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AFTER MARKET UPDATE - TUESDAY, AUGUST 6TH, 2024
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DOW |
+294.39 |
38,997.66 |
+0.76% |
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Volume |
1,112,636,871 |
-16% |
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Volume |
6,026,473,600 |
-14% |
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NASDAQ |
+166.77 |
16,366.85 |
+1.03% |
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Advancers |
2,084 |
75% |
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Advancers |
2,764 |
65% |
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S&P 500 |
+53.70 |
5,240.03 |
+1.04% |
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Decliners |
683 |
25% |
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Decliners |
1,494 |
35% |
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Russell 2000 |
+25.14 |
2,064.30 |
+1.23% |
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52 Wk Highs |
46 |
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52 Wk Highs |
44 |
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S&P 600 |
+16.36 |
1,323.10 |
+1.25% |
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52 Wk Lows |
49 |
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52 Wk Lows |
148 |
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Weak action has been noted as a more worrisome market correction (M criteria). Disciplined investors know to avoid new buying efforts during market corrections and to reduce exposure by selling any weakening stocks on a case-by-case basis.
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Major Indices Rose With Less Volume Conviction
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major indices logged gains ranging from +0.8% to +1.2%. Volume reported was lighter than the prior session total on the NYSE and lighter on the Nasdaq exchange, indicative of lackluster institutional buying demand following a more decisive sell-off. Advancers led decliners by a 3-1 margin on the NYSE and by almost a 2-1 margin on the Nasdaq exchange. There were 13 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 6 on the prior session. New 52-week lows outnumbered new 52-week highs on the NYSE and the Nasdaq exchange. The major indices are in a market correction (M criteria). Disciplined investors know that in corrections it is wise to reduce market exposure by selling any weakening stocks on a case-by-case basis.
 PICTURED: The S&P 500 Index posted a gain Tuesday with lighter volume following 3 straight damaging volume-driven losses. The deterioration raised greater concerns for the broader market outlook.
The recent retreat in equities was partially due to the yen's rapid strengthening against the dollar, which triggered the plunge in Japan's Nikkei. The yen weakened slightly against the dollar Tuesday, acting as support for US equities and helping drive a 10% move higher in the Nikkei. The USD/JPY pair trade is +0.3% to 144.72.
Positive earnings news from Uber (UBER +10.9%), Caterpillar (CAT +3.0%), and others aided the upside bias. San Francisco Fed President Daly (FOMC voter) that policy adjustments will be necessary in the coming quarter. The CBOE Volatility Index, which spiked above 65.00 Monday before returning to the 35.00 area, pulled back to 27.71.
Treasuries saw a new $58 billion 3-yr note auction meet solid demand. The 10-yr note yield jumped ten basis points to 3.89% and the 2-yr note yield settled ten basis points higher at 3.98%. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Financial, Tech, Retail, and Commodity-Linked Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +1.96%) and the Bank Index ($BKX +1.17%) both outpaced the Retail Index ($RLX +0.73%) on Tuesday bounce. The tech sector had a positive bias as the Semiconductor Index ($SOX +1.06%), Networking Index ($NWX +1.91%) and the Biotech Index ($BTK +0.61%) each gained ground. Commodity-linked groups had a positive bias as the Gold & Silver Index ($XAU +1.27%), Oil Services Index ($OSX +0.56%) and the Integrated Oil Index ($XOI +0.88%) posted unanimous gains.
PICTURED: The Gold & Silver Index ($XAU +1.27%) posted a gain on Tuesday, but it remains below its 50-day moving average (DMA) line following 3 consecutive losses.
