The Fed minutes didn’t show anything we didn’t know already. Nor did today’s ECB meeting. So there were no big signals to take away from those events. CPI came in at 1.9% y/y versus estimates of 1.8%, and core came in below estimates at 2.0% versus estimates of 2.1%. Hey, some times no news is good news, and in this case, it was.
Talk about another dull day on the surface. All the action was in the Russell, what a day it had, increasing 1.4%. It is a very good sign to see the small-caps rise so sharply, it likely means those bigger guys aren’t far behind.
S&P 500 (SPY)
The stock market finished higher today with theS&P 500 rising by about 30 basis points, clawing back some of those losses the previous day. 2891 is still the level of resistance on watch, and we need to see the S&P 500 break above this region.
S&P 500, spy
The big move today was in the small-caps with the Russell rising by 1.4%. This was a day of outperforming. 1,593 is the level that is on watch.
There isn’t much that one can say about Lyft (NASDAQ:LYFT) from the charts. We can see it is a horrible deal with awful placement of the shares. It reminds me of Snap Inc (NYSE:SNAP), and that means the stock probably isn’t finished falling. I’m going to do some more work on this one, it going to a fun one to follow.
Splunk is up sharply today, and the stock is trying to move back into the trading channel. I think it does move back into the channel and potentially to the upper end.
Tomorrow will be a big day for Walt Disney Company (NYSE:DIS), with its investor day and the first showing of Disney ans streaming service, and potentially pricing details. All-time highs are in reach.
Amazon.com Inc (NASDAQ:AMZN) is still trying to break out and still hasn’t.
NVIDIA Corporation (NASDAQ:NVDA) continues to climb and is inching closer to around $198.
Michael Kramer and the clients of Mott Capital own Splunk, Disney.
Small Cap Stocks Jump, Large Caps May Not Be Far Behind
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