The Dow Jones industrial average led Wednesday afternoon, aided by a strong earnings report of Goldman Sachs (GS). Other top winners in the Dow Jones today included Chevron (CVX), which has dropped its 50-day moving average nicely. Oil and gas supplies outperformed U.S. crude oil futures by 5% to $ 63.16 a barrel.
Currency exchange Coinbase (COIN) opened at 381 after the price at 250. Shares recently traded around 353. In related news, Bitcoin reversed lower after a strong start and recently traded around $ 62,500, down 1%. Grayscale Bitcoin Trust (GBTC) fell 5% to 52.20 after hitting a 54.10 entry on Tuesday.
X
Small caps are driven higher. The iShares Russell 2000 ETF (IWM) rose on its 50-day line, up 1%.
The Nasdaq 100 fell 1%, weighted by weakness in Atlassian (TEAM), which cleared a double bottom with a buying point of 241.14 on Tuesday. Facebook (FB) and Tesla (TSLA) also lagged behind former leaders in the Nasdaq 100 Zoom video (ZM) and Peloton (PTON).
The Nasdaq composition fell 0.6%.
Dow Jones Today
With about an hour left in the session, the Dow Jones index rose 0.4%. Walt Disney (DIS) also performed better in the Dow as stocks “reopened” again favored. Disney is slightly above its 50-day moving average as it forms another flat base. Disney jumped from a previous flat base on February 8th.
US stock market overview today |
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|---|---|---|---|---|
| Index | Symbol | Price | Profit / loss | % Change |
| Dow jones | (0DJIA) | 33810.32 | +133.05 | +0.40 |
| S&P 500 | (0S & P5) | 4135.00 | -6.59 | -0.16 |
| Nasdaq | (0NDQC) | 13916.69 | -79.41 | -0.57 |
| Russell 2000 | (IWM) | 224.44 | +3.30 | +1.49 |
| IBD 50 | (FFTY) | 45.73 | -0.01 | -0.02 |
Last updated: 14:48 ET 14.4.2021 |
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The S&P 500 eased 0.2%, although the benchmark index yielded several strong oil painters, including Diamondback Energy (FANG), Devon Energy (DVN) and EOG Resources (EOG).
Other oil and gas producers led the MarketSmith Growth 250, including Callon Petroleum (CPE), Matador Resources (MTDR), and Denbury (PINE).
Freeport McMoRan (FCX) broke over a trend line in heavy volume and rose by 8.5% to 36.60. This brings a breakthrough in the recent high of 37.61.
Ranking stock Wells Fargo (WFC) also outperformed the S&P 500, helped by strong earnings reports. Shares jumped 5% to an alternative entry of 41.64.
The volume on both exchanges was mixed compared to the same time Tuesday. The NYSE volume was higher, the Nasdaq volume was lower.
Outside The Dow Jones
The Innovator IBD 50 ETF (FFTY) was mostly flat but steelmaker Cleveland-Cliffs (CLF) planned to end a seven-session slide, 6% higher at 18.48. It’s still close to a 18.06 buying point.
Progyny (PGNY) and Wayfair (W) also outperformed the IBD 50, by 4% and 2.5%, respectively. Progyny was seen in the IBD 50 Stocks To Watch column on Tuesday as it approached a 50.35 buy point. Trading in internet retailer Wayfair has intensified as the stock is in position for a breakout test over a 356.06 entry.
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Meanwhile, some strong early movers lowered profits. Pinterest (PINS) jumped 6% early, but profits faded to 0.4% in late trading. Cut (SNAP) meanwhile returned gains after a breakthrough effort over a buy point of 65.23.
Bullish Sentiment soars
According to the latest stock market newsletter survey, bullish sentiment rose to 63.4% from a previous reading of 60.8%. But excessively positive sentiments are not a good thing for the stock market, as they have been seen near several market peaks in the past. The Bullish sentiment was above 60% throughout the month of January ahead of the Nasdaq in February by 12%. Early last year, bullish sentiment was around 30% near the lows in March.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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