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Rut2k

SMALL CAPS CORRECTION OR HUGE BREAKOUT?The perfect storm event known as the Covid pandemic has introduced many millions of new traders into the circus. The indices have performed amazingly well over the last year.. nearly parabolically so. While I do not believe the indices have formed a major top yet, a minor pivot is likely. I have been hoping for a decent correction to shake things up. I am not certain if we'll even get that. I'm looking at this pattern on the Russell 2000 (RUT, IWM, RTY1!) that is either an ascending wedge or a bull flag. Watch price action closely in this range. If it breaks below, it will likely do it very quickly and flush a lot of these new traders out. On the flip, if it breaks above... well, prepare for another move that defies gravity. What do you think will happen? I'd prefer a flash crash type of event. Personally, I believe having an equal long/short (hedge) is not unwise aka strangle.. Let's see what happens!
CME_MINI:RTY1!
by gghsusa
IWM Long, why not?Im surprise that Russell has not gone down or at least give into a healthy pullback to 190. There are so many stocks in this ETF that are trading relatively high to pre-covid prices. This ETF is juiced up with fed money. Its unbelievable! Sooner or later its gonna want more? More stimulus money, WTH? Why not? Three weeks ago the uptrend channel was broken and this week its trying to come back to it. With the US economy coming out of the pandemic, it makes sense for IWM to come back to the uptrend channel? MACD just crossed so maybe its gonna go up. Does Russell range bound until the earnings come out in July or it can't wait any longer. I think its going up. Fed wins.
AMEX:IWMLong
by CTRLZEEE