Charles Schwab, First Solar, ASML, Weibo, TAL Shined In Stock Market Sell-Off; S&P 500, Dow Jones Futures | Stock News & Stock Market Analysis

Futures for the S&P 500 index, Dow Jones industrial average and Nasdaq 100 were little changed late Monday after Facebook (FB) and other leading techs led a stock market sell-off during the regular session. But Charles Schwab (SCHW), First Solar (FSLR), ASML Holding (ASML), Weibo (WB) and TAL Education (TAL) ceded little ground (less than 1%) or actually closed higher.


All these stocks are in or near buy range, except for Weibo, which is consolidating but does not yet have a fresh buy point. The stocks generally are not loners, but are joined by strong performances from industry peers or the broader group.

The stocks also boast strong Composite Ratings. Weibo has a best-possible 99 Composite Rating, with ASML and TAL Education at 98 and Charles Schwab a 97. First Solar has just an 81 CR, reflecting choppy earnings. The Composite Rating combines several proprietary ratings, including on earnings and other key metrics. All-time stock winners often have Composite Ratings of at least 95 before making their big runs.

On Monday, the Nasdaq composite tumbled 1.8% but closed off intraday lows after finding support at its 50-day moving average. The S&P 500 index sank 1.4%, knifing through its 50-day once again. The Dow Jones lost 1%. The action of the major averages and leading stocks spurred a market direction change in Monday’s The Big Picture.

S&P 500 index futures were about even vs. fair value. So were Dow Jones and Nasdaq 100 futures.

Charles Schwab

Charles Schwab fell just 4 cents to 55.67 in Monday’s stock market trading, finding support near its 50-day moving average and still close to a 56.35 flat-base buy point. Schwab undercut that buy point last week, but hasn’t fallen far below that key level. The relative strength line, which tracks the stock’s performance vs. the S&P 500 index, is just below its highs at the breakout, but still above the peak of the left side of the short consolidation. The RS line is the blue line in the charts below.

Meanwhile, Schwab rival E-Trade Financial (ETFC) fell 1.4% to 56.49, still above a 56.10 buy point.

First Solar

First Solar shares rose 2% to 71.26 on Monday, with solar stocks rallying on Canadian Solar (CSIQ) earnings. IBD’s Solar-Energy group rose 2.4% on Monday, leading all 197 industries that IBD tracks.

First Solar is working on a 76.71 buy point from a cup base. Its RS line is still below its November peak, but making progress

ASML Holding

ASML edged down 0.6% to 212.75, holding in range from a recent 208.68 buy point. ASML’s RS line rose to yet another new high.

Teradyne (TER) is another chip equipment maker to hold above a recent buy point on Monday. Applied Materials (AMAT) and Lam Research (LRCX) fell 1.6% and 2%, respectively, closing below recent entries but off intraday lows.


Weibo rose 0.4% to 133.56 on Monday. The Chinese social site has been consolidating since setting a record high of 142.12 on Feb. 15, holding above its 50-day line. But the stock has yet to form a proper base. So it has no buy point so far. Still, it’s worth watching.

TAL Education

TAL Education climbed 1.7% to 38.97, hitting a new intraday high and pushing the Chinese educator out of the 5% chase zone from the 36.26 buy point. TAL’s RS line hit a new high.

New Oriental Education (EDU) rose 2.4% to 92.66, working on a new consolidation but still just below its 50-day line. Rise Education (REDU) rebounded 15% after  plunging in the prior two sessions following quarterly results, invalidating a recent buy point.

In addition to the stocks above, the latest Investing Action Plan highlights casino stocks near buy points and a hot Chinese IPO that is reporting earnings early Tuesday.


The Big Picture: Nasdaq Slumps, But Here’s The Good News

Stocks Sell Off, But This Chip Giant Cut Its Losses Bullishly

Stocks Approaching Buy Points Include Retail And Financial Leaders

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Originally posted 2019-09-19 23:11:17.


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