The major market averages edged higher in early morning trade Monday. The tech-heavy Nasdaq composite moved up 0.3%, while the Dow Jones industrial average and the S&P 500 held gains of 0.2% apiece.
X Meanwhile, Bitcoin futures rose 15% to to about $17,600 Monday morning in their trading debut on the Cboe.
Among the Dow Jones industrial components, Walt Disney (DIS) traded 1.7% higher, as it began to recover from last week’s four-day sell-off that saw shares decline over 5%. Shares are moving back above their long-term 200-day moving average line.
On the downside, General Electric (GE) fell 0.6% and was approaching a fresh 52-week low.
FANG stocks were relatively quiet in early trade Monday in the stock market today, as each of them rose less than 0.4%. Netflix (NFLX) traded 0.2% higher and was trading just under a 190.05 cup-with-handle entry.
Overstock.com (OSTK) jumped 17% after Morgan Stanley (MS) disclosed an over-11% stake in the company. After a huge run from August to November — when the stock advanced over 200% from a 20.35 cup-with-handle entry — shares are looking to recover a bit of last week’s nearly 34% plunge. The stock is rebounding from the 50-day line. The company was the first major retailer to accept Bitcoin and has developed a blockchain business called Medici Ventures.
IBD 50 stock Grubhub (GRUB) advanced over 2%, hitting a new high. The stock has shrugged off the recent market volatility and is about 22% above a 57.71 flat-base buy point. In the most recent quarter, earnings grew 22% vs. the year-ago period.
Inside the IBD 50, China-based leaders continued to see solid gains after last week’s rebound. Alibaba (BABA) looked to rise for a fourth straight day, moving up 1.4%. Shares are just under their 50-day line. The stock may be in the early stages of forming a brand new base. Two weeks ago, the e-commerce giant broke below the 10-week line for the first time since a cup-with-handle breakout in February.
Meanwhile, YY (YY) traded 1.2% higher. Shares are rebounding from their 10-week moving average line and remains about 30% above a 83.10 buy point.
On the downside, Winnebago Industries (WGO) declined 1.2%. On Friday, the stock reached a new record high. The stock is about 50% above a 37.30 cup-with-handle buy point.
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