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 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%
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…
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…
- The VIX made a new 3-year low
- RSI levels are all neutral for the first time in weeks
- The Put-to-Call Ratio is neutral
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
*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