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On Friday, via intraday alert, we closed our long position in EUO and bagged a 1.6% gain on capital. We decided to exit the position since EUO has gapped up three consecutive sessions. We are playing the odds for a pullback in this ETF because, statistically, EUO has rarely rallied in the wake of three consecutive gap ups. Further, a 1.6% addition to capital is significant in what has been a rough trading environment. We will look to re-enter EUO if it pulls back.

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