Stocks Keep Moving Higher: Goldman Breaks Out, Academy Sports Sets Up, Make Avis Stock A Rental | Summary and Q&A

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November 2, 2021
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Investor's Business Daily
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Stocks Keep Moving Higher: Goldman Breaks Out, Academy Sports Sets Up, Make Avis Stock A Rental

TL;DR

The stock market rally extends as the Nasdaq Composite gains for the seventh consecutive day, but caution is advised as a pullback could occur.

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Questions & Answers

Q: Is the market rally expected to continue?

While the market has been steadily rising, a pullback could occur, considering the lengthy upward trend and mixed performance of leading stocks.

Q: Should investors consider taking partial profits amid the market rally?

If investors have seen significant gains, it may be prudent to take partial profits. However, carefully assess your overall performance and market conditions before making any decisions.

Q: Why did Goldman Sachs break out, and how is it impacted by interest rates?

Goldman Sachs experienced a breakout after surpassing its 50-day line on strong earnings. Unlike other financial stocks, it is less sensitive to interest rates due to its focus on investment banking.

Q: Is it a good time to invest in Academy Sports?

Academy Sports formed a handle and had a small gain today. Depending on your trading style, if you believe in its long-term prospects, it could be an opportunity to enter or re-enter the stock.

Q: What caused the significant surge in Avis Budget Group's stock?

Avis Budget Group experienced a short squeeze and a surge in its stock due to positive earnings and an announcement of plans to purchase electric vehicles. However, caution should be exercised as meme stocks can be volatile.

Summary & Key Takeaways

  • The Nasdaq Composite and S&P 500 both rise, with the Russell 2000 also making marginal gains.

  • While the market continues to climb, a potential pullback should not be dismissed after weeks of upward movement.

  • Buying opportunities still exist, especially in small-cap stocks that are breaking out.

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