Nasdaq Leads Mixed Session; IIPR, Peloton, PayPal In Focus

TL;DR

Nasdaq outperformed, but overall market closed with some selling. Highlighted stocks include PayPal and Innovative Industrial Properties showing compelling chart action. Peloton continues to stay above its 50-day moving average.

Transcript

good afternoon everyone and welcome to stock market today it's alyssa coram here in ken shreve on this monday we're going to break down the action for the major indexes a mixed session today with the nasdaq outperforming but ken there were a couple of actionable opportunities and stocks with some compelling chart action we're going to highlight tod... Read More

Key Insights

• 🔊 The Nasdaq displayed stalling action, with higher volume and minimal upside progress.
• ❓ The market experienced selling last week, particularly on Wednesday, but is still in a confirmed uptrend.
• 🛀 Some pot stocks, like Innovative Industrial Properties, are showing relative strength due to increasing marijuana legalization.
• 💪 Peloton's strong performance suggests the demand for its bikes may continue even after the widespread distribution of the COVID-19 vaccine.

Questions & Answers

Q: How did the major indexes perform in the stock market today?

The Nasdaq outperformed, closing up 0.5%, while the S&P 500 and Dow closed down 0.4% and 0.6%, respectively.

Q: What was the chart action for Innovative Industrial Properties?

Innovative Industrial Properties showed tight action and hit new highs, indicating relative strength in the marijuana sector.

Q: How is Peloton performing in the stock market?

Peloton continues to stay above its 50-day moving average and has shown resilience after a gap down. It has the potential for institutional buying and is forming the right side of a base.

Q: What was the breakout level for PayPal?

PayPal had a positive breakout, surpassing a short-term level, and cleared an alternate entry, solidifying its position as a long-term leader.

Summary & Key Takeaways

• The Nasdaq closed up about 0.5% while the S&P 500 closed down 0.4% and the Dow down 0.6%.

• Innovative Industrial Properties, a REIT in the marijuana space, displayed relative strength with a new high and tight action on the chart.

• Peloton showed resilience and traded around its 50-day moving average, indicating potential institutional buying.

• PayPal had a positive breakout, surpassing a short-term level and continuing to be a long-term leader.