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Stocks Mixed As Oil Slides; Dow, Nasdaq Finish Flat; How High Can Apple Go?

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Stocks ended narrowly mixed Monday as the Nasdaq composite backed off a record high and the Dow Jones industrial average was flat despite gains from Caterpillar (CAT), Nike (NKE) and Apple (AAPL).

The S&P 500 dipped 0.2%, while the Dow Jones industrials and Nasdaq composite finished basically unchanged. Small caps lagged as the Russell 2000 shed 0.5%. Volume was lighter across the board vs. Friday, according to preliminary numbers.

Solar, department store and other retail stocks led the downside in today's stock market action. Oil plays also lagged as West Texas intermediate crude futures slid 1% to $48.28 a barrel. But chipmakers, gold miners and jewelry retailers outperformed.

Caterpillar led the Dow with a near 3% gain to retake its 50-day moving average. Shares have been building a flat base since late January. The potential buy point is 99.56. The construction equipment maker's 1% dip in February retail sales was the slowest rate of decline since December 2012.

Nike rose 1.6% in faster-than-usual trade ahead of its earnings report Tuesday. The stock marked its highest level since early September. The athletic shoe and apparel giant is expected to log its first year-over-year EPS decline since late 2012.

Apple advanced 1% to a new record high and is just above a 141.12 three-weeks-tight buy point, though in weak trade. Several analysts reiterated positive ratings on the stock including Cowen, which maintained an outperform rating and raised its price target to 155 from 135. Cowen thinks sales estimates for upcoming iPhones may be too low.

 Disney (DIS) finished with a 1% gain to mark a fresh 52-week closing high. Shares remain in buy range from a 112.09 flat-base entry initially cleared last week.

The media and theme-park giant's live-action version of "Beauty and the Beast" dominated the box office over the weekend.

But Home Depot (HD) and Visa (V) led the downside with losses of more than 1% each. Visa rose 2% to a record high before reversing sharply lower in light volume. Shares are 3% off the peak.

On the IBD 50, Nvidia (NVDA) led winners with a 3% pop to reclaim its 50-day line and extend its win streak for a fourth straight session. Shares of the graphics chip designer are shaping the right side of a cup base with a potential buy point at 121.02. Its prior breakout past a 120.03 entry failed.

Goldman Sachs reiterated a Conviction Buy with a 130 price target, according to TipRanks.

Among other IBD 50 stocks, Arista Networks (ANET) gapped up and rose 2% to a new high. extending its gains from a 123.22 three-weeks-tight entry cleared March 8.  Alibaba (BABA) added 1.6% to 107.25 and remains in buy range from a 104.67 entry of a cup with handle.

The Fed's William Dudley, Esther George, Loretta Mester and Eric Rosengren are slated to speak Tuesday in an otherwise light day for economic data.

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