Market Update: Nasdaq’s Bounce Back
After a significant drop on November 20th, the Nasdaq Composite Index enjoyed a consecutive five-day rally leading up to Thanksgiving, surpassing both the 21-day moving average and the 50-day line. During this upward trend, several stocks from the Investor’s Business Daily Leaderboard, including Google, Globus Medical, and Kinross Gold, reached new all-time highs.
The IBD Leaderboard presents a diverse selection of trending stocks, notably Intuitive Surgical, Expand Energy, Southern Copper, Howmet Aerospace, and Embraer, all of which are either within or close to their buying ranges.
The Trillion Dollar Club currently includes 11 stocks.
Strong Performers in the Market
On Monday, the Nasdaq took a step back, but the 21-day moving average acted as a cushion. Demonstrating robustness, Google, Globus Medical, and Kinross Gold joined Ram Research, Idex Laboratories, and TTM Technologies on the IBD leaderboard. It’s worth noting that these stocks are trading at or near all-time highs.
Additionally, the SPDR S&P Biotechnology ETF is also included among these notable names.
Sector Highlights: Healthcare, Mining, and Defense
Currently, our “Leaders Near Buy Points” list highlights five noteworthy stocks.
Intuitive Surgical remains within the buy zone of 552.50 to 580.13 and is also approaching an alternative entry point of 580.47.
On November 19th, Expand Energy surged into buy range from a buy point of 120.30, marking a first-stage cup with handle formation.
Southern Copper, part of the Mining and Metals Ores industry, recently peaked at the upper limit of the buy zone between 128.44 and 134.86.
Both Embraer and Howmet Aerospace are still within their buy ranges. Embraer continues to trade between 62.09 and 65.19 while testing support at the 50-day line. Although its base is in the later stages, it’s part of a strong group and might maintain momentum if it manages to break out.
Howmet Aerospace saw a pullback on Monday after flirting with the top of the buy zone between 193.26 and 202.92, but importantly, it found support at the 50-day moving average.
Stocks on the Watchlist
Four stocks, including Eli Lilly and Robinhood Markets, currently appear on the IBD Leaderboard Watchlist.
Eli Lilly reached a record high late last month, fueled by a strong rally in the medical sector and is currently seeing expansion.
Robinhood, on the other hand, has experienced significant volatility, retreating from the all-time highs it achieved in October. Although it’s currently below the 10-week line and the 21-day exponential moving average, it seems to be forming a double-dip pattern, a common occurrence in volatile markets.
