Has Henny Penny seen the small caps lately?

Rick Ackerman Rick’s Picks

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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Rick Ackerman

Rick’s Picks

Barron’s once labeled Rick Ackerman an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case.

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

XRP struggles around $1.40 despite institutional inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.