The Trader Daily

By

Bob Byrne

 | Jul 09, 2014 | 7:30 AM EDT
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It's no secret the past couple days of selling have hit the iShares Russell 2000 ETF (IWM), and anything loosely associated with the momentum sector especially hard. The carnage in names like Tableau Software (DATA), FireEye (FEYE), Splunk (SPLK) and Twitter (TWTR) has been merciless. Gains that took two to three weeks to build have been forfeited in a few short days.

Given traders' current focus on all things momentum, let's take a closer look at the IWM. Before we get into the charts and a few specific levels, let's remember that the most important consideration over the next few weeks will be how the various stocks respond to their earnings reports. More specifically, we need to see how traders react to EPS, revenue and sales beats and misses. This will tell us much of what we need to know in regards to short and intermediate-term sentiment....600 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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