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              Dow Jones Futures: As Trump Impeachment Vote Nears, Tesla Rebounds, GM, Uber Lead New Breakouts

              admin by admin
              January 12, 2021
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              Dow Jones futures edged higher late Tuesday, along with S&P 500 futures and Nasdaq futures, as the House nears a Trump impeachment vote and U.S. military commanders condemned last week’s “sedition and insurrection.” The major indexes had a quiet session Tuesday, but small caps, financials and growth names fared well, with IPOs soaring and several new stock breakouts, including Uber and GM stock.




              X



              Tesla (TSLA) rebounded Tuesday after snapping an 11-day winning streak on Monday. But Tesla stock is still showing signs of being near a climax top. Fuel-cell stocks Plug Power (PLUG), Ballard Power (BLDP) and FuelCell Energy (FCEL), which kept rising overnight, also are going vertical.

              General Motors (GM), Ford (F) and Uber Technologies (UBER) all cleared buy points. So did housewares and furnishings retailer Williams-Sonoma (WSM).

              Meanwhile, many recent IPOs were big winners, including DoorDash (DASH), Airbnb (ABNB) and Corsair Gaming (CRSR), all flashing various buy signals. FuboTV (FUBO) and China EV startups Xpeng (XPEV) and Li Auto (LI) rebounded powerfully from their 50-day lines.

              Tech titans continue to struggle. Apple (AAPL) edged lower, trying to hold support levels in its handle. Microsoft (MSFT) and Google parent Alphabet (GOOGL) closed below key levels. Facebook (FB) and Netflix (NFLX) have broken below their 50-day lines and are moving toward their 200-day averages. Amazon.com (AMZN) didn’t fall but continues to lag.

              But those megcap woes are keeping the stock market rally from overheating as many leading stocks get red hot.

              Tesla, Microsoft and Apple stock are on IBD Leaderboard. GM and Uber stock are on SwingTrader. Microsoft stock is on IBD Long-Term Leaders. WSM stock is on the IBD 50.

              Military Leaders Condemn ‘Sedition’; Trump Denies Wrongdoing

              In a highly unusual measure, the Joint Chiefs of Staff released a letter Tuesday blasting the Jan. 6 “sedition and insurrection.” While not naming President Donald Trump, who continues to claim widespread election fraud, the commanders acknowledged Joe Biden’s presidential victory and made it clear the military would follow the constitutional transfer of power.

              Earlier Tuesday, Trump denied any wrongdoing in his Jan. 6 speech urging action to supporters, many of whom soon stormed the Capitol building, leaving five dead and forcing lawmakers to flee. Meanwhile, Trump said a new impeachment effort is “causing tremendous anger.”

              House Impeachment Vote Wednesday

              The House may hold a Trump impeachment vote Wednesday. On Tuesday night, House lawmakers will vote on measure asking Vice President Mike Pence and the cabinet to invoke the 25th amendment to remove Trump from office immediately. Pence is highly unlikely to do so. But Tuesday’s resolution may give an indication of how many Republicans might go along with a Trump impeachment vote.

              If Trump is impeached, a Senate trial would follow, but probably not for weeks after Trump leaves office on Jan. 20. If convicted, Trump would be barred from seeking federal office again.

              Dow Jones Futures Today

              Dow Jones futures rose less than 0.1% vs. fair value. S&P 500 futures and Nasdaq 100 futures were slightly above fair value.

              Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.


              Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live.


              Coronavirus News

              Coronavirus cases worldwide reached 91.95 million. Covid-19 deaths topped 1.96 million.

              Coronavirus cases in the U.S. have hit 23.34 million, with deaths above 389,000.

              The Trump administration recommended opening vaccinations to anyone 65 or older or with a serious risk factor while also including community centers and no longer waiting until sufficient supplies for second doses are assured. All that is intended to speed up vaccinations, which got off to a rocky start but is gaining momentum.

              The U.S. government will buy 1.25 million additional COVID-19 antibody cocktail doses from Regeneron Pharmaceuticals (REGN) for up to $2.6 billion. REGN stock rallied late.

              Stock Market Rally Tuesday

              U.S. Stock Market Today Overview

              Index Symbol Price Gain/Loss % Change
              Dow Jones (0DJIA) 31068.69 +60.00 +0.19
              S&P 500 (0S&P5) 3801.19 +1.58 +0.04
              Nasdaq (0NDQC ) 13072.43 +36.00 +0.28
              Russell 2000 (IWM) 211.19 +3.65 +1.76
              IBD 50 (FFTY) 44.29 +0.94 +2.17
              Last Update: 4:28 PM ET 1/12/2021

              The stock market rally had a constructive session, as tech giants kept the major indexes in check while many growth names did well.

