and look where the Russell 2000 has fallen to as a result of another 2.60% smack-down today…
Mucho oversold from a momentum perspective and 17% below its red 200 day moving average. Very stretched on the downside..
BUT, we need a confirmed bullish reversal before any buying in more size makes sense. Period?
I had no less than 5 calls from hedge funds and some high net-worth individuals this morning asking where/when to get back into this market for a bounce. My answer remains the same: Must wait for a bullish reversal to complete.