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AFTER MARKET UPDATE - FRIDAY, SEPTEMBER 9TH, 2016
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DOW |
-394.46 |
18,085.45 |
-2.13% |
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Volume |
1,054,750,390 |
+29% |
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Volume |
2,009,802,280 |
+19% |
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NASDAQ |
-133.57 |
5,125.91 |
-2.54% |
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Advancers |
156 |
5% |
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Advancers |
406 |
14% |
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S&P 500 |
-53.49 |
2,127.81 |
-2.45% |
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Decliners |
2,932 |
95% |
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Decliners |
2,503 |
86% |
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Russell 2000 |
-39.15 |
1,219.21 |
-3.11% |
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52 Wk Highs |
28 |
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52 Wk Highs |
43 |
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S&P 600 |
-22.66 |
739.97 |
-2.97% |
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52 Wk Lows |
20 |
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52 Wk Lows |
44 |
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Indices Violate 50-Day Moving Average Lines and Leadership Evaporates
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
For the week, the Dow was down 2%, the S&P lost 1.9%, and the Nasdaq fell 2.1%. Stocks retreated on Friday. The Dow was down 394 points to 18085. The S&P 500 lost 53 points to 2127 and the Nasdaq Composite fell 133 points to 5125. Behind the losses the volume totals were much higher than the prior session on both the NYSE and the Nasdaq exchange, a clear sign of distributional selling pressure from institutional investors. The major indices' charts had the worrisome look of a "correction", and the recently noted "healthy crop" of leading stocks abruptly dried up as very few stocks reached new 52-week highs. Breadth was negative as decliners led advancers by a decisive 18-1 on the NYSE and 6-1 on the Nasdaq exchange. Leadership quickly evaporated as only 7 high-ranked companies from the Leaders List made new 52-week highs and were listed on the BreakOuts Page versus the total of 39 on the prior session, down abruptly from 71 on Wednesday. New 52-week highs totals continued contracting yet still outnumbered new 52-week lows on the NYSE, and the highs/lows totals were even on the Nasdaq exchange. PICTURED: The S&P 500 Index had heavier volume behind damaging losses violating its 50-day moving average (DMA) line.
Friday's technical damage for the market (M criteria) included both the Dow Jones Industrial Average and the broader benchmark S&P 500 Index both decisively violating their respective 50-day moving average (DMA) lines. The Nasdaq Composite Index also violated its short-term average. In periods of market weakness the fact-based investment system suggests reducing exposure to stocks as they weaken and on a case-by-case basis. The Featured Stocks Page lists noteworthy candidates that have made headway.
The major averages sold-off the most since Brexit amid heightened speculation of a looming interest rate hike. Boston Fed President Eric Rosengren warned Friday that low interest rates are increasing the chance of overheating the U.S. economy, potentially risking financial stability. Separately, Dallas Fed President Robert Kaplan stated the case for a hike has strengthened, but added the central bank can afford to be patient.
All 11 sectors in the S&P 500 finished in negative territory. REITs, Telecom stocks and Utilities were the worst performers all retreating more than 3% on the session. In Energy, Williams Co (WMB -3.56%) fell with news rival pipeline company Enterprise Products Partners (EPP -2.37%) is no longer interested in a merger. Industrials declined with shares of Ingersoll-Rand (IR -6.39%) after being the subject of negative analyst commentary. In earnings, Finisar Corp (FNSR +12.79%) rallied as the company provided stronger-than-expected quarterly guidance. Restoration Hardware (RH +3.09%) rose after the luxury home goods retailer widely beat profit and sales expectations.
Treasuries finished firmly lower along the curve with the benchmark 10-year note down 21/32 to yield 1.67%. In commodities, NYMEX WTI crude retreated 3.7% to $45.88/barrel. COMEX gold fell 0.7% to $1328.90/ounce. In FOREX, the Dollar Index gained 0.4%.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Commodity-Linked Groups, Tech and Retail Indexes Among Weakest Groups
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD -1.25%) and Bank Index ($BKX -1.01%) both fell modestly on Friday while the Retail Index ($RLX -2.54%) created a bigger drag on the major indices. The Biotechnology Index ($BTK -3.08%), Networking Index ($NWX -2.19%) and the Semiconductor Index ($SOX -3.66%) suffered unanimous losses. Commodity-linked groups also suffered big setbacks as the Gold & Silver Index ($XAU -5.86%), Oil Services Index ($OSX -4.13%) and the Integrated Oil Index ($XOI -2.98%) each finished decisively lower. Charts courtesy www.stockcharts.com
PICTURED: The Integrated Oil Index ($XOI -2.98%) slumped near its 50-day moving average (DMA) line after meeting resistance.
