Russell’s Recovery

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It’s a real shame what happened to the Russell 200 chart today. After a terribly encouraging break in a vitally-important wedge (see green tint), the index fell as it should, then it started to recover. The recovery was terribly strong – – so strong, in fact, that it got back ABOVE the broken support line and challenged the lifetime high (see magenta tint). I’m afraid there’s pretty much no hope at this point for the bears. Game over.

0224-RUT

Oh, wait a second. This chart is from October 2007. It just looks exactly like today’s, which is why I got confused. Draw your own conclusions. And keep buying, you doe-eyed, optimistic lunatics.

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