IWM: the special situation worth owning

The thesis

The special situation here is mispriced relative to the catalyst path.

Relative strength is quietly building under the index headlines.

What I'm watching

• IWM relative strength vs SPY
• EM fund flows
• A clean move through the level I flag below

Positioning

Short on IWM, 1-6 months horizon. Conviction: Medium. Liquidity is thinner here — I size down and stay nimble.

Opinion, not investment advice. The author may or may not hold positions discussed.