As high as VIX levels are, and as "oversold" (I hate that word……….) as stocks are, I have entered a massive new short position on the $RUT (mercifully, before the latest breakdown that took place, so I'm already well into the green, just minutes into the trade).
How far could this thing fall? Let's go into fantasy-land a moment. Let's say the (somewhat malformed) H&S pattern completes. What's the measured target? Hold on to your boot straps – – it's nearly 40% below current levels. Ain't that sumfin? I think the odds of this are mighty slim, but…………
