As sort of an update to this post, IWM (above) has been push higher consistently for about four months but recently consolidating some of those gains over the past few weeks. The CCI and stochastics look a lot like they did back in November, right before we broke out and made new all time highs. The trend is up on all time frames here so you have to give the bulls the benefit of the doubt. However, its interesting to note that we never tested that $84 support after the gap n run to start the year. Also, the steeper uptrend that started the year ended in late February, and we have been trying to get back up to it ever since. I am becoming increasingly skeptical of the recent gains and have increased bearish bets on IWM.
Disclosure: I own TWM and IWM calls.
