Stocks Rebound: ASML Breaks Out, Google, Splunk Near Buy Points

TL;DR

Chip stock ASML convincingly broke out, Google is nearing a buy point, and Splunk broke out ahead of its earnings report.

Transcript

good afternoon everyone and welcome to stock market today it's alyssa coram and ed carson here and ed why don't you go ahead and give us a quick rundown of what we're gonna be talking about today oh he's he's muted hold that thought he was saying something miraculous i was it was amazing as mike webster says on ibd live my best stuff is always on m... Read More

Key Insights

• 😚 The stock market continues to rally, with major indexes closing relatively close to session highs.
• 🥺 Growth stocks are leading the market, and chip stocks like ASML are breaking out.
• 😥 Google is edging towards a new buy point, driven by hopes of advertising revenue rebounding.
• 🍳 Splunk, while volatile, broke out ahead of its earnings report, but caution is required given its history of failed breakouts.
• 😚 Investors should pay close attention to breakout stocks and take advantage of the current market environment.
• 📈 The market's upward trend and strong rally indicate the need to set aside preconceived notions and listen to the market.
• 😥 Apple is also nearing a buy point, adding to the list of stocks to watch.

Questions & Answers

Q: Why did ASML break out today?

ASML broke out today as it convincingly cleared its buy point of 306, showing strong upward momentum. The RS line has been a leader, and the stock has been a strong grower.

Q: Is Google a safe investment option?

Google has been performing well recently and could be seen as a safer option compared to other high flyers. Advertising revenue is expected to rebound, and earnings are projected to improve next year.

Q: Should investors be cautious with Splunk ahead of its earnings report?

Splunk is a volatile stock with a history of failed breakouts. While the numbers can be lumpy, the company is expected to have decent growth. Investors should consider sizing their position and be cautious of its volatility.

Q: What can we expect from the stock market in the coming days?

The stock market continues to rally, with the Nasdaq almost erasing the losses from the recent crash. Growth stocks are leading, and stocks like Apple and Google are nearing buy points. It's a great environment for analyzing and discussing breakout stocks.

Summary & Key Takeaways

• ASML, an equipment maker, broke out today and showed strong upward momentum.

• Google is forming a cup with handle pattern and is edging towards a new buy point.

• Splunk, a database software company, broke out ahead of its earnings report, but its volatility and history of failed breakouts raise some concerns.