$RUT Hourly Chart
The Russell broke through to a short term buy reversal this afternoon. It remains on a long term buy, and would flip back to an intermediate term buy as well above 1177. The two week decline to start the year appears to be just a consolidation before moving on to new highs. Shorts should be covered at this point, as we are heading into a long weekend, and the likelihood of ECB QE mid-next week. With the legality of QE in place, as well as the parameters in place that the ECB will not purchase Greek debt, the stage has been set for a possibly massive QE to be launched.
"Shock and Awe" is possible. The massive blowoff top 2015 scenario is still intact. They will print. Of this I know.