Are the Small Caps All Growns Up?

Given the crosscurrents this week, in terms of end of month/quarter/quasi-holiday trading leading up the Fourth, it is likely correct to take any price action with at least one grain of salt, if not two.

Nonetheless, the stunning upside reversal today in the Russell 2000, small cap dominated index is sure to be a focal point for bulls arguing that yesterday's selling was nothing more than the final shake before the true break...out higher as the small caps are now "all growns up."

I want to see a strong close on the IWM ETF above $142 through the end of this week before assuming too much in the way of a true breakout.

However, the price action today is clearly keeping me away from putting on shorts here. 

As for longs, we have our eyes on a few standout turnaround plays in the retail space which may be under many traders' radars this year. I will run Members through them in my usual Midday Video.