| Oil Services |
$OSX |
154.05 |
-6.63 |
-4.13% |
-2.33% |
| Integrated Oil |
$XOI |
1,134.53 |
-34.80 |
-2.98% |
+5.76% |
| Semiconductor |
$SOX |
768.37 |
-29.20 |
-3.66% |
+15.81% |
| Networking |
$NWX |
390.58 |
-8.74 |
-2.19% |
+3.90% |
| Broker/Dealer |
$XBD |
170.91 |
-2.16 |
-1.25% |
-4.03% |
| Retail |
$RLX |
1,305.90 |
-34.02 |
-2.54% |
+1.75% |
| Gold & Silver |
$XAU |
93.46 |
-5.82 |
-5.86% |
+106.31% |
| Bank |
$BKX |
71.61 |
-0.73 |
-1.01% |
-2.01% |
| Biotech |
$BTK |
3,315.04 |
-105.50 |
-3.08% |
-13.08% |
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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***
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 |
TDG
-
NYSE
Transdigm Group Inc
AEROSPACE/DEFENSE - Aerospace/Defense Products and; Services
|
$283.41
|
-5.08
-1.76% |
$286.69
|
416,601
119.37% of 50 DAV
50 DAV is 349,000
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$294.38
-3.73%
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5/11/2016
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$248.33
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PP = $245.00
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MB = $257.25
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Most Recent Note - 9/7/2016 6:05:15 PM
G - Wedged to new all-time highs with today's 4th consecutive gain backed by light volume. Its 50 DMA line and prior highs define important near-term support to watch on pullbacks. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Light Volume Behind Gains Wedging for New Highs - 9/7/2016 |
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C
A
S
I |
IESC
-
NASDAQ
I E S Holdings Inc
Bldg-Maintenance and Svc
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$15.60
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-1.70
-9.83% |
$17.22
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109,210
131.58% of 50 DAV
50 DAV is 83,000
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$18.16
-14.10%
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7/26/2016
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$15.79
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PP = $15.74
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MB = $16.53
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Most Recent Note - 9/9/2016 6:02:11 PM
G - Suffered a big loss on higher volume today following a "negative reversal" on 9/06/16. Its 50 DMA line and the recent low (13.50 on 8/02/16) define important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Strength Returned With Heavier Volume Gains for Highs - 8/30/2016 |
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C
A
S
I |
NTES
-
NASDAQ
Netease Inc Adr
INTERNET - Internet Information Providers
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$213.17
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-8.51
-3.84% |
$222.44
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933,666
80.49% of 50 DAV
50 DAV is 1,160,000
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$224.18
-4.91%
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6/29/2016
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$182.42
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PP = $186.55
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MB = $195.88
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Most Recent Note - 9/6/2016 1:01:02 PM
G - Rallying further into new all-time high territory with today's gain while volume is running at an above average pace. It is extended from any sound base. Its 50 DMA line ($201) defines near-term support above prior highs in the $186 area.
>>> FEATURED STOCK ARTICLE : Pulled Back on Higher Volume Following Earnings Report - 8/18/2016 |
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C
A
S
I |
HTHT
-
NASDAQ
China Lodging Group Ads
LEISURE - Lodging
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$44.39
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-0.72
-1.60% |
$45.62
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255,781
112.18% of 50 DAV
50 DAV is 228,000
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$47.72
-6.98%
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7/13/2016
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$38.87
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PP = $39.29
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MB = $41.25
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Most Recent Note - 9/6/2016 4:20:59 PM
G - Extended from any sound base after rallying well above its "max buy" level. Prior highs and its 50 DMA line define near term support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Volume-Driven Gains for New Highs Signal Institutional Demand - 8/17/2016 |
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C
A
S
I |
MXL
-
NYSE
Maxlinear Inc Cl A
Telecom-Infrastructure
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$18.50
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-0.86
-4.44% |
$19.26
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1,280,381
93.32% of 50 DAV
50 DAV is 1,372,000
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$22.50
-17.78%
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5/16/2016
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$19.24
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PP = $19.20
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MB = $20.16
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Most Recent Note - 9/9/2016 6:05:07 PM
G - Sputtering below its 50 DMA line, and a rebound above that short-term average is needed for its outlook to improve. Its 200 DMA line and prior lows in the $17 area define the next important support level where violations would raise serious concerns.
>>> FEATURED STOCK ARTICLE : Rebound to 50-Day Moving Average After Abrupt Drop to 200-Day Line - 9/1/2016 |
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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 |
PATK
-
NASDAQ
Patrick Industries Inc
WHOLESALE - Building Materials Wholesale
|
$63.14
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-1.60
-2.47% |
$64.82
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259,544
120.72% of 50 DAV
50 DAV is 215,000
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$69.53
-9.19%
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9/8/2016
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$64.74
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PP = $69.63
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MB = $73.11
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Most Recent Note - 9/8/2016 6:12:35 PM
Y - Color code is changed to yellow with new pivot point cited based on its 7/28/16 high plus 10 cents. Volume-driven gains for new highs may trigger a new (or add-on) technical buy signal, meanwhile, it is quietly consolidating above the 50 DMA line ($63.84) which has acted as support in recent weeks. Subsequent losses leading to a violation may trigger a technical sell signal.
