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

[THREE-DAY-TRADER]

That critical 61 level was tested/broken already on XBI.
It could be that after that re-test of support near 65 this morning, the market is telling us a real correction is due.

The repeat of April pattern is apparently similarly evolving as I had wrote about in the recent last 2 weeks, along with the correlating test of 20 or lower on LABD. And since then I've also worried about XBI breaking above 65, however, today's action is showing 65 may be a solid top for XBI.
We will soon see if this is true and LABD has formed a bottom this time.

Important to note: Hillary Clinton is in news today tweeting about epipens and speaking negatively about pharma companies. When ever she speaks about the sector over the past year, biotech/pharma tends to pull back.
She could be a major factor affecting biotech to pull back sharply suddenly today (after testing highs), and if that is the case, then this move could be temporary again rather than a relative broad based correction in the stock market and might mean XBI resuming upward trend, so be mindful of that risk before declaring a bottom in LABD.

Hillary Clinton calls EpiPen maker's price increases 'outrageous'
August 24