Rochester,NY 7/30/2009 12:40:58 AM
iShares Russell 2000 Index, IWM - Looking at a top position in the falling term
iShares Russell 2000 Index
Though the S&P clearly signaled the breakout yesterday as the futures popped above the incipient double-top pattern at 956.50 (the June 11 highs), I tend to lean on the S&P futures for market direction. the Russell 2000 warned late yesterday that the move was running out of gas, at least for the near term.
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After a period of yesterday, the openings across the board, the averages generally popped up to new recovery highs around midday, at about 1:30 p.m. EDT. After moving sideways for a couple of hours, most indices then made even higher highs in the final hour -- but not the Russell 2000. That was a telltale sign of some possible stalling ahead. Russell 2000 Stalling shy of the Nov.
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