I don’t normally monkey around with leveraged ETFs, but I was so enthralled by energy’s weakness, I had built up a big long position in ERY (as mentioned in my Lake Erie post on Tuesday). Last night, I calculated the measured move on it, drew a horizontal line, and watched it closely. Wednesday morning, before the inventory report, ERY nailed its target, so I GTFO in a big hurry. Thank goodness, eh?
(Click on image to enlarge)
Oh, and, umm, this tweet from this morning kind of sealed the decision for me:
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