| Oil Services |
$OSX |
81.15 |
+0.45 |
+0.56% |
-3.26% |
| Integrated Oil |
$XOI |
1,928.13 |
+16.89 |
+0.88% |
+3.53% |
| Semiconductor |
$SOX |
4,567.57 |
+48.12 |
+1.06% |
+9.39% |
| Networking |
$NWX |
876.16 |
+16.41 |
+1.91% |
+5.21% |
| Broker/Dealer |
$XBD |
611.92 |
+11.78 |
+1.96% |
+9.80% |
| Retail |
$RLX |
4,125.09 |
+29.90 |
+0.73% |
+6.08% |
| Gold & Silver |
$XAU |
142.18 |
+1.79 |
+1.27% |
+13.12% |
| Bank |
$BKX |
104.73 |
+1.21 |
+1.17% |
+9.07% |
| Biotech |
$BTK |
5,579.60 |
+34.01 |
+0.61% |
+2.97% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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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***
Symbol/Exchange
Company Name
Industry Group |
PRICE |
CHANGE
(%Change) |
Day High |
Volume
(% DAV)
(% 50 day avg vol) |
52 Wk Hi
% From Hi |
Featured
Date |
Price
Featured |
Pivot Featured |
|
Max Buy |
USLM
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NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$72.84
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-1.20
-1.62% |
$75.79
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86,775
85.07% of 50 DAV
50 DAV is 102,000
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$87.13
-16.40%
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6/18/2024
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$71.26
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PP = $75.77
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MB = $79.56
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Most Recent Note - 8/6/2024 6:03:38 PM
G - Edged below its 50 DMA line ($73.62) with today's 4th consecutive loss raising greater concerns. A rebound above the 50 DMA line is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Recent Breakout Triggered New (or Add-On) Technical Buy Signal - 7/22/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
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News |
Chart |
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C
A
S
I |
GVA
-
NYSE
Granite Construction
Bldg-Heavy Construction
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$68.95
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+0.05
0.07% |
$70.35
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687,050
93.48% of 50 DAV
50 DAV is 735,000
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$73.01
-5.56%
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6/11/2024
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$59.76
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PP = $64.33
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MB = $67.55
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Most Recent Note - 8/5/2024 8:48:58 PM
G - Pulled back today yet finished near the session high with just a small loss backed by +20% above average volume. Prior highs in the $64 area define initial support to watch above its 50 DMA line ($63.20).
>>> FEATURED STOCK ARTICLE : Hit New High While Making Steady Progress - 7/31/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
MMYT
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NASDAQ
MakeMyTrip
Leisure-Travel Booking
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$88.91
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+4.99
5.95% |
$90.32
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573,691
76.39% of 50 DAV
50 DAV is 751,000
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$100.22
-11.29%
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7/23/2024
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$96.92
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PP = $93.39
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MB = $98.06
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Most Recent Note - 8/6/2024 6:05:15 PM
Y - Posted a gain today with lighter volume while finding prompt support near its 50 DMA line ($84.45). More damaging losses would raise greater concerns.
>>> FEATURED STOCK ARTICLE : Volume Driven Trip to New Highs - 7/23/2024 |
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News |
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C
A
S
I |
TXRH
-
NASDAQ
Texas Roadhouse
Retail-Restaurants
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$166.50
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+4.51
2.78% |
$167.56
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740,234
87.50% of 50 DAV
50 DAV is 846,000
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$177.72
-6.31%
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7/26/2024
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$173.08
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PP = $175.82
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MB = $184.61
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Most Recent Note - 8/6/2024 6:06:36 PM
G - Posted a gain today with lighter volume after damaging losses with higher volume raised concerns. A rebound above the 50 DMA line ($170) is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure When Poised to Break Out - 7/26/2024 |
View all notes |
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Company Profile |
SEC
News |
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C
A
S
I |
HWM
-
NYSE
Howmet Aerospace
Aerospace/Defense
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$89.08
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+2.33
2.69% |
$91.00
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3,244,662
104.73% of 50 DAV
50 DAV is 3,098,000
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$97.29
-8.44%
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7/30/2024
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$93.95
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PP = $85.52
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MB = $89.80
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Most Recent Note - 8/5/2024 8:50:26 PM
Y - Pulled back today for a 3rd volume-driven loss testing prior highs in the $85 area which define initial support to watch above its 50 DMA line ($82.17).
>>> FEATURED STOCK ARTICLE : Breakaway Gap For Howmet Aerospace - 7/30/2024 |
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Set NEW NOTE alert |
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News |
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C
A
S
I |
Symbol/Exchange
Company Name
Industry Group |
PRICE |
CHANGE
(%Change) |
Day High |
Volume
(% DAV)
(% 50 day avg vol) |
52 Wk Hi
% From Hi |
Featured
Date |
Price
Featured |
Pivot Featured |
|
Max Buy |
MELI
-
NASDAQ
MercadoLibre
Retail-Internet
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$1,810.39
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+34.39
1.94% |
$1,850.00
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486,377
152.47% of 50 DAV
50 DAV is 319,000
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$1,825.00
-0.80%
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8/5/2024
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$1,793.73
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PP = $1,792.15
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MB = $1,881.76
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Most Recent Note - 8/5/2024 8:47:09 PM
Y - Finished flat after highlighted in yellow in the earlier mid-day report with pivot point cited based on its 5/20/24 high plus 10 cents. Found prompt support at its 200 DMA line ($1,578) last week and challenged its 52-week high with today's early gain. Subsequent gains and a strong close above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Reported Jun '24 quarterly earnings +103% on +42% sales revenues versus the year ago period. Three of the 4 latest quarterly comparisons have shown strong sales revenues and earnings increases well above the +25% minimum guideline (C criteria). Following losses in FY '18 -'20 and annual earnings (A criteria) have improved greatly. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Finished Flat When Poised to Breakout - 8/5/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
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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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