Hard to make the case right now that the bull run is over.
See if you agree:
Well the IWM did not maintain the conviction signaled by yesterday’s move. I am out.
The IWM has made up it’s mind and has put in a bullish engulfing pattern as we head into the close.
I started a 1/4 position in the TNA (leveraged ETF) at around 75 and will be adding as long as it stays above that level in the coming days.
The small cap space as represented by the IWM is very weak. This has me concerned that upside in the general market is going to be limited. I am not inclined to risk cash here.
The EWG, on the other hand, looks like an excellent opportunity for a swing trade.
Watch the video and see if my analysis makes sense to you.