Stocks Shrug Off Nvidia, Reclaim Key Level; Lam Research, Kinross Gold, Intuitive Surgical In Focus

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0:16Good afternoon, everyone, and welcome to Stock Market Today for Tuesday, November 25th, two days before Thanksgiving. My name is Ken Shreve. Wow, what a day for the stock market. Looking at the Russell 2000 small cap index ending with a gain of 2.2 percent. Seems like that sell off last Thursday far in the rearview mirror. Great day for blue chips as well. Before we get into a nice bullish obsession for the stock market, let me bring in our news editor, Ed Carson, who, as usual, has got three stocks to watch. Good afternoon, Ed. Good afternoon, Ken. I want to take a look at Lamb Research, Kinross Gold, and Intuitive Surgical.

1:01Okay, three familiar names here. Before we talk about those names, let's go ahead and take a look at the stock market today. As promised, it was kind of a rough start at the beginning. We had some news regarding NVIDIA, and it was kind of a rough start for semiconductor stocks. But just taking a look at the close here, here's the NASDAQ composite, which lagged a little bit, but got a close above the 50-day moving average, closed just below last Thursday's high here. You can see that the sell-off last Thursday closed just below that high. But even though the NASDAQ lagged, still a solid closed up 7 tenths of a percent.

1:53Mentioned blue chips outperformed today. Here's a look at the Dow Jones Industrial Average bullish move above all of its moving averages today. That was up, finally settled for a 1.4 percent gain. Mentioned the Russell 2000 outperformed by a wide margin. Look at that bullish move above the 50-day moving average. Russell 2000 up two and a quarter percent. And then the S &P 500 ending with a gain of nine tenths of a percent. That also cleared a key technical level and looks like it closed right near that high from from last Thursday. So, Ed, we did have some news and just mentioned the Philadelphia SMH, the VanEck Semiconductor ETF.

2:47That closed near its high. It did lag today only up three-tenths of a percent. And we did have some weakness in semiconductor stocks today. NVIDIA did pair losses, still ended with a loss of 2.6 percent. AMD was also weak today. That ended lower by a little over 4%. But the NASDAQ ended pretty decent today, pretty bullish day for the NASDAQ. I want to just talk a little bit about the chip weakness early in the session. Yeah, there was news out. There was a report that Meta is going to be buying a bunch of Google AI chips, which Google, those chips are made with Broadcom. And that would just mean more competition for NVIDIA and AMD with their GPUs that maybe these custom chips would do it.

3:39It's not just the lost sales. It's the lost pricing, perhaps. And again, this is just out there. It doesn't mean it'll happen, but it just, you know, when you think that that just raises the issue there. Google kept on rising and Broadcaid kept on rising. But, you know, it was still impressive to see that, you know, that SMH turned positive. The Nasdaq, all the major indexes and NVIDIA's in all the major indexes, but all the major indexes and the small caps going above the 50-day line. The Dow clearly above last Thursday's high, as you mentioned. The S &P just did momentarily, but it's essentially there.

4:13Really, really impressive performance. A lot of leading stocks doing well. I would say this is a time to be starting to add exposure. And again, it's a little bit, you don't have to go all from zero to a hundred. I mean, if you're down, if you were at 5%, 10%, you know, maybe, you know, if you add 10 % a day, if this market rally is worth its salt, you will have opportunities to become heavily invested fairly quickly. So, you know, just be looking for those opportunities. But if you, you know, because we could still reverse. I mean, we've had so many up and down days. You just don't want to get into that situation where you buy at the highs of a day and then you fall down 2 % the next day and your stocks are down 4 % or 5%, even if the market's okay.

4:52So time to be moving in, adding a little bit of exposure day by day, assuming the market tells you that's the right way to do it. Yeah, yeah, no doubt. We looked at the equal-weighted RSP ETF. That made a bullish move today. So this was just really a day of the major stock indexes reclaiming a lot of their key moving averages. RSP did the same, came very close to breaking out of a downtrend today up above its 50-day moving average, QQEW, equal-weighted version of the NASDAQ 100. You can see that is still below its 50-day moving average. That still could be a potential resistance level to watch.

5:39Now, so that's the QQEW. When you look at QQQ, the NASDAQ 100 ETF, that is still just closed right at its 50-day moving average here. Still trying to get above that high from Thursday. day. So maybe the NASDAQ 100, as measured by the Qs, still technically challenged here, but overall, you know, really, really solid, solid day for the broad market. It's really getting over those levels and with NVIDIA. I mean, it's just, again, it could have been easy. This is a day where we could have just fallen back because you hit resistance and you fall back. And the NVIDIA news gave a perfect excuse for the indexes to do that And it didn't.

