XBI breaking out of a rectangle, after breaking out of a triangle, coinciding with QQQ boucing off 50ma. Both targets are around $80
After watching this intraday I see no indication of slowing down.
The trend has been very strong in the market, volatility is amazingly low, and hardly anybody trusts the market on a fundamental basis. Macro data continues to disappoint. So, plenty of buyers left, plenty of reason for the Fed to cut rates/resume QE, plenty of fuel for a bubble.
Raised stops to above breakeven on TQQQ. Adding XBI here. Stop slightly below a backtest of the rectangle.
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Sold XBI, taking profits.
It went way faster than I expected and now I favor a pullback. To the 10dma at least, assuming this is a longer term breakout / strong uptrend.