As the tech-heavy Nasdaq climbs above 18,000, Alphabet (GOOGLE), Palantir Technologies (PLTR) And Netflix (NFLX) features a host of companies to watch on the IBD Breakout Stock Index. Google is now trading at a record high Palantir Actions breaks out and teases an all-time high. Netflix is also on the rise. Meanwhile, cyber security leaders Crowd strike (CRWD), Palo Alto Networks (PANW) And CyberArk Software (CYBR) have their own spots on this list.
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Monthly Market Report with Jim Roppel and Alissa Coram: June 2024
THE MII Development Opportunities (FIGHT) Innovator Capital Management’s exchange-traded fund tracks the names on this screen. Updated weekly, the IBD Breakout ETF lets investors own a piece of leaders like Alphabet, Palantir and Netflix in a single transaction.
Seen on a weekly chart, the IBD Breakout ETF is operating on a cup with handle showing an entry at 35.85. Seen on a daily chart, the ETF also formed a flat base with the same buy point. On Tuesday, the BOUT ETF broke above its 50-day moving average in below-average but rising volume. Building on that momentum, the ETF surged again on Wednesday ahead of the July 4th Holidaywidening the gap again on Friday.
See Who’s Joining Palantir and Netflix on the IBD Breakout Stocks Index
Shares of Palantir, Google and cybersecurity names continue to benefit from AI boom
With artificial intelligence Permeating every sector, the AI angle is an undeniable factor for many stocks featured on the BOUT ETF. Google, Palantir, ServiceNow (NOW) And Data dog (DOG) all are qualified as AI Actions.
The critical role of AI and cloud-based networks presents ongoing challenges for cybersecurity companies such as CrowdStrike, Palo Alto Networks, CyberArk and Check Point Software (CHKP).
Social Media Manager Pinterest (PINS) uses AI to create positive experiences for users. Netflix also uses AI in multiple ways, including to surface recommendations that encourage viewers to binge-watch the video streamer’s content.
Medical sector leaves its mark on IBD Breakout ETF
The IBD Breakout ETF features a range of healthcare companies that have already broken through or are now beyond buy range. This group includes Intuitive Surgery (ISRG), Globus Medical (GMED) And Halozyme Therapeutics (HALO).
Based in Denmark Novo Nordisk (NGO), the maker of the popular weight-loss drug Ozempic, hit a buy point of 137.22 in a cup with handle on June 4. Novo Nordisk shares then pulled higher to become extended.
On Tuesday, however, the company and its rival Elie Lilly (Love) fell after President Biden criticized drugmakers for what he called “Unreasonably high” prices. But Novo Nordisk and Eli Lilly have both rebounded, with NVO stock in buy range and LLY stock right around its all-time high.
Breakout Watch: Palantir Breaks Away, These AI Names Are Falling Into Place
Featured in the IBD Stock Analysis for June 7 because he was aiming for a start trend line entry As of 24:00, Palantir stock has since broken out of that buy point and just broke out above a buy point of 26.57 on Friday.
Showing increasing technical strength, the title 21-day exponential moving average has recently exceeded the longest term 50 day line. Additionally, Palantir relative strength line has recovered, a sign of market leadership.
Other AI and cybersecurity stocks making new bases and breakthroughs include Palo Alto, CyberArk and Check Point Software, which is teasing a new buy zone.
Netflix Stocks climbed just beyond the buy zone after breaking through a 639 buy point in a late-phase cup pattern in May. The streamer just got a Bullish call on live sports and other initiatives.
Pinterest stock remains at the top of its buy range after breaking out in a first-stage cup, also in May.
Scan the Full list of IBD Breakout ETF componentsincluding ELF Beauty (ELF), Fire arms (ARM) and more. ARM stock just broke out of the buy zone.
IBD Breakout Opportunities ETF
THE IBD Breakout Opportunities ETF (FIGHT) from Innovator Capital Management tracks the IBD Breakout Stocks Index. Like other index ETFs, this fund lets you invest in the entire index in addition to, or rather, buy individual stocks. Learn more here about the ETF and the Innovator.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
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