Tuesday, May 5, 2015

Small Caps: Is The Party Over?

For the Dow and S&P500, the damage today's pullback caused, seems limited. Both indices are trading close below their recent (all-time) highs, so no harm done. For tech (Nasdaq) it's a different story. Last weeks new high looks like a fake breakout at this stage. But the most bearish looking chart is for small caps, the Russell 2000. Trading under the lows from last week, this starts to look more and more like a (short-term) trend change.

In the mean time, oil, gold and the euro were trading higher. Just in case you were wondering where the money is shifting to.

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