Nasdaq Scores All-Time High, Helped By Bullish Earnings Reports

TL;DR

Nasdaq and S&P 500 hit new highs, but market is looking extended with many stocks being overbought.

Transcript

good afternoon everyone and welcome to stock market today it's alyssa corm here and i am joined by ken shreve on this thursday we're going to talk about the action for the major indexes a very strong day with a pretty strong close as well and ken there's three interesting stocks that we're going to be taking a look at today yeah let's take a look a... Read More

Key Insights

• 🥳 The market had a strong day, with the Nasdaq hitting an all-time high.
• 🥳 The market is showing signs of being overbought and extended, with the Nasdaq trading around 7% above its 50-day moving average.
• 📶 eBay reported strong earnings, but concerns remain about its weak relative strength and lagging RS rating.
• 💪 PayPal continues to show strong growth, but the stock is already extended.
• 👋 BlackLine is in a good technical setup and has had strong sales growth in recent quarters, making it a stock to watch ahead of its earnings report.
• 🛀 The software stocks, including BlackLine, have shown strength in this market, with the benchmark software ETF breaking out recently.
• 🎱 The market is experiencing a shrinking pool of actionable stocks to buy, with many stocks becoming overextended.

Questions & Answers

Q: How did the major indexes perform today?

The Nasdaq, S&P 500, and Dow all finished the day up, with the Nasdaq hitting an all-time high.

Q: Is the market looking extended?

Yes, the Nasdaq is trading around 7% above its 50-day moving average, indicating a potentially overbought market.

Q: How did eBay perform after its quarterly earnings report?

eBay closed the day up over 5%, but it closed near its session lows. The company reported strong growth, but concerns remain about weak relative strength and RS rating.

Q: What about PayPal's quarterly report and stock performance?

PayPal had another quarter of strong numbers and the stock was already extended before the report. It could be considered for a call option trade, but caution is advised due to its extended status.

Q: What can we expect from BlackLine's upcoming earnings report?

BlackLine has shown strong sales growth in recent quarters and is in a good technical setup with support at the 10-week moving average. It is worth monitoring ahead of the report.

Summary & Key Takeaways

• The Nasdaq, S&P 500, and Dow all finished the day up, with the Nasdaq hitting an all-time high.

• The market is starting to look extended, with the Nasdaq trading around 7% above its 50-day moving average.

• eBay reported strong earnings, but concerns remain about weak relative strength and lagging RS rating.

• PayPal continues to show strong growth, but the stock is already extended.

• BlackLine is in a good technical setup, with support at the 10-week moving average and upcoming earnings report.