Has Henny Penny seen the small caps lately?
|Henny Penny or more commonly called Chicken Little in the U.S. is a folk tale about a chicken that believes the sky is falling when an acorn lands on its head. That’s what I see when I turn on television everyday. Just one Henny Penny after another proclaiming the end of the bull market. The only problem is Henny Penny hasn’t been paying attention to the Russell 2000 which this week broke out to new all time highs. There are a pair of P2 and d targets (1658.15 and 1637.49
respectively) directly above which we can use to gauge the strength of this market. Whether we get a tiny overshoot or a miss of each target will provide us with a wealth of information as to the state of this bull market. At the end of the folk take Henny Penny and all the other animals that follow Henny Penny are invited into a lair by a fox and all of them are eaten.
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