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AFTER MARKET UPDATE - MONDAY, OCTOBER 7TH, 2024
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DOW |
-398.51 |
41,954.24 |
-0.94% |
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Volume |
890,252,863 |
+9% |
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Volume |
5,316,366,300 |
+1% |
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NASDAQ |
-213.95 |
17,923.90 |
-1.18% |
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Advancers |
732 |
27% |
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Advancers |
1,322 |
31% |
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S&P 500 |
-55.13 |
5,695.94 |
-0.96% |
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Decliners |
2,023 |
73% |
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Decliners |
2,937 |
69% |
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Russell 2000 |
-19.71 |
2,193.09 |
-0.89% |
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52 Wk Highs |
125 |
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52 Wk Highs |
138 |
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S&P 600 |
-14.15 |
1,393.31 |
-1.01% |
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52 Wk Lows |
32 |
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52 Wk Lows |
133 |
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Breadth Negative as Major Indices Fell With Higher Volume Totals
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 Index ended -1.0% lower, the Nasdaq Composite fell -1.2%, the Dow Jones Industrial Average declined -0.9%, and the Russell 2000 settled with a -0.8% loss. The volume reported was higher than the prior session total on the NYSE and on the Nasdaq exchange, action indicative of distributional pressure. Breadth was negative as decliners led advancers by almost a 3-1 margin on the NYSE and by more than a 2-1 margin on the Nasdaq exchange. There were 62 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 81 on the prior session. New 52-week highs totals contracted yet still outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. 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 is consolidating above its 50-day moving average (DMA) line.
Weakness in some mega caps created pressure on the major indices late in Monday's session as Meta Platforms (META -1.87%) fell after trading up as much as +1.2%. Broadcom (AVGO -0.88%) also fell after it had been up as much as +0.9%. Apple (AAPL -2.29%) and Amazon.com (AMZN -3.06%) both fell after analyst downgrades.
Potential escalation between Israel and Iran led to another jump in oil prices. WTI crude oil futures rose +3.7% to $77.18/bbl. The price of oil also rose in response to concerns about Hurricane Milton which intensified into a Category 5 hurricane. The S&P 500 energy sector was the only sector to close higher, up +0.4%. The rate-sensitive utilities sector closed with the largest decline, down -2.3%. The communication services sector fell -2.0%.
The 10-yr yield settled five basis points higher at 4.03% and the 2-yr yield settled seven basis points higher at 4.00%.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail, Gold & Silver, and Tech Indexes Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -2.16%) outpaced the Bank Index ($BKX -0.15%) and the Broker/Dealer Index ($XBD -0.59%) to the downside. The Semiconductor Index ($SOX -0.19%) ended slightly in the red while the Networking Index ($NWX -1.37%) and the Biotech Index ($BTK -1.45%) both suffered larger losses. Commodity-linked groups were mixed as the Gold & Silver Index ($XAU -1.36%) fell while the Oil Services Index ($OSX +0.06%) finished flat and the Integrated Oil Index ($XOI +0.84%) posted a modest gain.
PICTURED: The Semiconductor Index ($SOX -0.19%) is consolidating above its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
81.74 |
+0.05 |
+0.06% |
-2.55% |
| Integrated Oil |
$XOI |
2,020.91 |
+16.83 |
+0.84% |
+8.51% |
| Semiconductor |
$SOX |
5,196.80 |
-10.03 |
-0.19% |
+24.46% |
| Networking |
$NWX |
1,122.74 |
-15.61 |
-1.37% |
+34.81% |
| Broker/Dealer |
$XBD |
704.99 |
-4.17 |
-0.59% |
+26.50% |
| Retail |
$RLX |
4,568.00 |
-100.23 |
-2.15% |
+17.47% |
| Gold & Silver |
$XAU |
155.92 |
-2.16 |
-1.36% |
+24.05% |
| Bank |
$BKX |
114.48 |
-0.17 |
-0.15% |
+19.23% |
| Biotech |
$BTK |
5,825.39 |
-85.65 |
-1.45% |
+7.50% |
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Hovering Above Prior Highs Near All-Time High
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
U.S. Lime & Minerals (USLM +$0.89 or +0.95% to $94.14) has seen volume totals cooling while consolidating above prior highs in the $87 area which define initial support to watch above its 50-day moving average (DMA) line ($82.72). More damaging losses would raise serious concerns.
