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AFTER MARKET UPDATE - THURSDAY, MAY 19TH, 2016
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DOW |
-91.22 |
17,435.40 |
-0.52% |
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Volume |
923,112,760 |
+22% |
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Volume |
1,659,313,960 |
-7% |
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NASDAQ |
-26.59 |
4,712.53 |
-0.56% |
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Advancers |
852 |
28% |
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Advancers |
840 |
30% |
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S&P 500 |
-7.61 |
2,040.02 |
-0.37% |
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Decliners |
2,162 |
72% |
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Decliners |
1,973 |
70% |
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Russell 2000 |
-8.20 |
1,094.75 |
-0.74% |
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52 Wk Highs |
25 |
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52 Wk Highs |
19 |
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S&P 600 |
-5.22 |
670.97 |
-0.77% |
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52 Wk Lows |
39 |
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52 Wk Lows |
87 |
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Major Averages Slumping Further as Leadership Dries Up
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Stocks declined on Thursday. The Dow was down 91 points to 17435. The S&P 500 lost 7 points to 2040 and the Nasdaq Composite fell 26 points to 4712. The volume total was reported higher on the NYSE and lower on the Nasdaq exchange. Decliners led advancers on the NYSE by 11-4 and on the Nasdaq exchange by more than 2-1. Leadership was increasingly elusive as there were 7 high-ranked companies from the Leaders List made new 52-week highs and were listed on the BreakOuts Page, versus the total of 10 on the prior session. New 52-lows outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. PICTURED: The S&P 500 Index is slumping below its 50-day moving average (DMA) line.
The market's confirmed uptrend (M criteria) has come under pressure in recent weeks. The Dow and S&P 500 both violated their 50-day moving average lines. Sustained rallies require a healthy crop of leaders (stocks hitting new highs), however leadership has recently waned. Very few issues have appeared to meet the fact-based investment system's guidelines or make meaningful headway in recent weeks. The Featured Stocks Page includes current notes with headline links for access to more detailed letter-by-letter analysis including price/volume graphs annotated by our experts. The S&P 500 moved into negative territory for the year as investors reacted to yesterday’s hawkish Fed release. On the data front, initial jobless claims came in at 278,000, above the predicted 275,000. A separate report showed that U.S. leading indicators rose 0.6% in April, after a 0.2% increase in March. Finally, the Philadelphia Fed reported activity slowed in the Mid-Atlantic region in May. Six of 10 sectors in the S&P 500 finished lower on the session. Industrials and Financials were the worst performing groups. Consumer Staples shares outperformed with Wal-Mart (WMT +9.58%) rallying after beating results on the top and bottom line. Elsewhere in earnings news, Cisco (CSCO +3.18%) rose as the network equipment maker bested expectations. L Brands (LB -4.95%) fell after lowering its forward guidance. On the M&A front, Monsanto (MON +3.52%) on news the company received an unsolicited takeover bid from German agriculture giant Bayer AG (BAYRY -7.74). FMC Technologies (FTI -4.71%) after announcing an all-stock merger with Technip. Treasuries advanced with the benchmark 10-year note adding 1/32 to 1.84%. In commodities, NYMEX WTI crude slipped 0.1% to $48.14/barrel. COMEX gold fell 1.5% to $1255.20/ounce. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Financial and Tech Sector Weakness Weighed on Market
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD -1.58%) and the Bank Index ($BKX -0.82%) both created a drag on the major averages while the Retail Index ($RLX +0.20%) eked out a small gain. The tech sector saw unanimous losses from the Biotechnology Index ($BTK -1.48%), Semiconductor Index ($SOX -0.71%) and the Networking Index ($NWX -0.47%). The Gold & Silver Index ($XAU +1.98%) was a standout gainer, meanwhile the Oil Services Index ($OSX -0.01%) finished flat and the Integrated Oil Index ($XOI -0.55%) suffered a small loss. Charts courtesy www.stockcharts.com
 PICTURED: The Gold & Silver Index ($XAU +1.98%) is consolidating above its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
157.96 |
-0.02 |
-0.01% |
+0.15% |
| Integrated Oil |
$XOI |
1,103.24 |
-6.10 |
-0.55% |
+2.85% |
| Semiconductor |
$SOX |
644.74 |
-4.61 |
-0.71% |
-2.82% |
| Networking |
$NWX |
344.93 |
-1.64 |
-0.47% |
-8.24% |
| Broker/Dealer |
$XBD |
157.92 |
-2.53 |
-1.58% |
-11.33% |
| Retail |
$RLX |
1,259.48 |
+2.55 |
+0.20% |
-1.87% |
| Gold & Silver |
$XAU |
85.34 |
+1.66 |
+1.98% |
+88.39% |
| Bank |
$BKX |
68.47 |
-0.57 |
-0.83% |
-6.31% |
| Biotech |
$BTK |
2,983.06 |
-44.83 |
-1.48% |
-21.79% |
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Seriously Applying the Fact-Based System Now
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Asset Management Services Using the Winning Fact-Based Investment System - Inquire Now! You can have professional help in limiting your losses and maximizing your gains in all market environments. For help with how your portfolio is managed in 2016 and beyond click here and indicate "Find a Broker". *Accounts over $250,000 please. **Serious inquires only, please. |
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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,
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are the property of their respective owners, and are
likewise used for identification purposes only.
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