Dow Jones remains in Rally mode, led by Apple, Nike; 5 biotech actions in motion

The stock market had bullish gains around noon on Tuesday. The Dow Jones Industrial Average was up 0.8%, but the DJIA is still below the 200-day moving average, which has been a resistance level. Top DJIA winners included Apple (AAPL) Nike (NKE) and Merck (MRK) The Nasdaq compound opened to a record high, helped by strong performances by NetEase (NTES) and JB Hunt Transport Services (JBHT).


The Nasdaq compound moved bullish again, up 1.3%, after surpassing the 10,000 level on Monday. The S&P 500 recovered 0.9% and the Russell 2000 Small Cap Index added 0.5%. Volume on the New York Stock Exchange was lower compared to the same time on Monday. Nasdaq volume was quite higher.

IBD’s gaming software group was a top winner, with more than 2%. The group was chaired by NetEase, Electronic arts (EA) and Take-Two interactive software (TTWO).

Biotech stocks outperformed again. Within MarketSmith Growth 250, including top winners Greed Biosciences (RNA) Keros Therapeutics (KROS) Given Nexus (DADA) and ADC Therapeutics (ADCT). All four are new problems.

Sorting Stock Vertex Pharmaceutical Products (VRTX) came out of a flat base with a buy point of 295.65. It’s still within the 5% buy zone, but so far it’s been a low-volume breakout.

Dow Jones futures fell sharply on Monday night after White House trade official Peter Navarro said that the China trade deal is “over.” But President Donald Trump tweeted shortly after the China deal is “completely intact.”

Trading signals, or institutional selling, remain weak on the major stock indices, with two days of distribution on the Nasdaq and three on the S&P 500. The Dow Jones and other major stock indices remain on confirmed bullish trends, and the major Growth stocks continue to perform well after the outbreaks. Read The Big Picture every day to stay in sync with the market trend and major stocks and sectors.

Gold Stock Lead

Gold miners performed better again amid further weakness in the US dollar. SPDR Gold Shares (GLD) added 0.6% to 166.10. It is still in the buy range from a buy point of 165.06. Within IBD 50, Kirkland Lake Gold (KL) recovered 1.8%, while Franco-Nevada (FNV) collected 1%. Kirkland Lake is in a new consolidation, but still below its 200-day moving average. Franco Nevada fell above its 50-day line on Monday.

Among the best ETFs, Innovator IBD 50 (FFTY) recovered 0.9%. The best winners at the IBD 50 Tuesday included Futu Holdings (FUTU) Commercial Desk (TTD), GSX Techedu (GSX) and PennyMac Financial (PFSI)

The iShares Extended Technology Software (IGV) ETF rose 0.8%, while the iShares Nasdaq Biotech (IBB) ETF seemed ready to extend its winning streak to eight sessions after a good rebound from its 10-moving average. weeks.

Dow Jones Gainers

After closing a record on Monday, DJIA Apple shares rose nearly 2% after several increases in the target price. Among them, Deutsche Bank raised Apple’s target price to 380 from 350, while UBS raised its target to 400 from 325. Robert W. Baird raised it to 320 from 320.

At the company’s World Developer Conference on Monday, Apple announced new versions of its software for iPhone, iPad, Mac and Apple Watch. The company also said it will use its own chips for future Macs instead of Intel (INTC), reaffirming previous reports.

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Shares of DJIA, Nike, rebounded for the second straight session after the sell-off on Friday. Nike reports earnings Thursday after closing. Nike appeared in the last column of Earnings Preview as it forms a cup base with a handle.

Out of the djia

In other news from the stock market, Focus Financial Partners (FOCS) was a high-volume winner in Stocks On The Move on the home page. It passed a buy point of 31.51, but fell back to highs. Focus Financial is a member of the exclusive IBD Industry Leaders screen and was discussed in the Stock Spotlight on Monday.

In the business software group, Zendesk (ZEN) opened as it approached its buy point of 89.54.

Finely negotiated Ameresco (AMRC) was another solid winner in the MarketSmith Growth 250. It is still in the 5% buy zone after a break today from a mango cup base with a 24.27 inning.

Follow Ken Shreve on Twitter @IBD_KShreve for more analysis and information on the stock market..


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