Wednesday, October 28, 2009

Small Cap Index Confirms Double Top



Yesterday I wrote about the weakness I was seeing in the small cap stocks and today we saw these stocks lead the stock market lower. The Russell 2000 index ($RUT) was down 3.51% today and was clearly the weakest when compared to the Dow, S&P and NASDAQ.

The Russell 2000 index confirmed the double top formation today by breaking below support. The downside objective for this index is the 529 area.

1 comment:

PazzoMundo said...

Kevin,

I'm setting up a site for the Australian funds management industry. It's in beta at the moment. Would like to syndicate your blog on the site. The clarity of your insights and cross market analysis would be particularly valuable.

I can send you more information if you are okay with this. (My personal blog - PazzoMundo.com - has a 'Social Media' category where I am setting out the rationale for the site if you are interested.)

Regards
Rohan

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