The last couple of days in the market have been changing my thoughts and my opinions on where the market will be by the end of the year. The double top that I sold is working well right now, but it might continue to work well over the next month. When looking at the charts the $RUT is the one that really stands out to me. It feels and looks like the trend is changing in the Russell 2000 index, and that could spell disaster for the rest of the market. While the rest of the indices were making double tops the $RUT was making a lower high. The weakness in this index was just confirmed and I will continue to hold my short. My short to median term target on the $RUT as long as we have a continuation is around 555. The 555 level will be taken off the table if the $RUT makes a closing high above the 596, but above 600 would be better.
Positions are still in great shape, I'm long vega and the pop yesterday helped out a lot.
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