Nasdaq Nears Record High; On Holding, Embraer, CrowdStrike In Focus | Stock Market Today

[Music] [Music] good afternoon everyone and welcome to stock market today it's Ali Corman Ed Carson with a breakdown of the action in today's session Tuesday May 14th where we saw a strong day for the NASDAQ a new closing High getting close to those all-time highs Ed yeah sort of crept up on us so take a look at three stocks showing good action on holding Embraer and crowd strike okay we'll check in on those stocks but first let's take a look at the major indexes the NASDAQ today up three quars of a percent by sessions closed the S&P 500 today up a half a percent on the day the Dow up three1 of a percent and the Russell 2000 with a strong day of its own up 1.2% and all of this action Ed comes ahead of another key economic report out tomorrow yeah we're going to get the uh April CPI inflation report we also got retail sales the Empire you know Empire Manufacturing Index so a lot of stuff is going to hit um an hour before the open uh we did get the producer Price Index this morning and that was hot on the headline figures but there were downside revisions and some of the components of that are a positive sign for the fed's favored inflation gauge so fed Chief pal would said said no I wouldn't call it hot I would call it mixed and so uh that seemed to help things a little bit but it was a gradual thing through the day and maybe we're moving out of this pause you know and that that pause is looking more wedgie and you can sort of see it just sort of trending up just had up happen in the afternoon uh as you say record close really just on there so we'll have to see I mean we'll know before the open to a certain extent uh I mean the market could could whip saww around after the open but uh we'll see if we can break through and we've had a lot of setups we've had more stocks flashing buy signals the last few days so things are acting pretty well okay well we'll have to see what we get come tomorrow and adjust accordingly when that new information comes out Ed anything to add for the other major indexes I mean we do have the the NASDAQ here which we do focus on a lot and with the strength today we now have that 21-day line back above the 50-day line but any other index level thoughts here pretty similar for the S&P it's you know that 21 day is getting right around that level it's getting up to record highs or almost I'm not even sure if that if that's a record close I hadn't hadn't looked to check because it was sort of creeping on at the end of the day right there so uh the Russell would be nice to see that catch up you know like get to New highs it's a little bit further off but honestly it's not that far off either but getting that above would be really nice uh to really clear this area but uh it's there's a there's a fair amount of breadth to this Market rally it's not just the NASDAQ for sure are you looking at RSP or qqew or just is it that feeling of of growth stocks and and what's showing up in your screens showing up in screens and I just look at a variety of uh you know sector ETFs and you know not all of them on every given day but you look at them they're generally trending higher they're generally showing strength there's what of the leading stocks breaking out they're from a lot of areas and we we're we've got three different groups that we're going to look at today but there's a whole lot of other ones out there uh but yeah it' be nice to get RSP to record highs so that's a little bit like the Russell but there has been broad rally it's just not at highs yet for some of the you know be be below the big caps yeah I mean we had this strong trending market for several months uh we wanted a pullback we got one now there we got one and uh it's actually it was uh at least the worst of it so far you never know what's going to happen around the corner uh was over pretty quick but uh we are seeing a lot of setups out there and and as you mentioned we're going to talk about a couple of really strong stocks today Ed I want to get your thoughts on Treasury yields right now we saw the 10year reversing lower hitting 4 and a half% and backing off uh this is another metric essentially to watch come tomorrow with more of that economic data data rolling in that's going to be digested yeah this was the lowest close it looks like in a month I mean so it was a it looked for a moment there that we were going to reverse higher and sort of break out of this many you know downtrend all of a sudden hitting the lowest close in a month and so it's all definitely a big factor for that and I guess I'd just say one other thing that you have to watch out for you know like CPI and stuff Nvidia is coming in just over a week that is just one thing to note especially when you're thinking about chips and AI but really the whole Market Nvidia is looking very interesting here uh uh but it's just you know that's a handle right there it's looking really good but it's just something to note you know if you're adding exposure by all means people can be adding exposure but just don't get too qu you know agressive in the next week knowing that something like that could come in and and and Royal things quite a bit right and I do own a position in this full disclosure and when you say Nvidia is coming next week earnings so we have earnings earnings on the table for NVIDIA I'm sure everyone in our audience you know such Savvy investors they knew exactly what you meant but clarifying just in case and speaking of earnings uh let's take a look at on holding this is ticker o in O in with a strong report here up 18% on the day heavy volume behind the move we're going to take a look at uh this stock on multiple time frames Ed because it's very interesting we'll start with the daily here what are you seeing uh daily very nice and just on the fundamentals it blew out views it was more than double uh a year ago and I think the expectation was if actually fall a little bit versus a year earlier uh I mean on Holdings had it's really a surprise you don't know what you're going to get with their earnings reports and last quarter not so good uh this quarter very strong uh it came up just really quickly right at the open immediately just raced past an early entry like the last week's highs uh got above you know and then it but it moved above 3615 which I guess you consider as a new base next to this big wild wild consolidation that it had before so technically getting over that buy Point uh really strong volume on an intraday chart it was sort of it it raced right away you know came in there came down a little bit then came back up it