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Morning Matters:

Retracements & Other Considerations
by Geoff Garbacz

August 20, 2014

We have been highlighting the retracements in the Russell 2000 and IWM since the July high. The Russell 2000 is still below its March high meanwhile the S&P 500 keeps on ripping away. [Image 1] Through yesterday's close the Russell 2000 has now almost moved back above all its retracements from from the May low to the July high which was also the March high. Pay attention to 115.44 which is the 38.2% retracement on IWM.

[Image 2]

The Russell 2000 is now just up 0.07% for the year through last night's close. Meanwhile, the S&P 500 is up 7.21%. That means the S&P 500 is beating the Russell 2000 by 7.14%.

The under performance of the Russell 2000 is so great it almost equals the under performance seen in 2008. We started adding new names to the Morning Matters Portfolio a couple weeks ago as we feel that the Russell is finally getting ready to right itself.

A move above $115.44 on IWM may be enough to get us to deploy our last two cash positions in the next week.

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