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Raging Bull podcast: Jeff Bishop says IWM is due for a fall

RagingBullRagingBull ·

Jeff Bishop of TopStockPicks.com says that a combination of technical indicators and pricing pressure that he expects to be applied if the Trump Administration can’t pass tax reform that helps smaller companies soon has the Russell 2000 ready for a reversal. He is using put options to bet against the iShares Russell 2000 ETF (IWM) and is holding shares in the Direxion Daily Small Cap Bear 3X ETF (TZA) expecting an impressive run for the small-index to end with it backing away from record highs temporarily. Bishop noted that the turnaround won’t be an easy trade, but he expects it to happen within the next two weeks.

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Jeff Bishop is lead trader at TopStockPicks.com, running short-term trading strategies primarily using ETFs and stock options. At the time this conversation was taped on Oct. 10, he had 2,000 shares in TZA and put options contracts on the IWM as described in the interview. The Raging Bull podcast features experts from the site talking with Raging Bull editor Chuck Jaffe on his show, “Money Life with Chuck Jaffe.” You can learn more about Chuck’s daily hour of market and personal-finance chat at MoneyLifeShow.com; you can subscribe to the Raging Bull podcast via iTunes and other podcast providers.

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