For the second Friday in a row, markets surged higher. And each index posted big gains…
- Dow Jones +2.6%
- Nasdaq +2.9%
- S&P 500 +2.5%
- Russell 2000 +2.2%
Sector Round Up
All 11 sectors ended the day in positive territory…
At the top…
- Technology (XLK) +4.4%
- Utilities (XLU) +2.8%
- Communications (XLC) +2.5%
- Financials (XLF) +2.5%
At the bottom…
- Consumer Discretionary (XLY) +0.1%
- Energy (XLE) +0.4%
Amazon (AMZN) settled 7% lower on Friday after falling as much as 20% immediately after reporting earnings.
- Blame weak holiday forecast.
- The $1 trillion company weighted heavily on the Consumer Discretionary sector.
Apple (AAPL) stock rose about 8% on Friday, posting its best single-day gains since April 2020.
- The surge came after earnings modestly beat expectations.
- Demand for its premium hardware remains high across the globe.
As Elon Musk closed his Twitter takeover deal, Dogecoin (DOGE^) gained 150% last week.
- The token rose from $0.06 each on Monday to $0.15 on Friday.
- This morning it’s trading near $0.12.
- Crypto as a whole has not recovered with DOGE … Bitcoin^ gained about 5% over the past week.
Gilead Sciences (GILD) rose 12%, adding more than $10 billion in market cap on Friday.
- The earnings winner doubled its cancer drug profits.
- It also raised guidance for the current quarter.
The Dow Jones could end its best month ever today.
It’s up about 12% on the month, and if the index can hold its gains today, it will end the best single month for the index in its 126-year history.
- We recommended buying on October 5th.
As our chart shows, the index is currently overbought, and a pullback is likely near.
All other signals remain bullish…
Today marks the start of another busy week for earnings.
Here are our top stocks to watch:
- Avis Group (AVIS) Monday after hours
- Uber (UBER) Tuesday premarket
- AMD (AMD) Tuesday after hours
- Devon Energy (DVN^) Tuesday after hours
- Robinhood (HOOD) Wednesday after hours
- Peloton (PTON) Thursday premarket
- Coinbase (COIN) Thursday after hours
- Draft Kings (DKNG) Friday premarket
Your November outlook is coming tomorrow morning.
*COEP on watch
*KLXE support at $14
*^RELL resistance at $24
*NINE support at $5
SLS resistance at $4
IMRA support at $4, resistance at $4.60
MEDP on watch
AEHR support at $20
PI support at $100
ASC support at $12
ETNB support at $9
NUVL on watch
^IMVT support $11
WNC support at $19
PCVX support at $42
PARR support at $20 or $21
KULR support at $2
VIST support at $13
OII resistance at $13.50
HLIT support at $15
MCRB support at $7.50
HLX on watch
CHX support at $26
ROL support at $39
GILD on watch