I moved IWM to the back burner more than a month ago, when its tedious move sideways extended far enough to turn a promising head-and-shoulders pattern into rubbish. The dismal scuddle has continued since, although I hesitate to ascribe this to a realization by the chimps who manage your money that small-caps are more overpriced than they have been at any other time in history. Such facts have seldom discouraged money managers from allocating even more of your hard-earned dollars for astronomically priced crap. Be that as it may, although I will keep IWM on the list for now, I’ll update only if it does something remotely interesting. At the moment, that would imply an upthrust exceeding the 230.95 price peak recorded on April 29. Even then, my interest would be more on the short side, using a ‘reverse abc’ pattern. Make sure the ‘Notifications’ feature on your account dashboard is checked if you want to stay on top of this very-slowly-developing opportunity. _______ UPDATE (Jun 8, 10:40 p.m. ET): For reasons I mentioned in the chat room this evening, I’ll recommend buying some put butterfly spreads. Specifically, you should bid 0.25 for eight Jul 16 215/220/225 ‘flies, good till canceled, with 0.05 discretion. Check back mid-morning for a possible price adjustment, since this bid may be too niggardly to fill. _______ UPDATE (Jun 9, 9:38 p.m.): A fill was reported at 0.28, but I’ll wait for a second before I establish a tracking position. The 0.05 discretion noted above implies you can pay up to 0.30 if you are unable to pry any loose at a lower price.
IWM – Russell 2000 ETF (Last:231.37)