Markets are pulling back after making new highs, which is not surprising and likely healthy overall. SPY is finding support at the recent breakout level as previous resistance becomes support.
But a note must be made of the sell off in bio-techs. They have been quite the bubble over the past couple of years. Drug stocks tend to be volatile so it is difficult to say if this is just a quick correction or the beginning of a turn to the downside.
This has brought some volatility into the mix so I will peel another portion of my XIV trade today, to lock in more profits there.
I will also sell the majority of my AAPL going into tonight's earnings but I will keep a small piece as the start of a core long term position.
I will keep my other positions as they are for now. Here is the SPY chart.