The small caps in the Russell, on the 30-minute timeframe for their ETF below, continue to show little-to-no progress made since last Tuesday morning. We have now seen a week a classic summer price action, complete with head-fakes higher and lower.
Just this morning, we saw yet another head-fake in the form of a false breakout on this timeframe. Sooner or later we will see true resolution, but it is tough to be overly active in the market when we see this setup, since many individual stocks seem to be following suit with head-fakes of their own.
To my eye, we still have a one-point bracket on this ETF– $104.50 above and $103.50 below, as price has had trouble convincingly hold either level for more than a blip.
Also, I sold out of my dollar store longs, DG FDO, inside 12631, to lock in some gains (I did take a small loss on one of my adds to DG, though).
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“If you get paid to go to work… You gotta go to work.”…Larry Bird.
Yup
I love that photo of Lambier & Bird. It’s not a head fake though. Is that what’s called a ‘horse collar’?
It is–I used creative license.