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Dow Jones Futures: Microsoft, Tesla Rival Xpeng Are Buys In Market Rally; Bitcoin ETF

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Dow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures, with Bitcoin surging ahead of the launch of a Bitcoin futures ETF. The stock market rally had a powerful week, moving back into a confirmed rally.


That’s a green light to investors to ramp up exposure again, but watch your speed and don’t get distracted.

Dow Jones giants Microsoft (MSFT) and Goldman Sachs (GS) offer early entries now. So does Tesla (TSLA) rival Xpeng (XPEV), with other Chinese EV makers rallying and TSLA stock continuing its steady ascent. Expedia (EXPE) is just below a breakout while Old Dominion Freight Line (ODFL) is flirting with a traditional buy point.

Bitcoin ETF Launching

Meanwhile, Bitcoin surged to $62,858 on Friday, a six-month high and extending a huge run for the past several weeks. The Bitcoin price was above $61,000 Saturday morning.

ProShares indicated in a late Friday filing that its Bitcoin futures ETF will begin trading next week.

The Securities and Exchange Commission hasn’t formally approved the ProShares Bitcoin futures ETF. It may never officially do so. But it can begin trading after Monday if the SEC doesn’t object. It’ll be thirst of what will likely be several Bitcoin futures ETFs, bringing the cryptocurrency even closer to ordinary investors. Grayscale reportedly is close to filing an application for spot price Bitcoin ETF.

Earlier this month, SEC Chairman Gary Gensler made it clear he was not considering a China-like ban on Bitcoin and other cryptocurrencies.

In addition to Bitcoin, Ethereum and other cryptocurrencies have rebounded. So have Bitcoin-related stocks, such as Marathon Digital Holdings (MARA), Coindesk (COIN) and Grayscale Bitcoin Trust (GBTC). Tesla still has Bitcoin holdings as well.

MARA stock surged 24% to 48.89 last week after a 19% spike in the prior week. On Friday, Marathon sprinted past its early September short-term high of 44.97. GBTC stock leapt 12% last week. COIN stock leapt 13%, breaking a trend line Friday after rebounding from its 50-day line on the day before.

Microsoft and Tesla stock are on IBD Leaderboard. Goldman stock is on SwingTrader. MSFT stock is on IBD Long-Term Leaders.  Expedia was Friday’s IBD Stock Of The Day.

The video embedded in this article reviewed the weekly market action and analyzed Goldman, Expedia and ODFL stock.

Dow Jones Futures Today

Dow Jones futures will open at 6 p.m. ET on Sunday, along with S&P 500 futures and Nasdaq 100 futures.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

Coronavirus News

Coronavirus cases worldwide reached 240.97 million. Covid-19 deaths topped 4.9 million.

Coronavirus cases in the U.S. have hit 45.73 million, with deaths above 743,000.

Stock Market Rally

The stock market rally looked sickly to start the week but roared higher.

The Dow Jones Industrial Average rose 1.6% in last week’s stock market trading. The S&P 500 index climbed 1.8%. The Nasdaq composite jumped 2.2%. The small-cap Russell 2000 gained 1.6%, despite slipping on Friday.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rebounded 3.8% last week, while the Innovator IBD Breakout Opportunities ETF (BOUT) climbed 2%.  The iShares Expanded Tech-Software Sector ETF (IGV) shot up 4.85%, with Microsoft stock a top holding. The VanEck Vectors Semiconductor ETF (SMH) rose 3.1%.

SPDR S&P Metals & Mining ETF (XME) jumped 5.5% last week and Global X U.S. Infrastructure Development ETF (PAVE) advanced 2.5%. U.S. Global Jets ETF (JETS) slid 1.7%. SPDR S&P Homebuilders ETF (XHB) rose 3%. The Energy Select SPDR ETF (XLE) climbed 1.3%, its fifth straight weekly advance. The Financial Select SPDR ETF (XLF) climbed 1.2% after retreating early in the week. GS stock is a notable XLF holding.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) popped 4.7% and ARK Genomics ETF (ARKG) 4.3%, both rebounding from downtrends Tesla stock remains the top holding across ARK Invest’s ETFs. Several ARK ETFs also have invested in COIN stock.

Five Best Chinese Stocks To Watch Now

Stocks Near Buy Points

Expedia stock rose 1.1% last week to 171.99, with all of that and more coming on Friday’s 1.8% advance. The travel site is closing in on a 175.47 buy point on a cup-with-handle base. Over the past several weeks, Covid cases have tumbled in the U.S. and around the world, with restrictions also coming down. (BKNG) is already in a buy zone, along with many other travel plays.

Goldman stock rallied 3.4% to 406.07 last week. On Friday, shares popped 3.8%, moving above their 50-day line and breaking a trend line in heavy volume. That offered an early entry for GS stock. The official buy buy point is 420.86 from a flat base. Goldman easily beat EPS and revenue news early Friday.

ODFL stock jumped 5.2% to 302.51 last week. Intraday Friday it briefly topped a 304.32 flat-base buy point, according to MarketSmith analysis. It’s already actionable from a 50-day line bounce. Old Dominion rallied Friday as fellow trucking firm J.B. Hunt (JBHT) surged on accelerating earnings growth. A few other trucking firms also did well, with Saia (SAIA) clearing a buy point. But ODFL stock’s relative strength line hit a new high Friday on a weekly chart, giving a blue dot mark in MarketSmith.

Microsoft stock climbed 3.2% to 304.21 last week, reclaiming its 50-day line and offering an early entry. MSFT stock is closing in on a…

Read More: Dow Jones Futures: Microsoft, Tesla Rival Xpeng Are Buys In Market Rally; Bitcoin ETF

2021-10-16 13:47:00

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