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My quote screen is awash in green at the moment, which has taken care of all the warm feelings I was having yesterday about the market. Small caps, as illustrated here with IWM, are especially strong, blasting to new lifetime highs. There hasn’t been any meaningful selling in months at this point.
 

The longer view shows the interesting path of the IWM. A clean top, followed by a plunge into an exceptionally lengthy range-bound market, following by a rally, a smaller top, a fierce drop, and then – – nothing but upticks since April 9th.
 

In contrast to this, the /NQ has been struggling for a while. Yes, it’s up right now more than 1%, but over the past few months it has been grinding away as opposed to ripping higher nonstop like the small caps. We broke the medium-term uptrend yesterday, but we’re well above it again. Hopefully the damage will actually mean something soon.
 

I’m taking a lot of heat this morning, but as always, I’m doing my best to let stop-losses do the work for me, as my trading rules state.

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