Dow Flirts With 22,000; Financials Extend Gains, Cognex Soars
The Dow Jones industrial average looked poised for its sixth straight gain in afternoon trading Tuesday, helped by strength in financials like JPMorgan (JPM), Goldman Sachs (GS) and Visa (V).
XAutoplay: On | OffThe Dow added 0.4% and came to within 10 points of the 22,000 level; the S&P 500 added nearly 0.3% and the Nasdaq composite inched up almost 0.2%. Volume on the NYSE was tracking higher than at the same time on Monday. Nasdaq volume was tracking close to Monday’s level.
Meanwhile, it was a short-lived stay above the $ 50-a-barrel level for oil. September West Texas Intermediate crude oil was down more than 3% to $ 48.55 a barrel before rebounding some.
In the stock market today, Cognex (CGNX) was the big winner in the IBD 50, up 15%, as Wall Street reacted positively to its earnings report. Cognex makes machine vision products that help automate tasks during the manufacturing process.
The stock gapped out of a cup-shaped base with a 98.09 buy point. When a stock gaps out of base like this, it’s OK to buy as close to the open price as possible; in Cognex’s case 104.88.
Stamps.com (STMP) was another winner in the IBD 50, up 4%, ahead of its earnings report Wednesday after the close. It’s getting support at the 10-week moving average for the first time after a breakout from a cup-shaped base in late May.
IBD 50 name Coherent (COHR) is trading tightly near highs. It also reports Wednesday after the close. Shares rose 2%.
Separately, Apple (AAPL) edged higher ahead of its earnings report after the close. The tech bellwether is trading right at its 50-day moving average as it works on a flat base with a conventional entry at 156.75.
Paycom Software (PAYC), also reports after the close. The long-time leader is working on a flat base with a 73.71 buy point. Shares gained 1% to 71.06.
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