The Russell 2000 small caps have been up for 12 consecutive days. That tied the record for the longest streak set in 2003. Nothing goes up forever. Even though this week is typically bullish, we know there will be significant profit taking in the very near future. The volume is going to decline sharply over the next three days and that means an increased potential for volatility.
I could not find anything today that I was willing to play. My entire watch list of small cap stocks is full of broken charts with 10%, 15% and in some cases more than 20% gains over the last two weeks. There is no future in buying these stocks at those levels. I am going to pass on adding a play tonight and probably tomorrow as well unless something pops up that just has to be bought. We need to wait on the market to come to us.
NEW BULLISH Plays
No New Bullish Plays
NEW BEARISH Plays
No New Bearish Plays