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              Dow Jones Rallies As Stimulus-Test Battle Continues; Tesla Jumps On Bullish Feedback

              admin by admin
              December 30, 2020
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              The Dow Jones Industrial Average briefly rallied over 175 points Wednesday, as the Congressional battle over increased stimulus checks continues. Apple stock is again eyeing its new buy point, while Tesla advanced on bullish analyst commentary.




              X



              Among the Dow Jones leaders, Apple (AAPL) rose 0.1%, while Microsoft (MSFT) moved down 0.75% in today’s stock market.

              Tesla (TSLA) looked to extend a win streak to five sessions, racing 2.5% higher in early trade. Chinese rival Nio (NIO) rose early then trimmed gains to 1%, adding to Tuesday’s rebound from a critical support level.

              Stocks in or near buy zones in the current stock market rally are Five Below (FIVE), Intuitive Surgical (ISRG) and Epam Systems (EPAM).

              Apple, Microsoft and Tesla are all IBD Leaderboard stocks. Epam Systems and Intuitive Surgical were featured in this week’s Stocks Near A Buy Zone column. Five Below was Tuesday’s IBD Stock Of The Day.

              Dow Jones Today: Stimulus Checks

              On Wednesday, the Dow Jones Industrial Average rallied 0.5%, while the S&P 500 was up 0.3%. The tech-heavy Nasdaq composite moved up 0.3% in midday trade after trimming gains.

              Late Tuesday, Senate Majority Leader Mitch McConnell introduced a competing bill, versus the measure approved by the House on Monday. Mitchell’s bill would also increase the size of the payment checks to $2,000, but would repeal Section 230 of the Communications Decency Act. That section provides immunity to online platforms. The Senate bill would also set up a commission to study election fraud. These are the three requests that President Donald Trump made when he signed the stimulus package Sunday night.

              Earlier Tuesday evening, Treasury Secretary Steven Mnuchin tweeted that $600 stimulus payments would start going out Tuesday night. Paper checks will be mailed starting Wednesday.

              Among exchange traded funds, Innovator IBD 50 (FFTY) traded 1.4% higher Wednesday. The Nasdaq 100-linked Invesco QQQ Trust ETF (QQQ) moved up a fraction. Meanwhile, the SPDR S&P 500 ETF (SPY) gained 0.3%.

              Amid the coronavirus stock market rally, the tech-heavy Nasdaq is up 43.2% for the year through Tuesday’s close. The S&P 500 is up 15.4%, while the DJIA is up 6.3% year to date.

              Coronavirus Updates

              According to the Worldometer data tracker, the cumulative number of confirmed coronavirus cases in the U.S. topped 19.9 million on Wednesday. Total virus-related deaths rose past 346,000.

              The cumulative total of worldwide Covid-19 cases confirmed since the start of the outbreak topped 82.4 million Wednesday, with more than 1.79 million virus-related deaths.

              Coronavirus Stock Market Rally

              November was a key month for the stock market. IBD’s The Big Picture flagged a new uptrend following the market’s bullish follow-through day on Nov. 4. Meanwhile, December sees the stock market at record highs.

              Tuesday’s Big Picture commented, “The year 2020 illustrated not only how the N in CAN SLIM serves as a tenet of good growth stock investing. The surprising rebound off the March 23 lows only proved that pessimists cannot hold the equity markets down for long or for good for CAN SLIM investors.”

              Investors should continue to use the stock market’s strength to buy breakouts. Be patient and wait for powerful breakouts instead of chasing extended stocks. If the new breakouts work, then add more exposure. But if breakouts start to fail, then you can back away.

              In particular, focus on stocks with strong relative strength. Find them by using the relative strength line. The RS line measures a stock’s price performance vs. the S&P 500. If the stock is outperforming the broader market, then the RS line angles upward. If a stock is performing worse than the broad market, then the line will point lower.

              Stocks To Watch: IBD Long-Term Leaders

              Stocks to watch include IBD Long-Term Leaders, companies with stable earnings growth and price performance. Veeva Systems (VEEV) is the latest addition to the list, as it tries to regain its 10-week line. Shares are approaching a 314.09 buy point in a cup base.


              Stock Market ETF Strategy And How To Invest


              Dow Jones Stocks To Watch: Apple Eyes New Buy Point

              Apple stock is trying to break out above a cup base’s 138.08 buy point, according to MarketSmith chart analysis. Shares briefly hit the new buy point on Tuesday before reversing lower. Shares reversed from early losses to rally 0.1% Wednesday.

              In recent weeks, Apple shares have moved above aggressive entries at 125.49 and 122.09.

              Apple is an IBD Leaderboard stock. Per Leaderboard commentary, “The alternate entry is in the lower half of the base but the RS line is improving. Apple nearly doubled from its breakout in April and it will be tough to replicate that run. The base is third stage, which is a reason to have lower expectations this time around.”

              The blue-chip giant is the No. 1-performing Dow Jones stock for 2020, with an 83.7% advance through Tuesday.

              Stocks In Or Near Buy Zones: Five Below, Intuitive Surgical, Epam

              Tuesday’s IBD Stock Of The Day, Five Below, is in the 5% buy zone past a 168.07 buy point in a rare ascending base. The 5% buy area goes up to 176.47.

              Shares rallied 0.3% Wednesday morning.

              Robotic surgery leader Intuitive Surgical remains in the 5% buy zone above a 792.64 entry point in a flat base following a Dec. 22 breakout, according to IBD MarketSmith chart analysis. The 5% buy zone goes up to 832.27. Shares rose 0.2% early Wednesday.

              Bullishly, the stock’s RS line hit a new high on the breakout day, confirming the strength of the breakout.

              Thursday’s IBD Stock Of The Day, Epam Systems, is right below a 357.08 buy point in a flat base. Shares gained 1.2% Wednesday morning and are just below the buy point.

              According to IBD Stock Checkup, EPAM stock shows a 95 out of a perfect 99 IBD Composite Rating. The Composite Rating — an easy way to identify top growth stocks — is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths.


              IBD Live: A New Tool For Daily Stock Market Analysis


              Nio Stock

              Tesla rival Nio continued to rebound from its 50-day support level, moving up 1% following Tuesday’s 5% jump.

              Shares remain nearly 20% off their 52-week high, as a new base continues to take shape.

              Tesla Stock

              IBD Leaderboard stock Tesla rallied 2.5% Wednesday morning, on pace to add to a four-day win streak after Wedbush analyst Daniel Ives said Tesla is on track to hit the delivery target of 500,000 vehicles for 2020. “With 180k for 4Q the line in the sand, we believe given the underlying strength we are picking up in China, as well as a late push in Europe and the US, that 190k-200k is well within reach,” Ives wrote in an analyst note.

              On Dec. 18, Tesla stock hit a record high at 695 and is about 3% off that all-time high. On Nov. 18, shares broke out above a 466 buy point in a cup with handle and are more than 40% from the buy point.

              Dow Jones Leaders: Microsoft

              Among the top Dow Jones stocks, software giant Microsoft moved down 0.75% Wednesday, as shares continue to approach a 228.22 buy point.

              Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

              YOU MAY ALSO LIKE:

              Top Growth Stocks To Buy And Watch

              Learn How To Time The Market With IBD’s ETF Market Strategy

              Find The Best Long-Term Investments With IBD Long-Term Leaders

              MarketSmith: Research, Charts, Data And Coaching All In One Place

              How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks



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