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AFTER MARKET UPDATE - WEDNESDAY, MAY 4TH, 2022
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DOW |
+932.27 |
34,061.06 |
+2.81% |
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Volume |
1,088,964,955 |
+12% |
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Volume |
5,447,524,200 |
+22% |
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NASDAQ |
+401.10 |
12,964.86 |
+3.19% |
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Advancers |
2,543 |
81% |
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Advancers |
2,945 |
70% |
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S&P 500 |
+124.69 |
4,300.17 |
+2.99% |
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Decliners |
595 |
19% |
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Decliners |
1,261 |
30% |
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Russell 2000 |
+51.07 |
1,949.92 |
+2.69% |
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52 Wk Highs |
53 |
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52 Wk Highs |
40 |
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S&P 600 |
+32.78 |
1,267.21 |
+2.66% |
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52 Wk Lows |
332 |
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52 Wk Lows |
501 |
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Damage grew greater last week as the market correction (M criteria) saw more widespread losses. Reducing market exposure and raising cash is prudent until a new confirmed rally is noted.
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Major Averages Rose With Greater Conviction
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow climbed 932 points, with its 2.8% percentage gain constituting its sharpest single-session increase since November 2020. The S&P 500 soared 3%, its best showing since May 2020, while the Nasdaq Composite rallied 3.2%. Volume totals reported were higher than the prior session on the NYSE and on the Nasdaq exchange. Advancers led decliners by a 4-1 margin on the NYSE and by more than a 2-1 margin on the Nasdaq exchange. There were 20 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 5 on the prior session. New 52-week lows totals still solidly outnumbered new 52-week highs on both the NYSE and the Nasdaq exchange. The major indices are still in a market correction (M criteria).
Chart courtesy of www.stockcharts.com PICTURED: The S&P 500 Index posted a 3rd consecutive gain after a "positive reversal" Monday from a new 2022 low. Followers of the fact-based investment system know to watch for a follow-through day on Day 4-7 of the new rally attempt which could signal a new confirmed uptrend.
All three major averages capped their first three-day winning streak since March. U.S. stocks experienced a relief rally on Wednesday as Wall Street digested the Federal Reserve’s (Fed) policy decision. The central bank announced the first 50-basis point (0.50%) rate hike since May 2000 and detailed plans to begin reducing its nearly $9 trillion balance sheet on June 1 as officials work to rein in inflation. Fed Chair Jerome Powell noted that additional 0.50% rate increases remain an option “for the next couple of meetings,” but pacified speculation of an even more aggressive 0.75% hike. Treasuries strengthened, with the more Fed-sensitive two-year note yield falling 14 basis points (0.14%) to 2.63%. A gauge of the U.S. dollar retreated 0.8%, its steepest drop in two months.
All 11 S&P 500 sector closed in positive territory, with Energy pacing the gains. West Texas Intermediate crude spiked 5.5% to $108.02/barrel after the European Union proposed plans to phase in an embargo on Russian oil. In earnings, Advanced Micro Devices Inc. (AMD +9.10%) rose after reporting rising demand from data centers for its chips. Starbucks Corp. (SBUX +9.83%) as a number of analysts highlighted strong demand. Lyft Inc. (LYFT -29.91%) tumbled as plans to increase spending to attract drivers fed into soft guidance.
On the data front, a release revealed U.S. services sector growth unexpectedly decelerated in April. Elsewhere, private payrolls increased a smaller-than-anticipated 247,000 during the same period.
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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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Financial, Retail, Tech, and Commodity-Linked Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX +3.35%) and Broker/Dealer Index ($XBD +3.28%) both posted influential gains along with the Retail Index ($RLX +2.17%). The Semiconductor Index ($SOX +3.90%) led the tech sector higher, followed by the Biotech Index ($BTK +2.00%) and the Networking Index ($NWX +1.00%). The Oil Services Index ($OSX +5.14%), Integrated Oil Index ($XOI +3.97%), and Gold & Silver Index ($XAU +2.03%) rounded out the widely positive day with unanimous gains.
PICTURED: The Oil Services Index ($OSX +5.14%) rebounded above its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
80.16 |
+3.92 |
+5.14% |
+52.05% |
| Integrated Oil |
$XOI |
1,686.04 |
+64.31 |
+3.97% |
+43.10% |
| Semiconductor |
$SOX |
3,163.78 |
+118.89 |
+3.90% |
-19.83% |
| Networking |
$NWX |
799.34 |
+7.89 |
+1.00% |
-17.69% |
| Broker/Dealer |
$XBD |
428.10 |
+13.58 |
+3.28% |
-12.07% |
| Retail |
$RLX |
3,370.23 |
+71.66 |
+2.17% |
-20.26% |
| Gold & Silver |
$XAU |
145.99 |
+2.91 |
+2.03% |
+10.22% |
| Bank |
$BKX |
116.90 |
+3.79 |
+3.35% |
-11.59% |
| Biotech |
$BTK |
4,844.21 |
+94.87 |
+2.00% |
-12.22% |
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Ingles Markets Perched Near High With Earnings News Due
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Ingles Markets Inc Cl A (IMKTA +$2.06 or +2.17% top $97.18) posted a 3rd consecutive gain and remains perched near its all-time high. It has been sputtering in recent weeks after no gain backed by at least +40% above average volume to clinch a proper technical buy signal. Keep in mind it is due to report Mar '22 quarterly results on 5/06/22. Volume and volatility often increase near earnings news.
