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Wednesday, February 13, 2013

Update on the Russell 2000 e-Mini Futures Index (TF)

I last wrote about the Russell 2000 e-Mini Futures Index (TF) on January 2nd.

Since then, it has been slowly grinding higher and has made a small gain of 48.50 points, as shown on the 60 min (market hours only) chart below...very often retracting (repeatedly) small moves up (shaking out long and short positions), as it inches its way to a potential target of 970.00 by the end of this month.

Unless the pace and size of any further upside moves picks up from here, I can see that it won't make this target by that date...it wouldn't be hit until the latter part of March, if it continued to cling to the mid-channel level.

We'll see if serious buyers enter any time soon to move this index at a quicker pace than it has seen of late, in anticipation of some kind of resolution of the "Fiscal Cliff" issue by March.