The Dow Jones Industrial Average briefly slid more than 200 points Monday, as Bitcoin dived from record highs. Boeing (BA) stumbled on an apparent Boeing 777 engine failure, while Tesla pulled its Model Y SR+ from its website.
Among the Dow Jones leaders, Apple (AAPL) moved down about 1%, while Microsoft (MSFT) declined 1.5% in today’s stock market. Caterpillar (CAT) is just out of buy range above an entry, while Nike (NKE) is approaching a new buy point.
Tesla (TSLA) skidded more than 2% Monday, as it tries to find support at a key level.
Shoals Technologies (SHLS), Trade Desk (TTD) and Veeva Systems (VEEV) are among the top stocks in or near buy zones in Monday’s stock market action.
Apple, Microsoft and Tesla are IBD Leaderboard stocks. Shoals Technologies was Thursday’s IBD Stock Of The Day.
Dow Jones Today
On Monday, the Dow Jones Industrial Average fell 0.4%, while the S&P 500 moved down 0.5%. The tech-heavy Nasdaq composite stumbled 1% in morning trade.
Among exchange traded funds, Innovator IBD 50 (FFTY) traded down 1% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) lost 1.1%. Meanwhile, the SPDR S&P 500 ETF (SPY) moved down 0.5%.
Stock Market Rally
Looking back at the current uptrend, November was a key month for the stock market. IBD’s The Big Picture flagged the new uptrend following the market’s bullish follow-through day on Nov. 4. Meanwhile, the middle of February has the Dow Jones Industrial Average, Nasdaq and S&P 500 pulling back from record highs.
Friday’s Big Picture commented, “Unable to find direction much of the day, the stock market Friday closed narrowly mixed. But it wasn’t a wasted day for the bulls, because small caps and leading stocks vastly outperformed.”
Due to the recent strength, investors can remain in an offensive stance, with an understanding that there are still good reasons for caution. Look for stocks that are breaking out above new buy points.
Focus on stocks that showed strong relative strength during the recent weakness. They could be some of the market’s leaders if the indexes are able to continue their record-setting ways.
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Bitcoin Price Tops $58,000 Before Diving
The price of Bitcoin topped $57,000 on Saturday and $58,000 on Sunday before briefly diving back below $48,000 Monday morning. Bitcoin traded about $53,300 in morning trade, according to CoinDesk.
The Grayscale Bitcoin Trust (GBTC) ETF slid 7% and is pulling back after last week’s nearly 16% advance.
Boeing Stock Tumbles
Dow Jones giant Boeing tumbled about 1.5% Monday after one of its Boeing 777-200s made an emergency landing at Denver International Airport Saturday shortly after takeoff due to an engine failure.
Boeing stock is about 36% off its 52-week high, as it builds a base with a new 244.18 buy point.
Dow Jones Stocks: Caterpillar, Nike
Inside the Dow Jones Industrial Average, Caterpillar is exiting a 5% buy range above a 200.27 buy point in a short consolidation. Shares rose 0.5% Monday morning.
CAT shares broke out above the buy point on Feb. 16. The 5% buy zone ended at 210.28.
Elsewhere, Nike is approaching a 148.05 buy point in a flat base. Shares slipped 1.9% in morning trade, as they test their 50-day line.
Stocks To Watch: Shoals, Trade Desk, Veeva
Friday’s IBD Stock Of The Day, Shoals Technologies, is trying to break past a 41.86 buy point in an IPO base, according to IBD MarketSmith chart analysis. Shares briefly topped the entry early Monday before reversing 1.8% lower.
Trade Desk is trading about 9% away from a 972.90 buy point in a cup base. On Friday, the stock jumped nearly 7% in the wake of the company’s strong Q4 results.
Early Monday, Trade Desk slid about 2%.
According to IBD Stock Checkup, Trade Desk stock shows a strong 98 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
Software leader Veeva Systems is trading below a 314.09 buy point in a cup base. The health sciences software firm fell almost 3% Monday morning.
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Tesla stock threatened to extend a losing streak to three sessions Monday, sliding more than 2%. On Sunday, Tesla pulled the Model Y Standard Range Plus from its website.
Shares are looking to find much-needed support at their 10-week moving average line, a critical level. A strong move from this key support level would signal a new buy area.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple moved down about 1% Monday. Apple stock is below its 10-week line, but a strong rebound back above the level would be bullish for the stock’s prospects.
On Feb. 18, the stock triggered the 7%-8% loss-cutting sell rule when it fell more than 7% below its 138.89 buy point in a cup with handle.
Meanwhile, Microsoft fell 1.5% Monday morning. The stock remains in the 5% buy zone above a 232.96 buy point that goes up to 244.61.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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