Mike has posted his Mid-Day Minute on MPTrader site: The reason we added the ProShares UltraShort Russell2000 (TWM) to our site's model portfolio is reflected by the enclosed comparison chart of the DJIA and Russell 2000.
We have discussed recently that until mid-March, the TWM was the leading and strongest equity index on the upside. However, since then, it has glaringly underperformed the DJIA, which is the narrowest of the major stock indices.
Let's notice that as we speak, the Russell is pressing towards a test of its April 5 pivot low established on the day of the recent Jobs Report. If that low at 90.99 is violated and sustained, my sense is that it will be sending a significant negative signal about the overall health of the equity markets.