Stocks Recover From Early Weakness; China Leaders Move Higher – Investor’s Business Daily

The major market indexes opened lower on Monday, but after a strong rally off the morning’s lows, all three major indexes — the tech-heavy Nasdaq, the S&P 500 and Dow Jones industrial average — were on the verge of turning positive.

XAutoplay: On | Off Among the Dow Jones industrial components, General Electric (GE) moved down over 3% after cutting its dividend in half. The stock has been in freefall in recent weeks, hitting multi-year lows and falling nearly 40% from its 52-week high. 

Elsewhere in the Dow, Apple (AAPL) looked to make it three-straight down days, falling 0.3%. Shares are nevertheless holding up well, extended from a 160.97 cup-with-handle entry.

On the downside, big bank Goldman Sachs (GS) dropped 0.7%, but appeared to be finding support near its 50-day level.

Among companies reporting earnings in the stock market today, Leaderboard member (WUBA) moved up 3% to record a new high. Shares are extended from a 47.48 flat-base entry and a recent pullback to the 50-day line.

Other leading Chinese stocks were off to a mixed start, amid strong “Singles Day” sales. Alibaba (BABA) turned lower, dropping 0.2%, and is near the top of the 5% buy range from a 177.10 ascending-base pattern buy point.

Meanwhile, (JD) advanced nearly 5% after surpassing the Street’s earnings and sales targets. Shares are still building a possible double-base pattern with a 46.03 entry. The stock recently found support at its long-term 200-day moving average line.

Recent issue Roku (ROKU) surged another 10%, on pace to extend a win streak to three trading sessions. Shares are up about 22% from an IPO base’s 29.90 buy point after Friday’s breakout. The streaming video platform reported better-than-expected earnings and sales results last week.

Within the IBD 50, YY (YY) rose 1%, as it continues to find support near the 10-week moving average. Shares are still extended from an 83.10 entry.

On the downside, Ichor Holdings (ICHR) dropped over 5%, piercing its 50-day line in heavy volume in the process. Shares have almost given back the entirety of a near-40% advance from a 25.41 buy point.


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