REX American Resources (REX)

[value1008]

Great recovery for REX to close only down 40 cents after another big-drop day for smallcaps, though they, too, made a recovery but then sagged a lot by the end of the day. Chart for smallcaps (IWM etf proxy; see also $RUT index) shows that after the recent run-up of the markets, new support line needed to be tested, so in just four days smallcap indices were flung down through their 10-day and 20-day moving-avg support lines to test the 50 dma. We may get more testing of that tomorrow by the markets.

Meanwhile, REX, having already staged its pullback two weeks ago, is staying strong, looking to the $80s terrain....