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AFTER MARKET UPDATE - FRIDAY, SEPTEMBER 6TH, 2024
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DOW |
-410.34 |
40,345.41 |
-1.01% |
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Volume |
931,733,510 |
+12% |
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Volume |
5,701,823,900 |
+13% |
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NASDAQ |
-436.83 |
16,690.83 |
-2.55% |
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Advancers |
626 |
23% |
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Advancers |
1,112 |
26% |
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S&P 500 |
-94.99 |
5,408.42 |
-1.73% |
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Decliners |
2,089 |
77% |
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Decliners |
3,098 |
74% |
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Russell 2000 |
-40.65 |
2,091.41 |
-1.91% |
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52 Wk Highs |
142 |
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52 Wk Highs |
110 |
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S&P 600 |
-23.38 |
1,338.28 |
-1.72% |
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52 Wk Lows |
89 |
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52 Wk Lows |
232 |
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Market Endures Distributional Pressure
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow Jones Industrial Average logged a 1.0% decline, the S&P 500 settled 1.7% lower, and the Nasdaq Composite fell 2.6%. Volume reported was higher than the prior session totals on the NYSE and on the Nasdaq exchange, action indicative of worrisome distributional pressure on the market. Decliners led advancers by a 3-1 margin on the NYSE and on the Nasdaq exchange. There were 14 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 30 on the prior session. New 52-week highs totals outnumbered new 52-week lows on the NYSE but new lows outnumbered new highs on the Nasdaq exchange for a fifth consecutive session. The major indices are in a confirmed uptrend (M criteria). Disciplined investors know that new buying efforts are only to be made in stocks meeting all key criteria of the fact-based investment system.
 PICTURED: The Nasdaq Composite Index has been living below its 50-day moving average (DMA) line and fell toward its 200 DMA line with Friday's worrisome loss backed by higher volume.
The August Employment Situation report showed that hiring activity was lighter than expected and there were downward revisions to July and June that left employment 86,000 lower for those months than previously reported. Also, the unemployment rate declined slightly and average hourly earnings increased a stronger than expected 0.4% month-over-month, which should be helpful for spending.
The report was weak enough to fuel more selling on this downbeat week for equities, but not weak enough to convince the market that the FOMC will cut rates by 50 basis points at the September 17-18 FOMC meeting. The fed funds futures market now sees a 29.0% probability of a 50 basis points cut this month, down from 41.0% in front of the data, according to the CME FedWatch Tool.
The negative bias also stemmed from weakness in the semiconductor space. The PHLX Semiconductor Index (SOX) dropped 4.5% after Broadcom's (AVGO -10.4%) relatively disappointing guidance. Other mega caps also traded lower, leading the Vanguard Mega Cap Growth ETF (MGK) to fall 2.1%.
The 10-yr note yield settled two basis points lower at 3.71%. The 2-yr note yield settled 10 basis points lower at 3.65%. |
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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Retail, Financial, Tech, and Commodity-Linked Groups Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -2.63%), Broker/Dealer Index ($XBD -2.06%), and the Bank Index ($BKX -2.57%) finished withn solid losses on Friday. The Semiconductor Index ($SOX -4.52%) outpaced the Biotech Index ($BTK -1,20%) and the Networking Index ($NWX -2.10%) to the downside. Commodity-linked groups also had a negative bias as the Gold & Silver Index ($XAU -2.75%), Oil Services Index ($OSX -2.38%) and the Integrated Oil Index ($XOI -1.46%) ended unanimously lower.
PICTURED: The Semiconductor Index ($SOX -4.52%) met resistance at its 50-day moving average (DMA) line and has slumped back below its 200 DMA line in worrisome fashion. Prior lows define important near-term support to watch.
| Oil Services |
$OSX |
74.31 |
-1.81 |
-2.38% |
-11.41% |
| Integrated Oil |
$XOI |
1,865.26 |
-27.56 |
-1.46% |
+0.15% |
| Semiconductor |
$SOX |
4,528.21 |
-214.20 |
-4.52% |
+8.45% |
| Networking |
$NWX |
976.90 |
-20.99 |
-2.10% |
+17.30% |
| Broker/Dealer |
$XBD |
656.28 |
-13.80 |
-2.06% |
+17.76% |
| Retail |
$RLX |
4,317.42 |
-116.57 |
-2.63% |
+11.02% |
| Gold & Silver |
$XAU |
143.76 |
-4.06 |
-2.75% |
+14.38% |
| Bank |
$BKX |
109.59 |
-2.89 |
-2.57% |
+14.13% |
| Biotech |
$BTK |
5,661.81 |
-68.78 |
-1.20% |
+4.48% |
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US Lime & Minerals Lingers Below 50-Day Average
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
U.S. Lime & Minerals (USLM +$0.37 or +0.49% to $76.64) has been stubbornly holding its ground near its 50-day moving average (DMA) line ($77.133). More damaging losses would raise serious concerns. Prior low ($65.45 on 8/05/24) defines the next important support to watch. Near-term resistance remains due to overhead supply up to the $87 level.
