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The meandering Russell 2000 is continuing to drive me bonkers, but I wanted to offer myself, and you, a bit of longer-term perspective. Here is the kind of activity I’ve been tracking on the /RTY, with the salient portions highlighted.
In my posts on 3rd June and on 11th June I was putting the case for retests of the all time highs on SPX and QQQ, and potentially also on DIA and IWM. In the event that equity indices went higher from there I was also giving targets for that.
In my post on Friday 20th June I laid out a possible short term retracement scenario that I said I didn’t like but was potentially on the cards, and that didn’t happen, despite the US joining the war against Iran over the weekend.
Since the weekend that modest bearish scenario has collapsed, SPX and QQQ have made new highs for June, oil futures fell an amazing $14 from high to low yesterday as fears of an extended conflict in the Middle East receded.
(more…)While equities are soaring, the safe havens of precious metals are having a lousy time of it. Gold has been falling since two Sundays ago.
As much crap as I’ve given Cathie D. Wood over the years, I’ve got to say that her ARKK fund has really turned the corner. As you examine the ratio chart of ARKK to QQQ, you can see how ARKK has hammered out a very impressive base and looks like it could potentially execute a powerful breakout. This could represent as important a bullish event for Ms. Wood in contrast with the bearish top (pink zone) which presaged the relative wipeout of ARKK compared to tech stocks in general.
Seventy-eight days have passed since the April 7th low. Since that time, life for the bears has gone from Awesome to Unbearable (so to speak). This became even more unbearable-er as the semiconductor fund SMH stopped dicking around with its trendline and made the leap higher.
