Russell 2000 approaches 2002 value zone

Warning: There is a powerful opinion below that is simply not backed up with appropriate chart action. It’s an educated observation from someone who has watched markets for more than 20 years, but it lacks confirmation from our typical pattern reliance. OK, now that we’ve got that out of the way, here’s the skinny on last week’s action...

Small-cap stocks collapsed to fresh bear market lows AGAIN last week, not even waiting for the Dec. 2 target date suggested by recent symmetrical trading patterns. Fear and panic finally seemed to overwhelm greed and bravado as we saw truly manic money flow into credit products on Wednesday and Thursday, regardless of how absurdly low the rate of return might have been.

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