Small cap stocks have been moving higher in recent weeks and could end the final weeks of the year with a rally, according to Bruce Kamich, TheStreet’s in-house technical analyst and Real Money contributor. Kamich noted that the iShares Russell 2000 ETF (IWM) has broken above its early November peak, and the charts now support a rally back to its June high. Kamich expects a breakout over the 200 moving day average soon. He also sees a positive trend in the Moving Average Convergence Divergence oscillator, which is currently above the zero line. Kamich has a price target of $128, and on the downside, a trade at $106 would be a new low and a bearish signal.
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