How pleased I am see the psychotic and wrong-headed rally from this morning fizzle into the ether. Instead, we can turn our attention to the range-bound small caps. My dream, of course, is a failure of this new, lower range. God forbid we stay stuck for a goddamned YEAR like last time. Jesus!
Looking at the drawn objects and trio of moving averages from the $RUT itself, this absolutely has the potential for a serious breakdown. Everywhere I turn, even here on Slope, people are yammering on about new lifetime highs, how the bear market is over, and how 5,500 is directly on the way. Yeah, OK, you buy those stocks there, bucky. Not me.
I remain at 20% cash and will commit that if and when I start to see additional evidence that this idiotic counter-trend rally has terminated.
