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Small Caps Lead The Charge Higher - And Maybe More Is On The Way

By Michael KramerStock MarketsJun 14, 2019 12:38AM ET
www.investing.com/analysis/small-caps-lead-the-charge-higher-and-maybe-more-on-the-way-200431504
Small Caps Lead The Charge Higher - And Maybe More Is On The Way
By Michael Kramer   |  Jun 14, 2019 12:38AM ET
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Russell 2000 (IWM)

It was a pretty solid day all around for the market on Thursday. The big mover on June 13 was the Russell 2000, rising about 1%. We highlighted the potential for the breakout yesterday, and that is what we got on June 13. The trend in the Russell appears to be reasonably strong, and it looks as if a rising triangle is forming, and that could result in another potential break out, that could put the index on its way to 1,565.

Russell 2000, Iwm
Russell 2000, Iwm

S&P 500 (SPY)

The S&P 500 also had a nice pop on June 13 rising by roughly 40 bps. The only problem here is that the index is struggling around the 2,895. So I’m not entirely sure that we can call this a breakout. It could merely be a case of me drawing the chart out incorrectly.

In my view, we should give this one more day to develop and see if the index can get over 2,895 tomorrow. We can take it from there.

S&P 500, Spx
S&P 500, Spx

Broadcom (NASDAQ:AVGO)

If the market does rise tomorrow, it’s going to have to do it without the help of Broadcom or the Semis. AVGO beat on the bottom but missed on the top. However, it also lowered its full-year outlook. The company noted it sees a broad-based slowing in the demand environment, driven by geopolitical uncertainties and an export restriction on a critical customer. The export restriction customer is Huawei. So if you want to look at the bright side of this, there already several companies that preannounced the Huawei impact. However, AVGO is down about 6%

I will have to read the conference call later tonight or tomorrow to see what else I can get out of it.

In the meantime, there is some reliable support at $260.

Braodcom, Avgo Index
Braodcom, Avgo Index

Tesla (NASDAQ:TSLA)

Tesla managed to rebound some today. I saw some bullish options betting in TSLA recently, that goes along with my bullish view. I wrote up a premium article today in more detail: Tesla Continues To See Bullish Trends. I still think the TSLA heads over $225 to $250.

Tesla Inc Chart
Tesla Inc Chart

Advanced Micro Devices (NASDAQ:AMD)

AMD was already showing signs of weakness today after cautious comments from Oppenheimer. Layer on the Broadcom weakness and AMD looks poised to fall below support at $31.40 and could be on its way to $29.40

AMD Inc Chart
AMD Inc Chart

Walt Disney (NYSE:DIS)

Disney had a big day after Morgan Stanley (NYSE:MS) boosted its target to $160 from $135. DIS can rise to around $143 before hitting its next resistance level. I still think DIS is heading to $175. I did a video on this very topic on April 16 – Why Disney May Rise To $175.

Walt Disney Co Chart
Walt Disney Co Chart

Facebook (NASDAQ:FB)

Facebook looks like it may getting ready for its next leg lower. The more I read about FB the more I don’t like it. I think it could test $166 again.

Facebook Inc Chart
Facebook Inc Chart

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Small Caps Lead The Charge Higher - And Maybe More Is On The Way
 

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Small Caps Lead The Charge Higher - And Maybe More Is On The Way

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