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AFTER MARKET UPDATE - WEDNESDAY, MARCH 23RD, 2016
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DOW |
-79.98 |
17,502.59 |
-0.45% |
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Volume |
838,361,420 |
+2% |
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Volume |
1,587,484,970 |
+10% |
|
NASDAQ |
-52.80 |
4,768.86 |
-1.10% |
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Advancers |
778 |
26% |
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Advancers |
585 |
20% |
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S&P 500 |
-13.09 |
2,036.71 |
-0.64% |
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Decliners |
2,259 |
74% |
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Decliners |
2,322 |
80% |
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Russell 2000 |
-21.64 |
1,075.70 |
-1.97% |
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52 Wk Highs |
70 |
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52 Wk Highs |
39 |
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S&P 600 |
-11.11 |
663.96 |
-1.65% |
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52 Wk Lows |
9 |
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52 Wk Lows |
23 |
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Major Averages Endured Distributional Session
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Stocks sold off on Wednesday. The Dow was down 80 points to 17502. The S&P 500 fell 13 points at 2036. The NASDAQ retreated 52 points to 4768. Volume was reported higher on the NYSE and on the Nasdaq exchange, a sign of distributional pressuer. Decliners outnumbered advancers 3-1 on the NYSE and 4-1 on the Nasdaq exchange. There were 16 high-ranked companies from the Leaders List made new 52-week highs and were listed on the BreakOuts Page, up from the total of 14 on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.PICTURED: The S&P Small Cap 600 Index had better volume behind recent gains, but it met resistance at its 200-day moving average (DMA) line which is downward sloping. Further gains have helped the DOW and the S&P 500 Index both rally above their respective 200-day moving average lines. The recent improvement for the major averages (M criteria) was backed by an expansion in healthy leadership (new highs), another encouraging sign for the current confirmed rally. The Featured Stocks Page includes most current notes with headline links for access to more detailed letter-by-letter analysis including price/volume graphs annotated by our experts. The major averages declined along with oil prices while the rally in the U.S. dollar continued amid further hawkish sentiments from Federal Reserve members. St. Louis Fed President James Bullard echoed the sentiments of other regional Presidents Wednesday by pointing out that economic data likely warrants higher interest rates in the near term. On the data front, February new home sales increased by 2%, which was below the 3.2% expansion expected by analysts. In earnings, Nike (NKE -3.79%) fell as revenue missed analyst projections and the athletic retailer released tepid forward guidance. Red Hat (RHT -4.19%) fell despite beating consensus expectations on both the top and bottom line. Centene (CNC +3.84%) rose after receiving final approval for its $6.8 billion acquisition of Health Net (HNT +3.67%). Eight out of ten sectors in the S&P 500 finished lower. Energy shares led the losses while Utilities stocks outperformed. Treasuries were firmly higher with the 10-year note up 18/32 to yield 1.88%. In commodities, NYMEX WTI crude declined 4% to $39.78/barrel after the EIA reported a higher-than-expected build in U.S. crude inventories. COMEX gold fell 2.3% to $1219.82/ounce. In FOREX, the Dollar Index climbed for a fourth-straight session, adding 0.4%.. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Commodity-Linked Group Losses Led Techs and Financials Lower
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Oil Services Index ($OSX -2.75%) and Integrated Oil Index ($XOI -2.55%) both fell and the Gold & Silver Index ($XAU -7.31%) was a standout decliner on Wednesday. Financials were weak as the Broker/Dealer Index ($XBD -1.71%) and the Bank Index ($BKX -0.91%) slumped and dragged the major indices lower, meanwhile the Retail Index ($RLX +0.16) eked out a small gain. The Biotechnology Index ($BTK -3.56%) led the tech sector's retreat while the Networking Index ($NWX -1.87%) and Semiconductor Index ($SOX -1.31%) both ended the session lower.Charts courtesy www.stockcharts.com
PICTURED: The Semiconductor Index ($SOX -1.31%) is consolidating after rising above a downward trendline. It rebounded from below its 50-day and 200-day moving average (DMA) lines in February.
| Oil Services |
$OSX |
156.89 |
-4.43 |
-2.75% |
-0.53% |
| Integrated Oil |
$XOI |
1,070.21 |
-28.06 |
-2.55% |
-0.23% |
| Semiconductor |
$SOX |
666.46 |
-8.84 |
-1.31% |
+0.45% |
| Networking |
$NWX |
356.20 |
-6.80 |
-1.87% |
-5.25% |
| Broker/Dealer |
$XBD |
159.99 |
-2.78 |
-1.71% |
-10.17% |
| Retail |
$RLX |
1,245.33 |
+1.96 |
+0.16% |
-2.97% |
| Gold & Silver |
$XAU |
66.10 |
-5.22 |
-7.32% |
+45.92% |
| Bank |
$BKX |
65.23 |
-0.60 |
-0.91% |
-10.74% |
| Biotech |
$BTK |
2,853.34 |
-105.46 |
-3.56% |
-25.19% |
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Pullback Had Light Volume After Getting Extended From Prior Base
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
N V 5 Global Inc (NVEE -$0.56 or -2.13% to $25.69) pulled back with lighter volume and its color code was changed to yellow after retreating back below its "max buy" level. It was highlighted with a pivot point based on its 12/02/15 high in the 3/14/16 mid-day report (read here) and then finished strong and triggered a technical buy signal while rising from an 8-month double bottom base with +142% above average volume. Subsequent volume-driven gains into new high territory may signal that more serious institutional buying demand is still lurking and could mark the beginning of another substantial leg up in price. However, disciplined investors avoid chasing stocks more than +5% above their prior high or pivot point. It completed a new Public Offering on 5/22/15. Reported earnings +32% on +47% sales revenues for the Dec '15 quarter. Prior quarterly earnings comparisons have been mostly above the +25% minimum guideline (C criteria), and its strong annual earnings (A criteria) history helps it match the fundamental guidelines of the fact-based investment system. The number of top-rated funds owning its shares rose from 13 in Mar '15 to to 119 in Dec '15, a reassuring sign concerning the I criteria. Charts courtesy www.stockcharts.com
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Color Codes Explained :
Y - Better candidates highlighted by our
staff of experts.
G - Previously featured
in past reports as yellow but may no longer be buyable under the
guidelines.
***Last / Change / Volume data in this table is the closing quote data***
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THESE ARE NOT BUY RECOMMENDATIONS!
Comments contained in the body of this report are technical
opinions only. The material herein has been obtained
from sources believed to be reliable and accurate, however,
its accuracy and completeness cannot be guaranteed.
This site is not an investment advisor, hence it does
not endorse or recommend any securities or other investments.
Any recommendation contained in this report may not
be suitable for all investors and it is not to be deemed
an offer or solicitation on our part with respect to
the purchase or sale of any securities. All trademarks,
service marks and trade names appearing in this report
are the property of their respective owners, and are
likewise used for identification purposes only.
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