Big news of the day

  • Posted by
  • on March 2nd, 2012

 

The most important chart of the day is the $IWM break of 81.  Note the failed attempt on Wednesday compared to the clean break today straight through without looking back.

 

Big volume spike as stops were hit and as we wrote before, if bears want to push, this is the time, and they finally look like they’re following through this time.   Russell is very much the “risk on” index so don’t underestimate the importance of this break-down.

Next week will be pivotal to see if bears can follow through.   However we’re already seeing traders more nervous, case in point gold/silver hard reversals on Wednesday.    Take some profits, lighten up, things should get a bit complicated  going forward.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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