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good afternoon everyone and welcome to stock market today it's Ali corm and Ken sh here with a breakdown of the action in today's session Thursday November 7th where we saw stocks surge yet again today with that postelection buzz and we had news from the fed today Ken so what do you have for us I know we almost forgot about this uh fed meeting that used to carry so much importance in this market still does but uh yeah another good day for stocks a great day of outperformance for the NASDAQ uh so we're going to have a tech Focus today taking a look at broadcom ticker avgo also Taiwan semiconductor TSM and finally a China stock probably the best looking China stock at this point uh trip.com online travel firm tcom all right sounds like a plan we will do that but first let's take a closer look at those major indexes the NASDAQ today as you mentioned can leading the way up 1 and a half% by the end of the day the S&P 500 also rallied up 710 of a percent the Dow was basically flat on the day and the Russell 2000 was down about 410 of a percent but that's after a humongous gain in Wednesday's session uh but Ken talk to me about your thoughts on today's action you know for it being a Fed day I feel like if you look at the intraday chart we really didn't see as much volatility as we had been seeing I guess the past 18 months Whenever there was fed news so I guess it's like you said less important than it used to be and maybe the market just comfortable and confident with where things stand Market seems confident about a soft uh Landing for the economy which the FED is trying to engineer uh the rate cut today 25 basis points was widely uh expected and uh you know really the tone of uh of the press conference that was covered you know always a great job by Jed Graham right on the homepage of investors.com you can get all the all the details of of this press conference but he talked about a a job market that is uh softening a little bit but still you know still strong and uh you know really uh really was it was a dubish dubish statement overall so you saw that 10year treasury yeld uh head head lower and uh you know good news for um you know for the NASDAQ which had another nice day of outperformance so that that 10year treasury yield yeah big big rally in in recent uh weeks uh under some pressure today but um you know again the market is uh you know comfortable about another rate cut at the December meeting you know next year is really kind of in flux uh just because we have obviously a trump uh presidency that could affect uh you know interest rates uh next year but uh I check and right now the market is expecting about four more rate Cuts uh by the end of of next year so we'll see how that all plays out but Market liked another dubish statement from the the FED that is very impressed with the strength of this economy absolutely okay Moving On Let's uh take a closer look at the S&P 500 not quite as strong as the NASDAQ today but it looks like 6,000 potentially that next magnet to the upside here Ken what are your thoughts well it's a round number and uh you know round numbers can uh can often be resistance and it's been a you know a pretty pretty strong move for the S&P 500 over the past U three days and uh you know nice breakout yesterday uh for the index coming up to that 6,000 level so uh uh you know we we'll we'll see but uh really you know the the market performance yesterday after you know news of the uh the Trump win the the leadership was really broad-based uh in the market not only tech stocks but just about every area of the market was strong mostly uh Financial stocks they lagged a little bit today which weighed on the uh weighed on the Dow Jones Industrial uh average and maybe a little bit on the S&P 500 as well but um you know saw a lot of financial stocks uh doing a good job holding uh really explosive gains from uh from yesterday so we'll uh try to you know keep an eye out for some alternate entries rather than chase a lot of these financials that were up 10 15% yesterday just kind of wait for alternate uh entries yeah exactly if they can get comfortable at these higher levels and tighten up uh we could see some new entries develop in the next couple of weeks so all right next uh while we're talking about sectors let's take a look at chips here Ken up 2.4% today so definitely outperforming the broader indexes yeah this um you know SMH is the vanak semiconductor ETF and uh you know it's kind of right in a little Buy buy position here looking at that 26226 pivot so it closed just a little bit below it but uh really you know seeing U you know the two stocks we're going to talk about today are in the in the chip sector so it's encouraging to see uh SMH here uh on the verge of of a breakout we'll see if it can take out this 262 level uh with with conviction but uh you know starting to see tech stocks in general um acting better when they look like they were ready to to to come in and correct um you know the NASDAQ just really really took off and it it lifted a lot of Chip stocks with it it really has you see that relative strength improving there and for the NASDAQ Composite as well also seeing some improvement yeah I did want to stay on the NASDAQ uh composite because I mean this is just really we we talk a lot about uh institutional accumulation and and distribution uh this is clearly an index that's under some pretty major accumulation here so uh we have been you know we've been in a a confirmed uptrend for for some time now uh but the action uh yesterday a bullish breakout for the NASDAQ and you can see even today volume really picked up the pay so you have three straight days where volume increased dramatically each day so that that's a sign that money is moving in from the from the sidelines and it can often you know provide a a good um a good support uh for for the market so you know just an index under accumulation here and uh lots of things to like about this uh market right now just got to be careful not to not to Chas a lot of stocks that have just exploded higher over the past two days that's where You' been talking about on IBD live it's a little tricky because you want to participate in a in an uptrending Market but you also want to be careful not to not to chase uh you know stocks the number of 15 20 25% movers that we've seen in recent days has really been uh uh incredible so you just want to be careful not to chase stocks that have run too far too fast okay well let's talk about some stocks we've got two chip stocks on Deck to chat about here's a look at broadcom ticker here is avgo up 2.4% on the day and that's after a nice gain of 3.3% in Wednesday's session so adding to the gains here like yesterday was an early entry Ken but if you didn't get that uh entry today as well either a place to initiate or add what are your thoughts well we we did add this to the leaderboard model portfolio uh today like the fact that it's sitting just below that pivot of 186 uh obviously you know maybe a a more ideal buy uh yesterday but still felt like this uh this was worth uh taking a shot here I mean broadcom is a huge company and look at the revenue growth that it's been uh delivering in in recent Quarters here you have a a market cap close to uh approaching one trillion and you've