The Nasdaq composite rose more than 0.7% near midday in New York and helped drive a decent, broad rally while marking a new all-time high of 8531. Volume is up on both main exchanges in the stock market today.
XLeading growth stocks including Edwards Lifesciences (EW), China e-commerce giant Pinduoduo (PDD) and Copart (CPRT) are making even bigger moves lately than the key equity indexes.
All three names mentioned above have netted nifty gains since their addition on IBD Leaderboard.
Edwards Lifesciences, the leader in minimally invasive heart valve replacement technology, has now scored an 11% gain since it rebounded off the 10-week moving average in a normal test of the key support and resistance level. EW stock has also advanced 25% since it cleared a 195.10 pivot point in a shallow cup with handle.
That 25% gain from the 195.10 proper buy point would justify a key sell rule: taking at least some gains when the profit reaches 20% to 25%.
However, those with strong conviction in the stock can also sit on the shares and wait for a true break of the 10-week moving average in big volume before nailing down gains.
Pinduoduo Stock Is Up 90% Year To Date
Pinduoduo has ramped up more than 15% since its entry on the Leaders Near A Buy Point section in Leaderboard. Copart, the expert in salvaged vehicle auctions, reports quarterly results on Thursday next week. Keep an eye on all potential big movers via the IBD Stocks On The Move tables as well as the Earnings Calendar.
The Dow Jones Industrial Average and the S&P 500 are not trailing the Nasdaq by much, both rising around 0.6%. The Russell 2000 rallied 0.5%. Innovator IBD 50 (FFTY) is beating them all with a nearly 1.1% push higher and a seventh gain in a row.
That marks the biggest price run in months, taking FFTY to roughly 4% off its 52-week high.
At 34.61, FFTY has now boosted its year-to-date return back to 25.3%.
Small-Cap Wonder On The Nasdaq
In the IBD 50, No. 1-ranked InMode launched another big price gain. The minimally invasive cosmetic surgery gear maker zoomed nearly 7% higher, heading closer to the 50 price level.
Shares had broken out of a narrow cup without handle at 29.48. IBD featured the stock during its breakout in numerous features, including this IBD Stock Of The Day on Oct. 14. This cup without handle is early stage.
At this point, as noted several times in the new IBD Live talk show, an investor can adopt a "hybrid approach" toward selling.
That is, one could nail down partial profits now in the short term. Then, one could also hold the stock for eight weeks since the breakout day, then re-assess the stock action.
This eight-week hold rule allows stock pickers to give a budding new market leader a chance to really bloom in price gains.
Keep Tracking Strong New Initial Public Offerings Like InMode
New IPOs with excellent fundamentals have been rewarded by institutional investors lately.
Israel-based InMode has truly enviable growth in the top line ($23 million in sales in 2016 to $100 million last year) and the bottom line (earnings of 1 cent a share in 2016, 68 cents in 2018).
Analysts surveyed by Refinitiv see earnings at InMode rising 115% this year to $1.46 a share, then another 16% to $1.69 in 2020.
Fourteen mutual funds owned shares in InMode as of the end of Q3 this year, according to William O'Neil + Co. data.
Read more about the company in this new IBD New America feature.
Please follow Chung on Twitter at @SaitoChung and @IBD_DChung for more on growth stocks, buy points, sell rules, breakouts, chart analysis and stock market insight.
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