CNBC's "Fast Money" The Dow Surges Nearly 750 points and the Small Caps Hit Best Level in Two-Plus Years 7/16/24
Jul 16, 2024
Explore the market rotation away from tech stocks, China's impact on luxury retail, China's economic situation, Trump's interview, airline and automotive sectors performance, and diverse stock investment discussions in this episode.
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Market Rotation?
- The Dow saw its biggest point gain since November 2022, with industrials outpacing major averages.
- Small caps hit their highest level since January 2022, outperforming the S&P 500.
Tech's Unexpected Role
- The market shift is notable, especially with large-cap tech stocks not fully participating.
- The rise in small caps, partially driven by regional banks, needs careful consideration.
Meaningful Rotation
- The breakout in IWM and related indexes like RSP is significant and suggests a rotation.
- These triangle breakouts are typically high-probability setups with immediate upside follow-through.