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The patterns in the Russell 2000 have been favorable for a good while. We have owned a position in IWM, looking for relative strength in the Small caps. Due to the “Power of the Pattern” we harvested the position in the Russell 2000 due to key resistance being at hand. With resistance in place and a short-term support line breaking we took a position in RWM on Friday. (see post here)
Game Plan…Am attempting to score on defense by owning RWM, with a 4% stop in place.