Value-shmalue! IWM’s trajectory has flattened considerably, a victim of the fickle tastes of chimpanzees who make their living recklessly pelting theme-of-the-month stocks with Other People’s Money. Although these guys may have professed love for small-caps, the romance was not fated to last, given that their real passion is lunatic-sector growth stocks that sport ridiculous multiples and get lots of fawning publicity. Indeed, the FAANGs and other Wall Street hotties have perked up again, to the detriment of shares in companies that offer unsexy products and services. Under the circumstances, the 235.12 target shown in this chart is the best I can offer you at the moment. A pullback to the green line (214.23) should be regarded as an excellent opportunity to get long ‘mechanically’.
IWM – Russell 2000 ETF (Last:223.74)