IWM, a proxy for small-caps, has become a go-along vehicle, ascending mainly because its handlers are getting a free ride by ‘drafting’ the Nasdaq 100 and the Cubes. The chart shown projects modest upside to a 237.72 target. The rally pattern, although unconventional, is not gnarly enough to go unnoticed, and that’s why we shouldn’t count toooooo heavily on the stopping power of ‘D’. It can serve nonetheless as a lodestone for the next 7-10 days. One subscriber reported filling a put butterfly spread I’d recommended as a longshot bet: eight Jul 16 215/220/225s for 0.28. If you were unable to buy it, cancel your bid.
IWM – Russell 2000 ETF (Last:231.76)