25Mar12:29 pmEST
Moving Quickly with My Courtship; Chess Moves
I sold 1/3 of my long FAZ position at $12.41 from my posted $11.97 entry yesterday to scale gains.
As I posted yesterday here, I was courting the financials for a move lower after the XLF ETF failed to break over $24.60 in recent weeks.
And if top component Berkshire Hathaway breaks down further I expect even more financial weakness, which is why I am leaving on 2/3 of the position.
My stop-loss is still below $11.50.
Regarding the rest of the market, our "tells" into this week from my weekend video of the IBB and SWKS for the semis seem to be on point, and the minor rotation down to steels for longs, too. I am interested to see if bulls can salvage the 20-day moving average on IBB by the close for a dip-buy, or instead if we see more evidence of a change in character with a weak close.
I Go for the Gourmet Setups;... Long in the Tooth Rails; Che...