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AFTER MARKET UPDATE - TUESDAY, MARCH 10TH, 2020
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DOW |
+1,167.14 |
25,018.16 |
+4.89% |
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Volume |
1,816,315,140 |
-13% |
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Volume |
4,398,632,800 |
-2% |
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NASDAQ |
+393.57 |
8,344.25 |
+4.95% |
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Advancers |
2,167 |
76% |
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Advancers |
2,188 |
67% |
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S&P 500 |
+135.67 |
2,882.23 |
+4.94% |
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Decliners |
668 |
24% |
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Decliners |
1,084 |
33% |
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Russell 2000 |
+37.46 |
1,350.90 |
+2.85% |
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52 Wk Highs |
13 |
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52 Wk Highs |
16 |
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S&P 600 |
+22.50 |
806.03 |
+2.87% |
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52 Wk Lows |
687 |
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52 Wk Lows |
704 |
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During market corrections it is especially important to reduce exposure, preserve your capital, and just be patient. Be safe! Historic studies have shown that the biggest up sessions have occurred during market corrections and bear markets.
Disciplined investors know to wait until a new confirmed rally marked by a solid follow-through day. The bold portion of the daily market commentary will note when that happens. For any clarification or additional help applying the fact-based investment system, we invite members to call, or contact us via the inquiry form.
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Major Indices Post Gains Marking Day 1 of New Rally Attempt
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow climbed 1,167 points, while the S&P 500 rallied 4.9%, its best one-day performance since December 2018. Both benchmarks rebounded from their worst session since the 2008 Financial Crisis. The Nasdaq Composite was up 5%. Breadth was positive as advancers led decliners by a 3-1 margin on the NYSE and 2-1 on the Nasdaq exchange. The reported volume totals were lighter than the prior session totals on the NYSE and on the Nasdaq exchange. Leadership remained thin as there were only 3 high-ranked companies from the Leaders List that hit a new 52-week high and were listed on the BreakOuts Page, versus 2 on the prior session. New 52-week lows totals easily outnumbered shrinking new 52-week highs totals on the NYSE and on the Nasdaq exchange. The major indices' (M criteria) have been in a noted "market correction" and investors have been prompted since February 25th to reduce market exposure. Disciplined investors know to watch for a follow-through day of gains on higher volume to confirm a new market uptrend before initiating any new buying efforts. The Featured Stocks Page provides the most timely analysis on high-ranked leaders. Charts used courtesy of www.stockcharts.com
PICTURED: The Dow Jones Industrial Average posted a gain marking Day 1 of a new rally attempt. It is well below its 200-day moving average (DMA) line after slumping is -19.8% off its all-time high hit on 2/12/20. Disciplined investors will watch for a follow-through day of big gains on higher volume to signal a new confirmed rally.
Stocks finished higher on Tuesday in volatile trading. The Dow soared as much as 945 points on the prospect of President Trump’s proposed tax relief measures to help counter the negative economic implications of the coronavirus. U.S. equities pared their advance mid-day on skepticism concerning the timing and details of the fiscal stimulus. However, gains were reclaimed after Vice President Pence stated that private U.S. health insurers agreed to cover the cost of coronavirus treatments and waive testing co-pay fees.
On the data front, the lone update today showed that NFIB small business optimism unexpectedly increased in February. All 11 S&P 500 sectors closed in positive territory, with Technology shares pacing gains, up 6.6%. Financials also outperformed, rising more than 6% amid an uptick in Treasury yields. The yield on the 10-year note jumped 22 basis points to 0.79% after sliding as low as 0.31% on Monday.
In commodities, WTI crude rebounded 10.4% to $34.36/barrel, recouping a portion of yesterday’s 24% loss on hopes that OPEC and its allies may resume talks to help stabilize the oil market. Energy company Occidental Petroleum (OXY +14.63%) rose as investors digested a steep dividend cut announcement. In other corporate news, airline companies garnered attention after Delta (DAL +4.48%) , United Airlines (UAL +12.36%) , and American Airlines (AAL +15.25%) all announced they were allowing passengers to re-book without fees through April 30th. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Energy, Financial, Retail and Tech Indices Rebounded
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Energy-linked groups were standout gainers as the Oil Services Index ($OSX +8.72%) and the Integrated Oil Index ($XOI +5.90%) rebounded from a very severe slump. The Bank Index ($BKX +7.31%) and Broker/Dealer Index ($XBD +5.56%) also recovered part of the prior session's huge losses and the Retail Index ($RLX +5.13%) also rose. The tech sector had a positive bias as the Semiconductor Index ($SOX +6.31%), Networking Index ($NWX +3.87%), and the Biotech Index ($BTK +3.06%) posted unanimous gains.
PICTURED: The Gold & Silver Index ($XAU +1.27%) posted a small gain, finding support near its 200-day moving average (DMA) line.
| Oil Services |
$OSX |
31.25 |
+2.51 |
+8.73% |
-60.08% |
| Integrated Oil |
$XOI |
728.01 |
+40.54 |
+5.90% |
-42.70% |
| Semiconductor |
$SOX |
1,656.50 |
+98.34 |
+6.31% |
-10.44% |
| Networking |
$NWX |
473.95 |
+17.68 |
+3.87% |
-18.76% |
| Broker/Dealer |
$XBD |
240.10 |
+12.65 |
+5.56% |
-17.32% |
| Retail |
$RLX |
2,371.16 |
+115.79 |
+5.13% |
-3.19% |
| Gold & Silver |
$XAU |
95.49 |
+1.20 |
+1.27% |
-10.69% |
| Bank |
$BKX |
77.50 |
+5.28 |
+7.31% |
-31.63% |
| Biotech |
$BTK |
4,743.99 |
+140.67 |
+3.06% |
-6.38% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
See the Featured Stocks with most recent note below. Feel free to contact us if you have a need for any additional information. |
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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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