Stock market bulls were encouraged by modest gains for the Dow Jones, S&P 500 and Nasdaq composite in afternoon trade Friday. It was shaping up to be a constructive session on the heels of bullish gains for the stock market Thursday in higher volume. Lululemon stock and Costco stock were top gainers in the Nasdaq 100, while Boeing stock and Intel stock were top gainers in the Dow Jones today.
Lululemon Athletica (LULU) gapped out of a flat base after reporting strong earnings. Costco(COST) shares scored a new high one day after reporting healthy August sales data. Is LULU stock a buy now?
Boeing (BA) has rallied off lows in recent days, but it’s still about 19% off its high, which it means it has a lot of overhead supply to work through to get back to former highs. Boeing’s grounded 737 Max jets could be back in service by the end of the year.
Intel (INTC) gapped above its 200-day moving average, but similar to Boeing, it’s still far off highs with overhead supply issues as well.
Growth stocks performed well Thursday after major stock indexes gapped above their 50-day moving averages in heavy volume. It was an unequivocal sign of strength for the stock market, and several stocks that broke out Thursday followed through nicely Friday, just what stock market bulls wanted to see.
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Universal Display (OLED) was up an additional 2% after gapping out of a flat base Thursday with a 218.38 buy point. Copart (CPRT) and ASML(ASML) also followed through after breakouts Thursday. All three stocks are members of Leaderboard.
In other stock market news, Amedisys (AMED) was a top gainer in the MarketSmith Growth 250, up 3.42 to 134.97. It’s closing in on a 142.07 buy point. Inphi (IPHI) also outperformed in the MarketSmith Growth 250. It’s getting support at the 10-week moving average for the first time after a breakout from a base in early July.
In the health care space, Repligen (RGEN) is holding support at its 10-week moving average as it works on a flat base. The buy point is 99.35, 10 cents above its Aug. 1 intraday high.
The Innovator IBD 50 ETF (FFTY) performed mostly in line with the market, buoyed by strength in IBD 50 stocks like Atlassian (TEAM) and Universal Display.
The stock market was unfazed by a weaker-than-expected jobs report. August nonfarm payrolls rose 130,000, below the consensus estimate of 163,000.
Source: investors.com/market-trend/stock-market-today/stock-market-unfazed-by-weak-jobs-data-lulu-stock-soars-on-earnings/
Have a fantastic day and I hope today’s article helps.