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 9/06/24 with an annotated graph under the headline, "US Lime & Minerals Lingers Below 50-Day Average". The number of top-rated funds owning its shares rose from 192 in Mar '23 to 254 in Jun '24, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.3 is an unbiased indication its shares have been under accumulation over the past 50 days. It has an Accumulation/Distribution rating of C and a Timeliness rating of A.
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 | $94.14 | +0.89
0.95% | $94.19 | 55,994
86.14% of 50 DAV
50 DAV is 65,000 | $97.88
-3.82%
| 9/17/2024 | $71.26 | PP = $87.23 | | MB = $91.59 |  Most Recent Note - 10/7/2024 6:18:34 PM
G - Hovering near its all-time high. Prior high in the $87 area defines initial support to watch on pullbacks. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Hovering Above Prior Highs Near All-Time High - 10/7/2024 | 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 | $80.82 | -0.47
-0.58% | $81.74 | 332,526
57.63% of 50 DAV
50 DAV is 577,000 | $81.38
-0.69%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | Most Recent Note - 10/7/2024 6:20:28 PM
G - There was a "negative reversal" today after touching a new all-time high. Its 50 DMA line ($73.81) and prior low in the $70 area define important near-term support levels to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Hovering Near All-Time High - 10/1/2024 | 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 | $175.53 | -3.12
-1.75% | $178.25 | 747,302
107.84% of 50 DAV
50 DAV is 693,000 | $180.69
-2.86%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 10/2/2024 5:27:32 PM
Y - Managed a "positive reversal" today and closed near the session high with a gain backed by lighter volume. Recently noted rebound above the 50 DMA line ($168.71) helped its outlook to improve. Faces no resistance due to overhead supply.
>>> FEATURED STOCK ARTICLE : Wedging to New Highs With Quiet Volume Behind Gains - 9/26/2024 | 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 | $102.83 | +0.80
0.78% | $103.38 | 1,778,830
68.34% of 50 DAV
50 DAV is 2,603,000 | $103.00
-0.17%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 10/7/2024 6:21:32 PM
G - Volume was light again today as it posted a small gain for a new all-time high. Its 50 DMA ($95.42) line defines important near-term support above the recent low ($90.72).
>>> FEATURED STOCK ARTICLE : Gain With Light Volume for Best-Ever Close - 9/30/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | MELI - NASDAQ
MercadoLibre
Retail-Internet | $1,963.23 | +3.23
0.16% | $1,985.00 | 252,018
77.54% of 50 DAV
50 DAV is 325,000 | $2,161.73
-9.18%
| 8/5/2024 | $1,793.73 | PP = $1,792.15 | | MB = $1,881.76 | Most Recent Note - 10/3/2024 5:03:34 PM
G - Ended lower today with lighter volume after a volume-driven loss on the prior session undercut its prior low ($1,966). It is testing its 50 DMA line ($1,960) which defines important near-term support. More damaging losses would raise concerns and trigger a technical sell signal. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Testing 50-Day Moving Average Line - 10/3/2024 | 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 | NGVC - NYSE
Natural Grocers
Retail-Super/Mini Mkts | $25.55 | -0.49
-1.88% | $25.93 | 84,144
89.51% of 50 DAV
50 DAV is 94,000 | $30.32
-15.73%
| 9/5/2024 | $27.91 | PP = $27.60 | | MB = $28.98 | Most Recent Note - 10/4/2024 11:26:08 PM
G - Paused today after 3 consecutive losses with above-average volume undercut its pivot point and violated its 50 DMA line ($26.24) triggering a technical sell signal. Only a prompt rebound above the 50 DMA line would help its outlook improve. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Near 50-Day Moving Average After Volume-Driven Losses - 10/4/2024 | 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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