am going to take another shot at shorting them into next week.

I recognize they have been infallible, in many respects. But the setup is still there and I am still going to keep things simple, despite how easy it would be to think that the market is different this time and in a perpetual uptrend which will never end.

Overall, the market is still rangebound after today’s failure to break us up and out of the range. Thus, I am in short-term trading mode, opportunistic, nimble, and cutting losers quickly.

I will discuss all of that and much more over the weekend in my Weekend Video Strategy Session.

Have a great weekend, and I will see you there!