Direxion Daily S&P Biotech Bear 3X Shares (LABD)

[THREE-DAY-TRADER]

I was referencing the chance before today in posts, etc, we could see it have some volatility (down-up) and not go straight up every day as it potentially bases in the interim, but my mental limit on that mark needing to hold was the 23 area mark, & when I saw the biotech index (XBI) suddenly surging and catching up with the Dow Jones rather than hold 23.50+, it caused me to take protective action. A guy has to protect his profits. At this point anything is possible wiht LABD in short term.

Risk here is seeing S&P 500 hit to 2200 yet (or higher) which likely would take XBI biotechs with it.
XBI is holding and bouncing off of a critical 61 area support at same time--- FYI.
At some point I do see a larger (lower) market correction, but it might not be quite yet that we see such evolve fully.

I'll possibly likely re-enter (lower/higher) depending on what I see in near future.
Plus I have other trades I'm watching at same time. So I always have options open.
Main thing in any event--- is taking 'consistent' profits majorally overall where ever one is trading at.


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XBI being supportive today at 61+ (in tandem with risk of a broad based stock market rally that could re-test new highs a short while yet).

A recent comparison is in April when XBI corrected lower a few days, but then gapped back up for a short while with LABD re-testing prior lows until late April, and that was the point where LABD solidified itself for a bottom before resuming uptrend for a solid swing trade higher short term. We have risk of that repeating itself again today from hereon. Not 100% certain, but risk is high for that similar April scenario to play out.
If it doesn't doesn't happen, then I'll have to buy LABD at 22+ or maybe chase it higher again into 23+. But for now I de-risked myself based on my personal analysis.