Looking at the Russell 2000 (and, ergo, the IWM), it seems to me we've returned to June 16th. We're in a situation in which:
- we surged inexplicably above the retracement line;
- we broke a countertrend rally;
- we fell back;
- we surged again, but not as high
If we are simply repeating this cycle, what we expect to see next, of course, is a trip back to plunge-land. That would be nice. This morning has been pretty rocky so far; I was stopped out of XLU, FINL, DVN, ANR, FLR, and CMP.
