Russell3000 All-time Highs

JC Parets
June 20, 2024

The Russell3000 just closed at back-to-back new all-time highs this week.

This Index represents approximately 98% of all investable assets in the U.S. equities market.

And it's currently at the highest price in its entire history:

But here's the thing.

What's driving this Index?

The largest components are MSFT, AAPL, GOOG, AMZN, NVDA and META.

So does it really represent broad markets?

Definitely not.

But is it a bad thing for equities investors that the Russell3000 is hitting new all-time highs?

Definitely not.

In fact, we've been finding more opportunities from the long side this month than we've seen in a long time.

We went over my favorite names last night during our LIVE Mid-Month Conference Call. Make sure to check out the video replay here, download the 100+ charts and go through each of the new trade ideas.

Contact Mary if you can't access it for whatever reason.

But one of the things we walked through were the names that are new to this market.

Some of these stocks may not be new to you. Many of us are familiar with companies like Life360, Arm Holdings and Birkenstock, for example.

But regardless of whether they are new to you or me, these are all new to the market, and they're winning.

These are any IPOs, Spin-offs or SPACs that came to market within the past 12 months, and then sorted by relative strength:

There are stocks to buy - both new and old.

But there are definitely new names on this list above that we're moving on very aggressively.

I'm expecting rotation to continue underneath the surface.

Areas like Financials, Industrials and Consumer Discretionary have had a hard time in recent months.

I think that's about to change.

Check out last night's call, go through the trades, and then let me know what you think!

JC

 

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