What was I expecting? I was expecting a neutral or slightly red day for XBI just to close the loop on the SM momentum and start a possibly . This didn't happen obviously.
What to do next? If you've not made a move, just wait. Is not safe to short or go long, yet. Wait to see how to momentum pans out after the first 60 minutes of trading.
Since I've shorted XBI , I am holding my short position for the same time frame to see how Monday's opening bell treats me. I speculate that the price was driven higher due to last day of Q3 ER's. There could be a possible sell-off in the next trading day(s).
Although I'm shorting XBI , my comments stay neutral until further notice.