              The Dow Jones Industrial Average rose 0.2% in Wednesday’s stock market trading. The S&P 500 index edged higher. The Nasdaq composite climbed 1.3%. The Russell 2000 jumped 1.8%.

              The yield spread between two-year and 10-year Treasuries is the widest since March. That’s good news for banks and other lenders, who profit by borrowing short and lending long.

              The lackluster action in the major indexes after Monday’s retreat is constructive, allowing the 50-day moving average to catch up somewhat after the Nasdaq looked extended at the end of last week. The Nasdaq closed 6.3% above the 50-day for a second straight session, after being up 8% on Friday.

              Tech Titans Lag

              Tech titans are a key reason for keeping the major indexes cool. Apple stock held up OK, dipping 0.1% to 128.80, hugging its 21-day exponential moving average. AAPL stock has a 138.89 buy point on a cup-with-handle base. Apple plans to make some kind of announcement on the CBS’ morning show Wednesday, but apparently not about a new product.

              Microsoft stock, a Dow Jones, S&P 500 and Nasdaq component like Apple, retreated 1.2%, sinking below its 50-day line. Google stock lost 1.1%, also undercutting its 50-day. Facebook stock sank 2.2% and Netflix 1%, both moving down toward their 200-day lines. Amazon stock edged up 0.2% but is still below its 50-day line.

              On Monday, Tesla stock tumbled 7.8%, weighing on the S&P 500 and Nasdaq. But shares rebounded 4.7% on Tuesday. TSLA stock is far extended from its 466 buy point and still appears to be in a climax run.

              Plug Power stock shot up 22%, following a new alliance with French automaker Renault. That followed a SK Group investment in Plug Power as part of an alliance to push hydrogen in Asian markets. FuelCell stock leapt 21% on Tuesday and Ballard Power 19%. PLUG stock is up 95% already in 2021, with FCEL and BLDR skyrocketing as well.

              Overnight, PLUG, FCEL and BLDP strong all rose solidly in heavy trade.

              Among the best ETFs, the Innovator IBD 50 ETF (FFTY) jumped 2.2%, while the Innovator IBD Breakout Opportunities ETF (BOUT) advanced 1%, both at fresh highs.  The iShares Expanded Tech-Software Sector ETF (IGV) edged up 0.1%, with MSFT stock and other software giants weighing on IGV. The VanEck Vectors Semiconductor ETF (SMH) climbed 0.5%.

              GM Stock, Ford Stock Break Out

              GM stock jumped 6.2% to 47.82, breaking out from a 46.81 buy point and hitting a record high. The auto giant broke out of a shallow cup base, according to MarketSmith analysis, but it could also be viewed as a handle in a multiyear consolidation. GM stock had rebounded bullishly from its 21-day exponential moving average on a daily chart and its 10-week line on a weekly chart, offering an early entry.

              GM CEO Mary Barra, in a CES keynote address, unveiled a new BrightDrop business, producing electric vans and commercial delivery vehicles. The BrightDrop electric vans will debut in late 2021, around the same time as an electric Ford Transit. Ford dominates the delivery van market, but Amazon-backed Rivian, Workhorse (WKHS) and others are jumping in the EV delivery vehicle market.

              Ford stock popped 5.2% to 78, clearing a 9.60 flat-base buy point. Like GM stock, Ford recently rebounded from its 21-day and 10-week lines, offering an early entry.

              Uber Stock Races Past Buy Point

              Uber stock rallied 7.2% to 58.54, decisively moving past a 56.12 entry from a short consolidation.  It’s still within the 5% buy zone, which runs to 58.93. The relative strength line is almost at its June 2019 peak, shortly after the Uber stock IPO. The RS line tracks a stock’s performance vs. the S&P 500 index. Ride hailing is still very weak, but Uber Eats delivery business due to the coronavirus pandemic. Lyft (LYFT), a pure-play ride-hailing firm, jumped, also moving above a short consolidation and rebounding from its 10-week line.

              Williams-Sonoma Stock

              Williams-Sonoma stock jumped 6.4% to 118.25, breaking out beyond a 114.75 buy point. WSM stock has been rebounding from its 50-day and 10-week line in recent days, offering an early entry.  RH (RH), a rival home furnishings chain, rose 4.2% to clear a short consolidation.

              Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

              Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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