6:23And it didn't. So to do it at that important point, it's sort of like, oh, it's fine to do fine on your homework. But do you actually want to pass the test, like the big midterm or something like that? You want to do well on that. And so this was an important day. And the market really did stand tall when there were reasons to say, you know what, I'm going to back off today. Yeah, yeah. I mean, it really was an outstanding day because, like you said, some of your big chip leaders really did not participate. But there were plenty of stocks around that were able to perform well. perform well. And again, to see SMH reverse slightly higher.

7:03And again, Broadcom looks like it's on the verge of a breakout here. So you've got names like NVIDIA and AMD struggling, yet Broadcom is up near all-time highs here. You look at the weekly chart here, and is really a picture of technical strength. Seeing a lot of strength in the in the chip in the chip equipment group why don't we start by taking a look at lamb research which is actually a name that we we put on the leaders list today for the leaderboard model portfolio we did add a little chip equipment exposure here because we liked liked how the stock came down and is testing its its 10-week moving average here so at what's driving the markets this week what's on investors minds as they look ahead find out on the markets podcast from goldman sachs a breakdown of market moves and macro signals in 10 minutes or less the markets podcast from goldman sachs listen now

8:21I'm not going to steal your thunder. Talk about Lamb Research here. Well, you were the lightning because this is, you know, you guys putting on a leaderboard, put it on my attention to maybe bring it up. And David Ryan was saying this on IBD Live. Look, you want to be looking for stocks that held up reasonably well, either held their 50 day line or quickly got back above it. And this is more of that ladder. Don't go for those higher, those winners that plunged through their 50 day line or are still struggling to get above. You know, wait for that. This showed resilience. You know, so today, bouncing off the 50-day and 10-week line, it sort of got above yesterday's high, I believe, sort of breaking a trend line above the 21-day line.

8:58I think if you go on a weekly, this is, I assume, the first time since maybe that 100 level that it sort of tested that 10-week line, 50-day line. So this is a viable opportunity to get on there. Yeah, pretty clearly there is, you know, buying opportunities at 100. But since then, this is your first opportunity to do that. So I think this is definitely actionable. You know, there's still a lot going on here. The growth has turned around. You see in the last several quarters, still supposed to be solid growth going forward. So a lot to like here. Yeah, no doubt about it. And on IBD Live, like you said, there are some former leaders that are really, really struggling here.

9:40And there are a lot of growth investors that are going to be trying to catch a name like Credo on sale. And here's a stock that, you know, it's trying to trying to, you know, come back up through the 50 day moving average. There was a bad break right here. I mean, this this stock isn't finished yet, but, you know, you just want to be be careful with the names that are having problems, you know, trying to reclaim their their 50 day lines. There's a name like Robin Hood, you know, which is, you know, fell sharply below the 50 day line. This has still got a ways to go to get back above the 50 days.

10:14So you just want to be careful with some of the former leaders that, you know, have fallen far below their 50-day lines. It could be a while before they reclaim them. So, all right. Well, after LRCX, a gold name that has been doing quite well is Kinross Gold, KGC, and still seeing a lot of gold stocks setting up here. Kinross, coal closed a little bit off highs, but showing good support here at the 50-day moving average after a nice breakout here back in late July, early August, and just kind of trending here right near the 50-day moving average. Yeah, I mean, coal had a really big break after it sort of gotten really crazy how much the run was going up.

11:03But it can still go on. It may still be able to do that again. The Fed likely to cut rates, pressures the dollar, makes gold more attractive. There's sort of that downward sloping trend line. You could sort of treat the recent action as an emerging handle and sort of a messy cup with handle. So I think if it gets – you could have bought here today. It's close to the 50-day line. You could basically use a move above today's high or you would basically be above the recent highs. So you could use that as well. The earnings have been strong. Yeah, they're going to slow down just because you figure the price is going to slow down.

11:33But they're really just generating a lot of profit here. And it's a little bit, you know, you can see how this one did much better during the pullback. This is an area that's not as quite as in tune. If you have a bunch of high beta growth names, which you don't want to be having right now, I think this is not that time. But this is a name that can balance out a portfolio a little bit. So not everything plunges at once. you have gold finding a new home above 4 000 an ounce we have so many gold stocks in the database with composite ratings of 98 or 99 and it's just because so many have excellent earnings and revenue growth in recent quarters and kinross you know just one of many examples here that bottom line, 200 % growth, 214, 83 % in the latest quarter.

