Many of you were lured into another bear trap this afternoon. With both the SPY and Dow plummeting from its highs, the Russell, as represented by IWM, held its own.
Have a look.
Forget about everything else. The Russell is the market, represented a wide array of names, irrespective of market capitalization. At the very highs of the session, I was +3.1% and ended up 2.4%, hardly a pullback–indeud.
What I am trying to illuminate to you is the underlying strength of today’s tape. My OWW didn’t pull back, neither did IMMR. We’re gonna make private prison money in the smaller cap names soon, coming up immediately.
The Devil is perplexed over the abrasive robustness of the IWM and how it pertained to his stupid puts. We shall oversee those puts trade down to zero tomorrow, such is the prophecy of The Fly. Ordained by the stock Gods and Shadows del Urinal, we shall eat his liver for lunch–laughing all the way to church.