As the tech-heavy Nasdaq approaches the 18,000 mark, alphabet (Google), Palantir Technologies (PLTR) and Netflix (NFLX) has a long list of companies to watch on Investor’s Business Daily’s Breakout Stock Index. Google is currently trading near all-time highs as Palantir shares look for new buy points. Meanwhile, cybersecurity leaders Crowdstrike (CRWD), Palo Alto Networks (PANW) and CyberArk Software (CYBR) is on the list.
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Monthly Market Report: June 2024 by Jim Roeppel and Alisa Coram
Innovator Capital Management’s IBD Breakout Opportunities (BOUT) exchange-traded fund tracks the stocks on this screen. Updated weekly, the IBD Breakout ETF allows investors to own shares of big companies like Alphabet, Palantir and Netflix in a single trade.
On the weekly chart, the IBD Breakout ETF is trading in a cup shape with a 35.85 entry. On the daily chart, the ETF is forming a flat base with the same buy point. On Tuesday, the BOUT ETF broke above its 50-day moving average, which is below average but on the rise.
See Palantir, Netflix join IBD Breakout Stock Index
Palantir, Google and cybersecurity stocks continue to ride the AI ​​boom
As artificial intelligence permeates every industry, the AI ​​element is an unmistakable part of many of the stocks featured in the BOUT ETF. Service Now (Now) and Datadog (DDOG) all qualify as AI stocks.
The integral role of AI and cloud-based networks is a constant challenge for cybersecurity companies such as CrowdStrike, Palo Alto Networks, and CyberArk. Checkpoint Software (CHKP).
Social Media Leader Pinterest (PINS) is using AI to create a positive experience for its users, and Netflix is ​​also using AI in various ways, such as providing recommendations to keep viewers binge-watching the video streamer’s content.
Healthcare Sector Gets Attention in IBD Breakout ETF
The IBD Breakout ETF covers a variety of companies in the healthcare sector that have either already broken out or are currently above buy range. The group includes: Intuitive surgery (ISRG), Globus Medical (GMED) and Halozyme Therapeutics (Hello).
Based in Denmark Novo Nordisk Novo Nordisk (NVO), maker of the popular weight loss drug Ozempic, breached a buy point of 137.22 per cup on June 4. The stock has since surged and traded broadly.
But on Tuesday, the company and its rival Eli Lilly Novo Nordisk (LLY) fell after President Biden slammed drug companies for their “unfairly high” prices. Novo Nordisk shares moved back into buying range on the news, but ended trading near the top of the daily price range. LLY shares followed suit, rebounding from the 21-day line.
Breakout Watch: Palantir shares rise, AI stocks do well
Palantir shares, which were featured in a June 7 IBD stock analysis as targeting an early trendline entry around 24, have since cleared that buy point and are now targeting an irregular entry at 26.57.
A sign of growing technical strength, the stock’s 21-day exponential moving average recently surged above its longer-term 50-day line. Additionally, Palantir’s relative strength line is rising, a sign of market leadership.
Other AI and cybersecurity stocks forming new bases and breakouts include Palo Alto, CyberArk, and Check Point Software.
Netflix shares have risen slightly above a buy range after breaching a 639 buy point at the end of a cup pattern in May. The streamer just offered a bullish outlook for live sports and other endeavors.
Pinterest shares remain in buy range following a first-stage cup breakout, also in May.
Scan the full list of components of the IBD Breakout ETF. Elf Beauty (fairy), Arm Holdings (ARM), etc.
IBD Breakout Opportunities ETF
The IBD Breakout Opportunities ETF (BOUT) from Innovator Capital Management tracks the IBD Breakout Stocks Index. Like other index ETFs, the fund allows you to invest in the entire index in addition to or instead of buying individual stocks. Learn more about the ETF and Innovator here.
Follow Matthew Galgani on X (formerly Twitter) translator.
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