Originally Posted By: Drew99GT
There's no way I'd short biotechs. Best looking cup and handle I've seen in a while. Why short a raging bull market??? BTFDs, don't short the rips when the trend is clearly up up and away.
I follow it closely as I was able to successfully short IBB in March, although I exited too soon. Then I shorted it again in July as it looked as double top formation. However, I made little on that trade as it wasn't a double top.
While it looks a bit like a cup and handle it is clearly not. True C&H don't have V-shape bottom and should have U-shape volume: http://thepatternsite.com/cup.html
So, I don't know what it is, because certainly it doesn't look like a triple top either. Looks similar to what happened in Jan 13 or Sept 13.
Shorting it in Sept 13 worked, but not in Jan 13. Not a clear picture.
Speaking about long term, I would not open any new long positions at this point, too many screwy things happening geopolitically, maybe except for gold, but I'm even waiting for that, as dollar has room to go much higher from here.
There's no way I'd short biotechs. Best looking cup and handle I've seen in a while. Why short a raging bull market??? BTFDs, don't short the rips when the trend is clearly up up and away.
I follow it closely as I was able to successfully short IBB in March, although I exited too soon. Then I shorted it again in July as it looked as double top formation. However, I made little on that trade as it wasn't a double top.
While it looks a bit like a cup and handle it is clearly not. True C&H don't have V-shape bottom and should have U-shape volume: http://thepatternsite.com/cup.html
So, I don't know what it is, because certainly it doesn't look like a triple top either. Looks similar to what happened in Jan 13 or Sept 13.
Shorting it in Sept 13 worked, but not in Jan 13. Not a clear picture.
Speaking about long term, I would not open any new long positions at this point, too many screwy things happening geopolitically, maybe except for gold, but I'm even waiting for that, as dollar has room to go much higher from here.
