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

[value1008]

I agree with your assessment that XBI could run higher, which is why i wasn't buying LABD in the low $20s or now in $19s. Looking at the weekly chart, the XBI obviously has a lot of room to run given that, among various stock indices, its recovery from the 1H 2016 plunge has been one of the softest/weakest. Big Money may decide to stay in this "laggard" sector longer and run it up further before getting out. Just eyeballing the chart below, the upper Ichimoku cloud band around $67.50, or the horizontal previous top around $73 may be logical places for the XBI to hit upper resistance.