I remain in full cash amid the drifting action, with the small caps in the Russell 2000 not yet tipping their little hands as to whether they have truly bottomed.
You probably know about the daily chart “hammer” the Russell printed yesterday, but the 30-minute chart for the ETF, below, shows the potential for this consolidation to be simply another bearish one which resolves lower. It is concerning to see so many market players assume a good bottom has been made here as obvious support, to boot.
I will let the market do the talking, in terms of whether the small caps break above or below the current consolidation (light blue lines).
Thus far, Mr. Market is preparing his notes and has not given the speech.
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chess, whats your take on the bonds? (TLT)
Staying flat. Still think this rally fails this quarter.
if they trade higher early next week, Im looking to buy TBT.
Nice