The stock market rallied sharply on Monday after strong gains Thursday and Friday. Volume was average, but breadth improved markedly especially for the Nasdaq with (+7:1 UP VOL) for the session. This proce action yielded tons of bullish candidates from the biotech, bitcoin and semiconductor industry groups. The Nasdaq (+1.5%) and S&P 500 (+0.9%) printed new all-time highs.
Energy going into weekend remained the weakest sector. That all changed on Monday, with a broad-based rally in oil and gas stocks. At the New York Mercantile Exchange, U.S. crude oil futures settled at $65.64 a barrel, up 5.6%, after seven straight declines (-13% from recent highs).
Watchlist – Top 5
These top 5 candidates from the watchlist illustrate the strength in biotechs with NVAX (+8.71%) and BNTX (+9.58%). Pfizer and Biontech received FDA approval for its “two-dose” Covid-19 vaccine. Additional stocks, not shown herein, hail from the bitcoin/blockchain and semiconductor industry groups. More than 90% of the watchlist closed higher on Monday.
|BNTX – BioNTech SE||382.10||33.42||9.58|
|NVAX – Novavax, Inc.||251.00||20.11||8.71|
|SPT – Sprout Social Inc||111.03||6.61||6.33|
|NVDA – NVIDIA Corp.||219.58||11.42||5.49|
|FCX – Freeport-McMoRan, Inc.||34.20||1.40||4.27|
Healthcare and Biotechs
Biotechs showed strength on Monday with the usual suspects trading higher again this morning. BNTX (+3.90%), NVAX ((+0.79%), ILMN (0.96%) and MRNA (+0.61%). Click to enlarge charts.
BNTX is pushing off a 5 day consolidation, while NVAX is attempting a breakout to fresh 52-week highs. Weekly highs are marked at (339 +/-).
Bitcoin and Blockchain
Bitcoin and blockchain stocks are pushing higher in early trading with COIN (+1.13%) MARA (+1.20%) RIOT (+1.18%) as Bitcon rallied above 50,000 on Monday. Bitcoin has been building a series of higher highs and higher lows after breaking out of a 12-week consolidatoin during the summer.
This morning price action is easing, backing into the 49,250 (+/-) zone of support.
Click to enlarge chart.
Resistance levels are noted with horizontal dashed lines.
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