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XLY hit its trigger yesterday and we entered the trade. However, we do not like the fact that XLY formed a reversal candle on higher volume, so we are exiting the position at market on the open. Market bears and market bulls have been in a knife fight over the past two weeks. Since the market bottomed on May 18th, we have seen three accumulation days and one distribution day. Still, price action has been unimpressive as the market has struggled to find higher ground. Given the indecisiveness in the market we are inclined to remain on the sidelines until a definitive move occurs.

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