6/9/23 It’s a Bull Market You Know


Thursday’s session was bullish but not in an overwhelming fashion.

The indexes finished the day mostly higher…

  • Dow Jones +0.5%
  • Nasdaq +1.0% 
  • S&P 500 +0.6%
  • Russell 2000 -0.4%

The gains in the S&P 500 marked the official end of the bear market and the beginning of the next bull market. 

Image from IIFL Finance

The index is now more than 20% higher than its October lows—Our pick, the leveraged ETF SPXL, is up about 60% over the same period.

Sector Round Up

A desire for riskier stock showed up During Thursday’s session. 7 of the 11 sectors ended the session higher.

Two risk-on sectors took the lead. At the top…

  • Consumer Discretionary (XLY) +1.5%
  • Technology (XLK) +1.1%

At the bottom…

  • Energy (XLE) -0.4%
  • Real Estate (XLRE) -0.6%

Notable Names

Images from Carvana & Autotrader

Shares of Carvana (CVNA) surged 56% higher on Thursday. 

  • The company said it expects EBITA to be positive for Q2
  • In pre-market trading, shares are higher still and more than 600% higher than their December lows
  • Current market cap is about $4 billion, half of which was added yesterday

Shares of Tesla (TSLA^) rose 4.5% during yesterday’s session and are up another 4.5% in pre-market trading.

  • Year-to-date, shares are up 90%
  • This week the company opened its charging network to GM vehicles & floated possible factory plans in Spain
  • At writing, the market cap is near $750 billion


With most major indexes ripping higher, we noticed one lagging behind. The Russell 2000

RUT Weekly Candles – Chart by thinkorswim

At look at the chart reveals support and resistance levels to watch. 

  • Aggressive investors could consider a short position with a stop at $1900
  • We are looking for a dip to $1800 to buy

Aside from this trade idea, the market looks very bullish. We remain buyers in individual stocks. Our favorites are noted below.

Your latest readout…


Next week promises more excitement than this one.

  • Tuesday morning, CPI inflation data drops
  • Wednesday morning, we’ll get the PPI inflation data
  • Finally, Wednesday afternoon, The Fed will announce its latest move regarding interest rates


*Low Float
^Open Position

*UTME support at $2
*WLDS support at $2
*GSIT support at $7
INOD support at $11, resistance at $12
AEHR support at $40
AAOI support at $3
^NA support at $2.40
EFTR support at $1.20
CRVS support at $3.50
SYM support at $35
^PLAB support at $22
UPST support at $30
EXPI support at $18
CGEN support at $1.20
^AI support at $35
NVTS support at $9
CVNA support at $20
MRSN support at $8

Secondary watchlist—float 100+ million

YEXT on watch
ZUO support at $11
CXM support at $14 / $13
^IOT support at $22
^MVIS support at $7
DHC support at $2
JOBY support at $6
^PLTR support at $14 / $15

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