Fundamentals remain strong. USLM reported Jun '24 quarterly earnings +32% on +3% sales revenues versus the year-ago period. USLM has an Earnings Per Share Rating of 98. Prior quarterly and annual earnings (C and A criteria) history has been strong, a good match with the fact-based investment system's guidelines. Its shares split 5:1 effective on 7/15/24 and still the thinly-traded firm has only 28.6 million shares outstanding (S criteria), which can contribute to greater price volatility in the event of institutional buying or selling.
USLM was highlighted in yellow in the 2/09/24 mid-day report (read here). It was last shown in this FSU section on 8/21/24 with an annotated graph under the headline, "Volume Cooling While Consolidating Above 50-Day Moving Average". The number of top-rated funds owning its shares rose from 192 in Mar '23 to 249 in Jun '24, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.6 is an unbiased indication its shares have been under accumulation over the past 50 days. It has an Accumulation/Distribution rating of D+ and a Timeliness rating of A.
Chart courtesy of www.stockcharts.com
 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 - NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag | $76.64 | +0.37
0.49% | $77.18 | 56,491
72.42% of 50 DAV
50 DAV is 78,000 | $87.13
-12.04%
| 6/18/2024 | $71.26 | PP = $75.77 | | MB = $79.56 | Most Recent Note - 9/3/2024 3:28:29 PM
G - Pulling back today for a big loss testing its 50 DMA line ($76.86). More damaging losses would raise serious concerns. Near-term resistance remains due to overhead supply up to the $87 level.
>>> FEATURED STOCK ARTICLE : US Lime & Minerals Lingers Below 50-Day Average - 9/6/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | GVA - NYSE
Granite Construction
Bldg-Heavy Construction | $71.39 | -0.63
-0.87% | $72.99 | 461,798
66.83% of 50 DAV
50 DAV is 691,000 | $75.36
-5.27%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | Most Recent Note - 9/3/2024 3:32:39 PM
G - Volume is light behind today''s loss, slumping from its all-time high. Its 50 DMA line ($67.11) defines inital support to watch on pullbacks above prior highs in the $64 area.
>>> FEATURED STOCK ARTICLE : Granite Contruction Closes at All-Time High - 8/30/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | MMYT - NASDAQ
MakeMyTrip
Leisure-Travel Booking | $93.40 | -0.36
-0.38% | $94.50 | 575,864
84.69% of 50 DAV
50 DAV is 680,000 | $101.50
-7.98%
| 7/23/2024 | $96.92 | PP = $93.39 | | MB = $98.06 |  Most Recent Note - 9/6/2024 1:49:39 PM
Y - Today''s loss is again testing support near its 50 DMA line ($91.44). Faces near-term resistance up to the $100 level.
>>> FEATURED STOCK ARTICLE : Reversed Into Red After Quietly Touching a New High - 8/26/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | TXRH - NASDAQ
Texas Roadhouse
Retail-Restaurants | $161.81 | -3.43
-2.08% | $167.25 | 611,031
79.98% of 50 DAV
50 DAV is 764,000 | $177.72
-8.95%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 9/3/2024 3:35:48 PM
G - Pulling back today with below-average volume, sputtering below its 50 DMA line ($169.23) which is now downward sloping and has acted as resistance.
>>> FEATURED STOCK ARTICLE : Meeting Stubborn Resistance at 50-Day Moving Average - 8/27/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | HWM - NYSE
Howmet Aerospace
Aerospace/Defense | $91.44 | -2.77
-2.94% | $94.15 | 4,136,985
144.35% of 50 DAV
50 DAV is 2,866,000 | $98.15
-6.84%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 9/6/2024 1:46:58 PM
G - Pulling back from its 52-week high with recent losses backed by higher (near average) volume after a quiet consolidation. Its 50 DMA ($87.78) and prior highs in the $85 area define important near-term support.
>>> FEATURED STOCK ARTICLE : Holding Ground Near All-Time High After Pullback Testing Support - 8/29/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note 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 | $1,986.05 | -52.13
-2.56% | $2,034.85 | 304,456
96.65% of 50 DAV
50 DAV is 315,000 | $2,064.76
-3.81%
| 8/5/2024 | $1,793.73 | PP = $1,792.15 | | MB = $1,881.76 | Most Recent Note - 9/6/2024 1:48:31 PM
G - Pulling back today with lighter volume after hovering near its all-time high. Its 50 DMA line ($1,807) and prior highs define support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Pulled Back From New All-Time High - 9/3/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | NGVC - NYSE
Natural Grocers
Retail-Super/Mini Mkts | $26.39 | -1.08
-3.93% | $27.72 | 69,177
81.38% of 50 DAV
50 DAV is 85,000 | $28.31
-6.78%
| 9/5/2024 | $27.91 | PP = $27.60 | | MB = $28.98 | Most Recent Note - 9/6/2024 1:44:27 PM
Y - Pulling back today with lighter volume following a volume-driven gain. Color code was changed to yellow in the prior mid-day report as a valid secondary buy point was noted up to 5% above the prior high since finding support near its 10 WMA line after an earlier breakout. Reported earnings +29% on +10% sales revenues for the Jun '24 quarter versus the year ago period, its 5th consecutive strong quarter above the +25% minimum earnings guideline (C criteria). Annual earnings growth has been steady. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Following Pullback a Secondary Buy Point Exists - 9/5/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I |
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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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