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MPTrader Mid-Day Minute
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| Wed Apr 9th 2008
Relatively Subdued Pullback for Russell 2000 ETF
By Mike Paulenoff, www.MPTrader.com So far despite what feels like a broad-based sell-off, in the lager scheme of things the Russell 2000 Small-Cap ETF (AMEX: IWM) actually has experienced a relatively subdued pullback off of last Friday's high at 71.90 (2.3%), which my work argues is a high-level congestion area atop the March-Aril advance prior to another thrust to the upside. At this juncture, only a sustained breach of key near-term support at 70.30/00 will begin to compromise the developing pattern. For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
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