We continue to see some hedgers enter the picture in IWM (iShares Russell 2000) and have been snapping up downside protective puts in December and January.
The Russell 2000 has given up some of its gains in recent days with IWM trading back down to its 200 day MA and at its lowest level since late September, and it does not come as a huge surprise to us given the meteoric move higher that the index and linked ETFs has had since its mid-August lows.