>>> FEATURED STOCK ARTICLE : Building a New Base Above 50-Day Moving Average Line - 8/31/2016 |
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C
A
S
I |
FBHS
-
NYSE
Fortune Brands Hme & Sec
Bldg-Constr Prds/Misc
|
$58.72
|
-3.21
-5.18% |
$61.55
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1,937,379
166.54% of 50 DAV
50 DAV is 1,163,300
|
$64.47
-8.92%
|
6/22/2016
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$57.71
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PP = $60.08
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MB = $63.08
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Most Recent Note - 9/9/2016 6:09:02 PM
G - Violated its 50 DMA line and prior low with higher volume and the damaging loss triggered technical sell signals. See the latest FSU analysis for additional details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Pullback Testing Important Near-Term Support Level - 9/8/2016 |
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C
A
S
I |
LGIH
-
NASDAQ
L G I Homes Inc
Bldg-Resident/Comml
|
$35.82
|
-3.10
-7.97% |
$38.70
|
1,266,192
238.01% of 50 DAV
50 DAV is 532,000
|
$40.47
-11.49%
|
8/29/2016
|
$37.08
|
PP = $36.44
|
|
MB = $38.26
|
Most Recent Note - 9/9/2016 6:03:29 PM
G - Big loss on higher volume today tested prior highs in the $36 area and its 50 DMA line defining initial support to watch.
>>> FEATURED STOCK ARTICLE : Finished Strong While Rallying From Cup-With-Handle Base - 8/29/2016 |
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C
A
S
I |
NVEE
-
NASDAQ
N V 5 Global Inc
Comml Svcs-Consulting
|
$29.71
|
-1.64
-5.23% |
$31.09
|
60,803
77.95% of 50 DAV
50 DAV is 78,000
|
$37.00
-19.70%
|
4/19/2016
|
$28.20
|
PP = $28.10
|
|
MB = $29.51
|
Most Recent Note - 9/9/2016 6:06:52 PM
G - Sank below its 50 DMA line with a big loss today on lighter than average volume. Prior highs in the $30 area define important near-term support, and more damaging losses may trigger worrisome technical sell signals.
>>> FEATURED STOCK ARTICLE : Technically Strong Despite Fundamental Concerns - 8/22/2016 |
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C
A
S
I |
SFBS
-
NASDAQ
"ServisFirst Bancshares, Inc"
BANKING - Regional - Southeast Banks
|
$51.65
|
-0.86
-1.64% |
$52.73
|
37,072
54.76% of 50 DAV
50 DAV is 67,700
|
$53.58
-3.60%
|
7/19/2016
|
$53.28
|
PP = $52.82
|
|
MB = $55.46
|
Most Recent Note - 9/6/2016 4:18:47 PM
Y - Today's quiet loss broke a streak of 8 small gains challenging its 52-week high. Members were previously reminded - "A volume-driven gain and strong close above the pivot point are needed to clinch a convincing technical buy signal. It has been quietly consolidating since highlighted in yellow in the 7/19/16 mid-day report with pivot point cited based on the 6/01/16 high plus 10 cents."
>>> FEATURED STOCK ARTICLE : Still Consolidating Within Close Striking Distance of New Highs - 8/25/2016 |
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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 |
INGN
-
NASDAQ
Inogen Inc
HEALTH SERVICES - Medical Instruments and Supplies
|
$58.00
|
-1.60
-2.68% |
$60.71
|
255,035
126.88% of 50 DAV
50 DAV is 201,000
|
$60.07
-3.45%
|
8/5/2016
|
$51.72
|
PP = $56.08
|
|
MB = $58.88
|
Most Recent Note - 9/6/2016 4:23:50 PM
Y - Posted a gain with light volume today for a best-ever close. Remains at its 52-week high, stubbornly holding ts ground. Stalled after its 8/09/16 volume-driven gain triggered a technical buy signal.
>>> FEATURED STOCK ARTICLE : Perched Within Striking Distance of Highs Following Rebound - 8/5/2016 |
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C
A
S
I |
OLLI
-
NASDAQ
Ollie's Bargain Outlet
Retail-DiscountandVariety
|
$25.17
|
-1.03
-3.93% |
$26.26
|
1,556,824
197.82% of 50 DAV
50 DAV is 787,000
|
$28.72
-12.36%
|
7/19/2016
|
$26.42
|
PP = $28.82
|
|
MB = $30.26
|
Most Recent Note - 9/9/2016 6:11:28 PM
G - Color code is changed to green after violating its 50 DMA line with another considerable volume-driven loss. Recent weakness follows news of a Secondary Offering. Reported earnings +50% on +16% sales revenues for the Jul '16 quarter. Members were repeatedly reminded in prior notes - "Volume-driven gains above the pivot point are still needed to trigger a convincing technical buy signal."
>>> FEATURED STOCK ARTICLE : Near High Awaiting Volume-Driven Gain to Trigger Technical Buy Signal - 8/24/2016 |
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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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