Ingles was highlighted in yellow in the mid-day report (read here) with pivot point cited based on its 3/21/22 high after a cup-with-high-handle base pattern. It has a 96 Earnings Per Share Rating, well above the 80+ minimum for buy candidates. It reported Dec '21 earnings +31% on +17% sales revenues versus the year ago period. Three of the past 4 quarterly comparisons were above the +25% minimum earnings guideline (C criteria). Annual earnings growth (A criteria) has been very strong in recent years.
The company hails from the Retail - Super/Mini Markets industry group which is currently ranked 14th on the 197 Industry Groups list (L criteria). Its small supply of only 10.4 million shares in the public float (A criteria) can contribute to greater price volatility in the event of institutional buying or selling. The number of top-rated funds owning its shares rose from 344 in Sep '21 to 377 in Mar '22, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.2 is an unbiased indication its shares have been under accumulation over the past 50 days. |
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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 |
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Max Buy |
REGN
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NASDAQ
Regeneron Pharmaceutical
DRUGS - Biotechnology
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$660.86
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+0.37
0.06% |
$666.25
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993,860
155.78% of 50 DAV
50 DAV is 638,000
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$747.42
-11.58%
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3/14/2022
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$647.95
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PP = $673.96
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MB = $707.66
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Most Recent Note - 5/3/2022 2:05:44 PM
G - Due to report Mar '22 quarterly results on Wednesday, May 4th. Volume and volatility often increase near earnings news. Rebounding today with light volume after noted losses this week triggering a technical sell signal. Only a prompt rebound above the 50 DMA line ($672) would help its outlook improve.
>>> FEATURED STOCK ARTICLE : Testing Support at 50-Day Moving Average Line - 4/28/2022 |
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Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
IMKTA
-
NASDAQ
Ingles Markets Inc Cl A
RETAIL - Grocery Stores
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$97.18
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+2.06
2.17% |
$97.21
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108,229
92.50% of 50 DAV
50 DAV is 117,000
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$101.98
-4.71%
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4/11/2022
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$96.25
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PP = $95.75
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MB = $100.54
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Most Recent Note - 5/4/2022 7:05:53 PM
Y - Posted a 3rd consecutive gain today perched near its all-time high. Due to report Mar '22 quarterly results on 5/06/22. Volume and volatility often increase near earnings news. See the latest FSU analysis for more detailed analysis and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Ingles Markets Perched Near High With Earnings News Due - 5/4/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
WCC
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NYSE
Wesco International Inc
WHOLESALE - Electronics Wholesale
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$132.56
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+5.73
4.52% |
$132.60
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467,512
107.23% of 50 DAV
50 DAV is 436,000
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$140.92
-5.93%
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4/21/2022
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$135.54
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PP = $139.10
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MB = $146.06
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Most Recent Note - 5/4/2022 6:53:28 PM
Y - Rebounded well above its 50 and 200 DMA lines with today's 2nd consecutive gain approaching prior highs in the $136 area that may act as resistance. Due to report Mar '22 quarterly results on 5/05/22. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Approaching Prior Highs Where it Met Resistance - 4/21/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
SMPL
-
NASDAQ
Simply Good Foods Co
Food-Confectionery
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$40.25
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+0.20
0.50% |
$40.55
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647,050
96.57% of 50 DAV
50 DAV is 670,000
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$45.77
-12.06%
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4/13/2022
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$41.79
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PP = $43.27
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MB = $45.43
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Most Recent Note - 5/3/2022 2:08:08 PM
Y - Today's 3rd consecutive loss is nearly testing its 50 DMA line ($39.37) which defines important near-term support. Any violation would raise greater concerns and trigger a technical sell signal. Reported Feb '22 quarterly earnings +44% on +29% sales revenues versus the year ago period, its 4th strong quarterly comparison.
>>> FEATURED STOCK ARTICLE : Simply Good Foods Had a Great Breakout - 4/14/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
IMXI
-
NASDAQ
International Money Exp
Financial Svcs-Specialty
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$21.42
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+1.55
7.80% |
$22.86
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1,060,393
266.43% of 50 DAV
50 DAV is 398,000
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$21.98
-2.55%
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3/8/2022
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$18.64
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PP = $19.06
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MB = $20.01
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Most Recent Note - 5/4/2022 12:00:41 PM
G - Color code is changed to green after it spiked above its "max buy" level to hit a new high today with above average volume behind the gain. Bullish action came after it reported Mar '22 quarterly earnings +26% on +21% sales revenues versus the year ago period. Volume and volatility often increase near earnings news. Recently consolidating near its 50 DMA line ($19.49) which defines important near term support to watch. More damaging losses would raise concerns and trigger a technical sell signal.
>>> FEATURED STOCK ARTICLE : Consolidating After Rally From Previously Noted Base - 4/18/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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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 |
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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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only to active Paid Premium Members.
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