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Dow Jones rose on election day; ‘GOP stock’ Rises, Donald Trump SPAC falls; Dive Bitcoin


The Dow Jones Industrial Average edged higher as Americans voted on Election Day. Some so-called “Republican stocks” rose, despite Donald Trump SPAC Acquiring the digital world (DWAC) fall. Coinbase (COIN) and Riot Blockchain (VIOLENCE) plunges while Bitcoin drops to bear market lows in June after Binance switched to buying crypto exchange FTX.




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Several stocks have tested buy points amid widespread bullish action, including Albemarle (ALB), BJ .’s Wholesale Club (BJ) and Fabrinet (FN).

According to early data, volume was up on both Nasdaq and New York Stock Exchange. This is a positive on an up day.

Yields on the benchmark 10-year Treasury note fell 7 basis points to 4.14%. West Texas Intermediate crude fell nearly 3% to just over $89 a barrel.

Nasdaq fights back, loses 50 IBD

Nasdaq fought out of the red to end the day up 0.5%. Palo Alto Networks (PANW) shined with a 6.7% gain.

The S&P 500 rose 0.6%. SolarEdge Technology (SEDG) is tied here with a gain of 19.1%.

S&P 500 sectors are mostly positive, in which materials and technology are the best. Consumer discretion is the only area for negative stamping.

Small-caps struggled to break out of the red, with the Russell 2000 ending the session up 0.1%.

But the Innovator IBD ETF (FFTY), a growth stock, closed low but fell 0.3%.

Dow Jones Pops: Amgen Shines, Disney Earnings Due

The Dow Jones Industrial Average fell best of the major averages as it gained 1%, or 334 points. But it also gives up some benefits.

Amgen (AMGN) led the index, up 5.5%. Boeing (father) also shined, as it rose about 2.9%.

Walgreens Boots Alliance (WBA) lagged, 0.7%. But Walt Disney (DIS) also fell ahead of the earnings report, down 0.5%. The company missed the upper and lower lines after hours.

Rising ‘Republican Stocks’

Research shows that the stock market tends to rally after the midterm elections. Since 1950, the average one-year return of the S&P 500 after the midterms has been about 15%.

With Republicans expected to take control of at least part of Congress, some of the stocks hand-picked by Strategas for its GOP portfolio have rallied.

Play defense Lockheed Martin (LMT) is up 1.1% and is currently trading in a buy zone on entry 480.09, According to analysis by MarketSmith.

Johnson & Johnson (JNJ) reversed higher to gain 0.5%. It is close to hitting the handlebar entry of 175.49.

Stock chart Cheniere Energy (LNG) is also on the list and is up 1.7% on the day. The natural gas game is trading just below a 178.72 buy point.

Donald Trump Stock Slides

Digital World Acquisitions failed to bounce back with other Republican stocks. Donald Trump’s SPAC index surged Monday on speculation about the election.

The future of the company, which is trying to take former president Trump’s Technology and Communications Corporation public, remains very clear. A shareholder vote on whether to approve an extension of the deadline to complete the merger has been pushed out until November 22.

After initially failing to hold a vote in September, SPAC’s sponsor, ARC Global Investments, contributed about $2.9 million to extend the merger deadline to December 8, according to the filing. federal profile.

The main product of the Trump Media and Technology Corporation at the moment is the conservative social media site Truth Social, a right-wing alternative to Twitter.

DWAC stock closed low but was still up 3.5%. It is about 68% higher so far this month but has lost almost 46% for the year. Donald Trump stock is among the worst 19% stocks in terms of stock market performance over the past 12 months.


Futures: GOP To Retake House; Elon Musk sells more TSLA shares


Coinbase Stock, Bitcoin Rally After Migration

COIN and Bitcoin stocks rallied strongly before giving up their gains and beyond.

They fought hard after it was reported that Binance had reached an agreement to acquire crypto exchange FTX. But the gains quickly fade away.

In a tweet, Binance CEO Changpeng Zhao said they will support the company.

“This afternoon, FTX asked for our help. There was a significant drop in liquidity,” he said. “To protect our users, we signed a non-binding PROFIT, intending to acquire the entire FTX.com and help solve the liquidity problem.”

It was a notable asset reversal for FTX, led by CEO Sam Bankman-Fried. Earlier in 2022, it was valued at $32 billion by private investors.

Binance is the world’s largest cryptocurrency exchange by 24-hour trading volume.

After briefly turning positive, COIN stock reversed course and ended the day down 10.8%. It continues to trade below all the major moving averages. Shares have fallen nearly 80% since the start of the year.

Bitcoin also saw increased losses after briefly raising its intraday low. It was trading just above the $18,000 mark after dropping 11%. It is at the lowest level of the year.

Other crypto games struggled. Grayscale Bitcoin Trust (GBTC) fell 12.4% while Riot Blockchain’s Bitcoin mining game fell 7.3%, even though it was at its lowest level of the day.

ZeroHedge said in a tweet that the FTX liquidation is impacting stocks, pushing them to all-time highs.

Outside of the Dow Jones: 3 Stock Checkouts

Albemarle briefly crossed the 308.34 consolidated buy point but closed below it. It also cleared the early entry of 287.98, just above the November 1 high.

Overall performance is strong, with the stock holding a perfect IBD Composite Rating of 99.

Charlotte, NC-based Albemarle is the world’s largest producer of lithium and one of the largest suppliers of lithium for electric batteries. The company supplied the key metal to the giant EV Tesla (TSLA).

BJ’s Wholesale Club tested the cup entry with a handle of 78.93. The relative strength line just hit a new high, a bullish sign.

Earnings are a major strength for retail stocks. Big Money bought the stock late, with its Cumulative-Distribution Rating at B+.

Fabrinet is in a buy zone after breaking through the handle buy point of 118.15. It has brought high income.

With the current uptrend of the stock market still under pressure, buying stocks at this time will be more risky.

Please follow Michael Larkin on Twitter at @IBD_MLarkin for more growth stocks analysis.

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