got Topline growth 34 40 50% in recent quarters it's uh comparison are going to start to get uh difficult but uh you know when you're talking about Nvidia being a a leader in the in the AI and and data center space I have to tell you broadcom is uh is is right there uh Bank of America earlier this week came out with a bullish note talking about AI networking uh some of their customized uh chips is really going to drive uh you know Topline growth so some of these forward-looking estimates may be a little bit light but uh just look at broadcom as a company very very well positioned uh you know to Capital iies on AI just like Nvidia and several other companies yeah okay so the entry here today what about adding once it gets over 186 or with the market being so stretched is that now a concern for any ads here well you know so it's up for three days in a row um you know ideally we'd like to just see it uh just kind of digest and and digest these gains a little bit but this Market is so strong and we're seeing you know the NASDAQ in such a major accumulation phase here that this one could try to you know move above uh 186 and uh yeah we probably would uh increase uh increase the position we started at you know about a half a position which is about a a 5% uh four and a half 5% waiting to to start uh sometimes we'll bring stocks up to to 10% uh you know 15% it depends so just a little starter uh position with broadcom and uh definitely keeping an eye on that recent high of 186 though yeah sounds like a plan okay elsewhere in the chip sector let's talk about TSM because it did not participate in the Wednesday rally of course TSM being Taiwan semiconductor so thoughts about you know the geopolitical landscape as we have this new Administration that's uh going to be coming in in the next couple of months but they also have a presence in the US so there's uh you know some digestion here of of what may come but today it seems like those fears were eased Ken with the stock up about 4.1% uh they do have October sales due Friday so maybe some Traders placing some bets ahead of that yeah yeah well even the decline yesterday you can see volume picked up the pace but look at what it did it it recouped losses and closed all the way up near its high so it did even though it was down on the day and didn't participate there were clearly buyers in there lifting it off lows by the by the close uh decent rally for for uh TSM today uh great point about October uh sales there will be out Friday morning I think this just an important stock to watch because what they say and what the sales look like for October um you know could move a lot of these AI stocks that we've been uh following whether it's Nvidia broadcom orista networks so you name it um but this was uh you know kind of broke out over a little mini uh trend line today so uh what they say is going to be important but you know going back over their you know September August sales number numers I mean they've been they've been showing growth in that 30% at least uh range so I think there are reasons to believe it'll be another another strong month in October and uh we we'll see how the stock responds but um you know it's normally a a sales report that can get that can move Tech stock so just an important one to watch in the morning absolutely okay we will keep our eyes peeled for that chip sector action as investors digest that news let's go over to a China travel stock that is trip.com tcom the ticker there up 2% on the day and it's you know in an area where we've seen a lot of strength over the last couple of months not a surprise to see these stocks pull in some retrace some of that explosive move I mean if you talk about money flowing in we for sure saw that in September in these China stocks can and as you mentioned towards the beginning the show this is one that is looking like it's one of the best of the bunch yeah there's uh there's actually you know quite a few China stocks acting well obviously there's China's going to be uh introducing stimulus uh in into the economy the China economy has really been struggling slow to uh slow to recover but um you know so that that's what that's what initially fueled this breakout for for trip.com when it broke out over the 58 level the the latest uh pullback has generally been you know fairly orderly I mean it didn't came right down to uh a short-term support levels here the uh 21-day uh moving average and it's right up back near highs right at the top of a short little uh consolidation here uh trip.com you know online travel firm uh we've seen great results from you know from booking and and other stocks in this group but trip.com even though Topline growth has been slowing a little bit in recent quarters uh this is uh a stock that really should benefit once stimulus starts to uh take hold in in China this should be a big beneficiary so want to pay attention to stocks showing relative strength um you know with a relative strength rating of 95 here composite rating of 97 you know you're working with uh with good good fundamentals and and good price performance uh we have to remember that China's Parliament is is meeting and I believe tomorrow is when the market could you know get some additional detail on uh uh What uh specific stimulus measures are are going to be um uh introduced here so could see some movement in in China stocks tomorrow I just wanted to bring this one up uh because that Parliament meeting where where additional you know uh news is expected we'll see we'll see how they look uh tomorrow that's a really great point and Ken speaking of geopolitical risks I think something else to consider with China if we are to see more aggressive tariffs this is in an area where there doesn't seem to be that sort of impact maybe if there's just broad based bearishness on China perhaps that could be a risk but this isn't something that's like they're exporting something to the US this is for the Chinese travel market so it seems to be somewhat insulated exactly exactly it's just a it's just a classic consumer play so if uh if the the China consumer starts to to feel better about their finances because of uh you know stimulus that's that that's going to be launched here uh this one should be a big uh big beneficiary then you've got a lot of the you know the China internet stocks whether it's a jd.com or a a 10cent you know we're going to be hearing from them next week when they report earnings now these are internet companies that sell a lot of uh sell a lot of product online sometimes it goes to the uh they sell it to to the US you know with teu that discount site that's operated by PDD um and there there may be some some some tariffs there too so I think trip.com is probably your best uh your best idea right now in uh in China and certainly the stocks price performance is looking a lot better than most China stocks at this point great well thank you so much for that added context there Ken we'll leave it there for now thanks everyone for tuning in that is it from us for today but we'll be back with more tomorrow morning on IBD live as always investors.com IBD live for all the details on that we will see you there and then we'll also see you right back here tomorrow after the close to wrap up the week e
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