sort of felt like you know I didn't ever get to that high from like the first five minutes but yeah right in there it sort of traded consistently and then it sort of sort of moved out and that was sort of uh sort of the highest five minute close you know because everything else was there so it felt like that was a place you could have entered uh it's right around the official buy point to that was given confidence and it just sort of moved a little bit from there and on a weekly basis this is a stock that you know had a lot of promise when it first came out and then it struggled and it struggled around the 36 37 area it actually got to the highest levels in a couple years intraday but only for a moment but it is right around there so this is a key area can it can it punch through all that uh would be a positive sign on a technical basis the RS rating is a 34 pretty lousy I suspect that'll get a big boost given that it's the highest close in a year or so yeah maybe it can squeak on by this uh this trading range there Ed we'll have to see okay next on our list another big mover today in Brer with a big breakout up 9% on the day also heavy volume here got back above a bu point which it tried to break out of a couple of sessions ago and then pulled back that is normal that does happen with breakout stocks uh shook out some more uh holders there and really blew past that 2725 buy point today yeah and this is sometimes it's like there's multiple there can be multiple opportunities to buy a stock obviously you know everybody would like to get at the very lowest price and then watch it run for five years but this had a breakout and then a breakout and now it's forming another nor other base here so that can sometimes if these are winners you there will be other opportunities to get them uh and there were early entries as you're moting there and there were early entries and other things so there's been entries plenty of chances to get into this one yeah I tried to break out but that was just before earning so that made a little risky but it held up pretty well it sort of formed sort of like basically sort of formed a quasi handle here right around the 21-day line today moved out had opportunities I think I you know the to get into it this one didn't pop up so you know and now it's extended a little bit but on a five minute basis there was definitely times you know you had that first half an hour when it was still easily you know in range uh you know out there so there was opportunities to get in there this is one reason why you want to have things on watch list and form alerts and uh so this was showing a lot of strength in that regard RS line is at a record high or at least a 52- we High uh looking very strong and that's after a prior uptrend so lot of things to like about uh this name uh and you know a lot of Aerospace stocks are doing well that's a strong group especially when Boeing has been just a disaster probably a positive thing for emper actually you know to a certain extent so uh so for this this one to be up so high with that it's you know there's a lot to like about this name yeah I was I was about to say it does seem that way and even though we did see you know a seven Cent loss here if you're looking year over-year definitely an improvement there and 25% Topline growth so we like to see that as well last but not least let's check in on crowd strike this was today's stock of the day Ed and we were talking about how last week potentially actionable getting back above the 10 week line and it's still in range from that yeah it really hasn't moved too much off of that and I think by the end of the day it's sort of getting up toward clearing last week's highs yeah so that would have been something where you could have done it and again maybe looking at Inay one more time on this is that you could sort of see it was sort of pausing for a little bit around those old highs and then really decisively got from the highs from a couple of days ago and stuff just sort of moved out and uh um showed some showed some strength it's still pretty close I think it's only uh like 4% or so above the 50-day line or the 10 week line and so um yeah 5% 10 we great level to manage risk against yeah and you could start you could also be thinking I'm just going to start a position here uh there's there technically the buy point is pretty high up there that's getting up there that was a wild woolly earnings yes you had exactly there's sort of a draw the line breakout almost all the all the trading if you can get a little bit above 338 it's a pretty obvious uh buy area as well so this is a place where you could be starting position you could have done it over the last week or so and gets above this area that could be a place to to fill out a position or you could still just start a position at that point uh this was again this was one of the biggest winners in the rally uh you know I didn't take advant of it but this one was breaking out before the rally was getting going I mean that was look that one that one was moving in the summer when the market was hitting lower and so the RS line was surging up even before this one really moved out so I had a really big run along the way and so this one is one to pay attention to uh once again as as it tries to move out again yeah because not only does it have that price outperformance that we like to see but the fundamentals here are quite strong with triple digit earnings growth over the last three quarters and decelerating sales growth but 37 35 33% over the last three quarters uh definitely nothing to sneeze at we've got earnings coming up again Ed in about three weeks so we'll have to see if between now and then uh we can get enough profit cushion here there's definitely a chance it you know I think there's a chance that it could do that but we'll we'll just have to see you never know yeah when you get closer to that that that's always an issue but yeah there's a little bit of room that you could certainly try it at the very least all right well thank you so much for that Ed and thanks everyone for tuning in that is it for today but be sure to check out IBD live tomorrow morning 10 minutes before the opening bell investors.com IBD live for all the details on that could be a lot to talk about tomorrow well there's always a lot to talk about but uh especially tomorrow interesting things could be happening so make sure to join us investors.com IBD live we'll see you there and then we'll also see you right back here tomorrow after the close

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Length: 13min 52sec (832 seconds)

Published: Tue May 14 2024