It is hard to ignore the pattern developing on IAT (US Regional Bank ETF). The $17.30-$17.50 range has been rock solid support. A breakdown through this level could make a very nice short trade. I am waiting patiently on it.
I really like the potential breakdown on PNC which is one of the larger components of IAT. I got in today based on the breach of $40. The descending triangle is fully formed which means risk can be managed off the trendline.
QQQQs closed right at support today. With my stop close by, I decided to add to my position right at the close. Let’s see if $35 can hold.
If you believe that this drop is a “buying opportunity”, DBB might be worth a look off the trendline. If I need long exposure tomorrow and DBB holds up, I might take a trade off the trendline with a tight stop.
TLT has been very responsive to the overhead trendline. Let’s see if $93 holds TLT in check.
Today’s trades:
- Added QQQQ long at the close.
- Added to NRGP long position.
- Trimmed TLB and SAY.
- Closed out of LUV.
- Stopped out of KOL, PEGA and NPK
- Added PNC as a short position.