Direxion S&P Biotech Bull 3X ETF (LABU)

[farooq]

LABU today we opened gap down below the stop. Stop is at 7.10. IMOP it is to take out weak hands and punish short term greedy options trader. There is huge open interest in options from 7 to 9 $ strike price, 75 % of the time they make them expire worth less Just my observation, seems say set up.
It could be new leg down, always protect your capital. I could be wrong in my assessment do your own D/D.
According to the rules if close below stop one need to take short position, or be out of position.
Good luck and happy trading.