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AFTER MARKET UPDATE - TUESDAY, APRIL 12TH, 2022
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DOW |
-87.72 |
34,220.36 |
-0.26% |
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Volume |
872,943,006 |
-6% |
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Volume |
4,962,634,400 |
+3% |
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NASDAQ |
-40.38 |
13,371.57 |
-0.30% |
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Advancers |
1,588 |
50% |
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Advancers |
1,829 |
43% |
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S&P 500 |
-15.08 |
4,397.45 |
-0.34% |
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Decliners |
1,594 |
50% |
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Decliners |
2,431 |
57% |
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Russell 2000 |
+6.61 |
1,986.94 |
+0.33% |
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52 Wk Highs |
90 |
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52 Wk Highs |
72 |
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S&P 600 |
+6.90 |
1,271.92 |
+0.55% |
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52 Wk Lows |
276 |
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52 Wk Lows |
289 |
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Three Major Indices Reversed Early Gains to Close Lower
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow lost 87 points, erasing a more than 300 point intraday gain, while the S&P 500 and Nasdaq Composite each slipped 0.3% as growth-oriented shares continued to underperform. Volume totals reported were mixed, lighter than the prior session on the NYSE and higher on the Nasdaq exchange. Advancers and decliners were evenly mixed on the NYSE, but decliners led advancers by a 4-3 margin on the Nasdaq exchange. There were 29 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 35 on the prior session. New 52-week lows totals solidly outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The major indices are in an uptrend that has come under pressure (M criteria). Strict followers of the fact-based investment system only buy stocks fitting all key fundamental and technical investment criteria.
Chart courtesy of www.stockcharts.com PICTURED: The S&P 500 Index slumped below its 200-day moving average (DMA) line last week. It has slumped below its 50 DMA line with 3 consecutive losses on lighter volume.
U.S. stocks turned lower on Tuesday as investors exhibited caution before the unofficial start to earnings season. Meanwhile, Treasuries stabilized following an in-line inflation reading. The Consumer Price Index (CPI) rose 1.2% in March, matching estimates for its largest monthly gain since 2005. Gasoline costs fueled half of the March increase, while food prices were also a notable contributor. The year-over-year pace accelerated to 8.5% from the prior 7.9% clip, marking the highest annual reading since December 1981. The year-over-year figure is widely anticipated to represent a peak, as it accounted for the surge in food and energy costs following Russia’s invasion of Ukraine. The yield on the benchmark 10-year note shed six basis points (0.06%) to 2.72%, falling for the first time in eight days. The two-year note yield slid 13 basis points (0.13%) to 2.37%, its biggest one-day pull back since late February. In other data, a gauge of small business optimism deteriorated more than projected in March as survey respondents cited inflation as their biggest headwind.
Seven of 11 S&P 500 sectors finished in negative territory with Financials leading laggards. Energy outperformed as oil prices reclaimed $100/barrel. West Texas Intermediate crude jumped 6.6% to $100.55/barrel as China eases COVID-19 restrictions in Shanghai. In earnings, CarMax Inc. (KMX -9.54%) fell after missing profit estimates, pressured by rising used car prices.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Financials Weak as Commodity-Linked Groups Had Positive Bias
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Commodity-linked groups had a positive bias as the Oil Services Index ($OSX +2.63%), Integrated Oil Index ($XOI +1.62%), and Gold & Silver Index ($XAU +0.73%) posted unanimous gains. The Broker/Dealer Index ($XBD -0.74%) and Bank Index ($BKX -1.35%) both lost ground and created a drag on the major averages. The tech sector was indecisive as the Semiconductor Index ($SOX -0.25%) and Biotech Index ($BTK -0.64%) both edged lower while the Networking Index ($NWX +0.09%) fininshed flat. The Retail Index ($RLX -0.07%) was also unchanged. PICTURED: The Bank Index ($BKX -1.35%) is sinking near its July 2021 low and closed Tuesday's session down -20.7% from its January 2022 record high. Its 50-day moving average (DMA) recently crossed below its 200 DMA, a bearish technical signal termed a "death cross". Longtime readers should recognize that weakness in financials bodes especially badly for the broader market outlook, since the financials have served as reliable "leading indicators".
| Oil Services |
$OSX |
82.06 |
+2.10 |
+2.63% |
+55.65% |
| Integrated Oil |
$XOI |
1,605.21 |
+25.59 |
+1.62% |
+36.24% |
| Semiconductor |
$SOX |
3,047.47 |
-7.62 |
-0.25% |
-22.77% |
| Networking |
$NWX |
838.28 |
+0.76 |
+0.09% |
-13.68% |
| Broker/Dealer |
$XBD |
438.57 |
-3.28 |
-0.74% |
-9.92% |
| Retail |
$RLX |
3,691.12 |
-2.74 |
-0.07% |
-12.67% |
| Gold & Silver |
$XAU |
163.96 |
+1.19 |
+0.73% |
+23.79% |
| Bank |
$BKX |
118.17 |
-1.62 |
-1.35% |
-10.63% |
| Biotech |
$BTK |
5,139.39 |
-33.10 |
-0.64% |
-6.87% |
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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***
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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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