The liquidation break I had been expecting has arrived, and while the XLF and XLE are bucking the trend, I want to take profits on half of each position as we approach the old swing highs here.
When approaching an old swing high, there is no guarantee we will punch through it. If we do, then we still have half the position. Always remember that calls involve considerable leverage, and the short-term enthusiasm in the market generally is overdone. The market can drag the XLF and XLE down with it in a correction, no matter how much we like the sectors.
A.F. Thornton