Indexes Take Needed Break, But Etsy, Innovative Industrial Properties, GM Stage Bullish Rebounds

TL;DR

Despite a down day for the major indexes, Etsy, Innovative Industrial Properties, and General Motors presented actionable buying opportunities.

Transcript

hey everyone happy monday you have alyssa coram here and ed carson on stock market today we're going to talk about the action for the major indexes it was a down day but ed we still had three stocks that were pretty notable that presented actionable buying opportunities that's right allie we're going to take a look at etsy innovative industrial pro... Read More

Key Insights

• 🫥 The NASDAQ's pullback can be seen as positive, considering its previous extension above the 50-day line.
• ⌛ Stocks like Etsy, Innovative Industrial Properties, and General Motors demonstrate similar patterns over time, showcasing bullish action.
• 😥 General Motors' potential breakout to an all-time high and its entry points make it an interesting investment opportunity.
• 💹 The weekly charts of these stocks provide a broader perspective to refine buy points using daily or intraday charts.
• 💗 Etsy's growing popularity as an online purchasing source, especially for items like home decor, adds to its investment appeal.
• 🎁 Innovative Industrial Properties' stock has presented multiple buying opportunities in recent months.
• 🤩 General Motors' rebound off key lines and entry points suggest a positive outlook for the stock.

Questions & Answers

Q: What were the major indexes' performances on the down day?

The NASDAQ was down about 1.3 percent, the S&P 500 was down seven tenths of a percent, and the Dow was down just three tenths of a percent.

Q: How did Etsy perform and offer a buying opportunity?

Etsy showcased a rebound after pulling back, coming close to its 10-week line, and rebounding above its 21-day exponential moving average. It also displayed strong action with above-average volume.

Q: What is notable about Innovative Industrial Properties in the pot space?

Innovative Industrial Properties had very strong action, rebounding on breaking its trend line and clearing prior resistance. It experienced a six percent increase in stock price with heavy volume.

Q: What can be said about General Motors' recent patterns and potential?

General Motors rebounded off its 10-week and 21-day lines, showing positive action on the right side of a flat base. Despite lousy fundamentals, the company is expected to have positive earnings in 2021.

Summary & Key Takeaways

• The major indexes, including the NASDAQ, S&P 500, and Dow, experienced losses, but there were still interesting moves within the market.

• Etsy showed a rebound after pulling back and has the potential for more growth.

• Innovative Industrial Properties experienced strong action and rebounded on breaking its trend line.

• General Motors displayed positive patterns with rebounds off the 10-week line and the potential for an all-time high breakout.