Bearing With The Bounce

By far my favorite options position is consumer staples, symbol XLP. Yesterday, as I mentioned on my show, I took profits on 30% of the position, because I felt it was about time for it to retrace back to its neckline. Sure enough, that’s what it’s doing, and I’m glad to be a little lighter. I want to be clear, however, I intend to get back in full-force……..maybe even bigger than before………once we get back to that zone of resistance. This is a honey of a pattern.