Time for a bit of a victory lap, even though it’s about a post from just Friday. On that day, I did my Range Exhaustion post for Gold & Platinum members, suggesting that the measured tool in SlopeCharts was indicating the good prospect of a fall in the metals fund XME:
![](https://slopeofhope.com/wp-content/uploads/2022/03/xmrange.png)
Indeed, my main thrust on Friday was about shorting energy and metals. As I look at the top losers from my ETF watch list, it’s crowded at the top with precisely those two sectors.
![](https://slopeofhope.com/wp-content/uploads/2022/03/toplose-640x177.png)
As we look at the intraday chart of XME, we can see the terrific fall. My options (which as always are incredibly conservative) have popped 20%, although anyone with aggressive options is looking at triple-digit percentage moves.
![](https://slopeofhope.com/wp-content/uploads/2022/03/xmedown-640x371.png)
Errr, well, that’s just peachy, but am I going to dump my puts? Well, these things have a full 95 days until expiration (!!!!!!) so I hardly think holding my position for literally a few hours exhausts the possibilities of this position. As I look at the likes of Alcoa (one of the biggest components of XME) I don’t think we’re exactly at a major bottom here, folks.
![](https://slopeofhope.com/wp-content/uploads/2022/03/slopechart_AA-2-640x328.jpg)
Looking at the XME in general, I am open to the prospect of this thing retracing all the way back to its breakout. It might not, but even so, I am certainly not taking profits. Not a penny.
![](https://slopeofhope.com/wp-content/uploads/2022/03/slopechart_XME-1-1-640x344.jpg)