The IWM, ETF for the small caps in the Russell 2000 Index, is giving us an interesting look this week.
On the 30-minute chart, below, note how the small caps are basically taking the steps lower, with one base below another. That can be a bear flag or a basing patting, depending on your interpretation. To my eye, $104.20 above is going to be the first level buyers need to recapture to reverse a very short-term downtrend.
Also, check out that Wendy’s continuing to cement its multi-year breakout.
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Sitting on a 43% gain with WEN $6 Feb 14 call. Entered after reading your Bacanotar breakout article from July. Thanks for sharing.
http://img534.imageshack.us/img534/5973/7d9.png
Great work!
Thank you. It is a small position though.
I liked your Q idea yesterday and initiated Feb 14 $45 call at $3.70.
Good luck with it!