Blue Chips, Small Caps Surge On Vaccine News

TL;DR

Technology stocks faced a harsh distribution day on Wall Street, while financial, airline, and energy stocks performed well due to positive news on the COVID-19 vaccine front. Intuit, Salesforce, and Advanced Micro Devices saw mixed performance, with Intuit showing potential for a breakout in 2021.

Transcript

good afternoon everyone and welcome and i am joined by ken shreve we're going to break down the wild action on wall street today what the day it was and three socks with compelling char sorry can go ahead and give us a rundown if you if you could oh okay sure uh yeah sure ali we're going to take a look at intuit which actually broke out today close... Read More

Key Insights

• 🎭 Financial, airline, and energy stocks performed well due to positive news on the COVID-19 vaccine front.
• 🥳 The technology sector faced a distribution day, impacting many stocks that had rallied throughout the year.
• ❓ Intuit, as the owner of QuickBooks, has the potential for growth in 2021 if the economy improves.
• 🫥 Salesforce.com had a downside reversal after a strong week, which was in line with the overall performance of the technology sector.
• 🌛 Advanced Micro Devices, despite a strong quarter, faced pressure from the NASDAQ sell-off but still showed potential with a double bottom base.
• 💓 The market's performance was unpredictable and unusual, with beaten down stocks outperforming technology stocks.
• ❓ Investors should monitor the market closely and be prepared for potential breakouts and reversals.

Questions & Answers

Q: What caused the mixed performance in the stock market today?

The market saw a distribution day for technology stocks, while financial, airline, and energy stocks performed well due to positive news on the COVID-19 vaccine front. The performance of beaten down stocks played a significant role as well.

Q: What is the significance of Intuit breaking out?

Intuit, as the owner of QuickBooks, is a key player in the small business industry. If the economy improves in 2021 due to the availability of vaccines, Intuit could benefit from increased business prospects, making it an important stock to monitor.

Q: Why did Salesforce.com experience a downside reversal?

Despite a strong week, Salesforce.com faced selling pressure and did not rise as much as the overall market. The NASDAQ's performance and late-day sell-offs impacted many stocks, including Salesforce.com.

Q: What is the potential for Advanced Micro Devices?

Advanced Micro Devices (AMD) had a similar chart pattern to Salesforce.com and showed promise with a double bottom base. However, the late NASDAQ sell-off affected AMD's performance, and the stock is still hanging in its base formation.

Summary & Key Takeaways

• The major indexes experienced a downside reversal, with the Nasdaq Composite being hit hard due to the strong performance of beaten down stocks in other sectors.

• Intuit, the owner of QuickBooks, attempted a breakout but closed near its lows, making it a stock to watch for potential growth in 2021.

• Salesforce.com had a downside reversal after a strong week, while Advanced Micro Devices faced pressure despite reporting strong earnings.