I bought ATRA at $40.05 today around 12:40 EST, which appeared to be where support was. Following this purchase, more trade/tariff news on China has sent tech and biotech stocks tumbling. The futures are slightly red right now but things may straighten up by tomorrow’s open. I will try to lighten up my position in ATRA if the opportunity presents itself because I’m feeling uneasy with the biotech sector.

I think I’ve learned a lesson this week in forcing the trade. While I liked the setup in ATRA and I still think that it will move up by the end of the week, I should have been more patient. It fell through the spot where I expected to see it bounce and I bought it anyway. You normally can’t predict bad news, though!

Expect to see some inverse ETF trades of the week if the market isn’t bringing us any great ideas. We can use these equities to take advantage of sectors where the market seems over-extended.