12:27So, and you look at the annual earnings estimates here, they're expected to grow the bottom line 150 % this year to$1.70. Next year, they're expected to earn 230 a share up 35%. So, great growth story here. And the weekly chart for Kinross is just showing a nicely trending stock. And then a new base for me here. It's going to be six weeks old by the end of this week and still a stock that could try to break out again with a relative strength line up near new high ground. All right. Final stock we'll take a look at today is in the health care space. And this is Intuitive Surgical, which is very well known for their DaVinci robotic surgical system.

13:17And, you know, very positive response to earnings back here where the stock gapped up in price, but has been handling this gap up very well. pull back to the 21-day moving average and could try to break out again here very soon. Yeah, and you probably could have bought it today. It sort of made a nice move. I think leaderboard raised its position on ISRG today. So there was the 552 area. It came back. That's a little disappointing, but you can also see how the relative strength didn't give up a lot of ground when it came back down. And you can see how it was hitting new highs, recent new highs.

13:55It's not at new highs, but recent highs a few days ago, barely before it was moving. So it was showing some real strength and a lot of medical are showing strength. I mean, it's not. But this one's just acting really well. And, you know, the biotechs, a lot of them are moved out. This is still, I think, is in range, you know, you know, and so that's just something you want to be definitely be looking for in your watch list. You don't want to, you know, you how aggressive you are, different ones will be different. Some will be more aggressive than less, but you definitely want to be ready to act and And you want to have these things on your watch list because you don't want to be waiting around and say, oh, now it's$650.

14:28I want to buy this now. I was like, well, you know, you had a lot. You know, maybe, you know, then it becomes really riskier. So work on these things. Look for stocks that are showing relative strength, that are setting up or moving into buy zones. Because it could be that over the next several days, you want to be picking up your exposure quite a bit over that span. Right. Well, that sounds good. I haven't even had a chance to check the earnings calendar this week. I know it's going to be pretty quick. There are a few things after the close today. Okay. Well, let's – AMBA, AMBA. Let's take a look then.

15:03I like to say AMBA from – Oh, Ambarella? In honor of Survivor. Ambarella, AMBA. That initially sold off. I don't know how the results were, but AMBA initially sold off. It's now down more modestly. This is the one report that was holding above the 50-day line. So maybe it can still do that. It was down like 8 % initially. Zscaler, which I think people care about because of some of the cybersecurity names, this one is not as doing as well. And it hadn't been doing as well, and it's selling off. So those are two of the bigger names out there. And there's others. But so obviously, Zscaler wasn't in position anyway.

15:36But CrowdStrike was moving back into position. It has earnings next week. And so I think it'll be interesting to see how CrowdStrike behaves from this. But yeah, a lot of people are rushing to get out the door. Almost all the earnings reports are out tonight. There may be one or two tomorrow morning. But everybody's ready to head out for Thanksgiving. Probably going to be light volume on Wednesday and, of course, on the half day on Friday. Half day of trading on Friday. And a full day of trading tomorrow. That's what I believe, yeah. Yeah, low volume session tomorrow. No doubt about it. All right.

16:15Well, very good. Well, that will do it for today. Ed, as always, thank you very much for your commentary. We always appreciate it. All right. I will see you tomorrow morning. I'll be hosting IBD Live. We'll get IBD Live started at 6.20 a.m. tomorrow morning on the West Coast. That's 9.20 a.m. Eastern time. and it's going to be a great show. We'll give a lot of color over today's really, really nice gains. Again, Swing Trader was busy adding a lot of stocks today. We put two names in the model portfolio yesterday, added two new names. We added a new name and we increased the position today. So seeing some opportunities and just basically just kind of just letting the market guide us here, not being overly aggressive, but respecting the bullish technical action today.

17:18So we will be discussing all of that tomorrow morning. So if you haven't checked out IBD Live, be sure to do so. Just go to investors.com forward slash IBD Live. And Ed and I will be back here tomorrow just after the market close for another Stock Market Today video. Thanksgiving on Thursday. and then I think it's going to be Ed and I Friday for the Stock Market Today video. So we'll see you for the next two Stock Market Today videos. Thanks a lot for watching today, and we'll see you back here tomorrow. Have a great afternoon, everybody.

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