Embarking on a New Journey...or Not

It remains to be seen if The Fed will truly signal some sort of long-term regime change later this week at the next FOMC and Chair Powell presser, even if they take no immediate action. Until then, we have a mixed tape with tech and growth stocks continuing to enjoy a reprieve of sorts even as rates inch back higher. Indeed, as I write this the QQQ is exuding relative strength to otherwise red indices, be it the Dow, S&P, even the small caps in the Russell 2000.

On that note, a recent small cap addition to the Russell 2000 Index is POWW, the little ammunition play with an appropriate ticker symbol and all. We have traded this name previously with Members, and I went long again late-last week looking for the extremely clean and coiled chart (daily timeframe, below) to break higher sooner than later. Both firearms plays, RGR and SWBI (earnings on Thursday) have been notably strong, and I expect demand for ammunition to stay elevated. 

Other ideas we have been noting with Members and which are impressive this morning are: DS (mini version of TopGolf plus their Puttery brand) and FTCH.