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AFTER MARKET UPDATE - MONDAY, MAY 23RD, 2016
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DOW |
-8.01 |
17,492.93 |
-0.05% |
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Volume |
799,034,500 |
-16% |
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Volume |
1,714,863,540 |
-4% |
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NASDAQ |
-3.78 |
4,765.78 |
-0.08% |
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Advancers |
1,481 |
49% |
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Advancers |
1,492 |
53% |
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S&P 500 |
-4.28 |
2,048.04 |
-0.21% |
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Decliners |
1,515 |
51% |
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Decliners |
1,337 |
47% |
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Russell 2000 |
-0.91 |
1,111.37 |
-0.08% |
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52 Wk Highs |
62 |
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52 Wk Highs |
61 |
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S&P 600 |
-1.40 |
679.49 |
-0.21% |
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52 Wk Lows |
19 |
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52 Wk Lows |
40 |
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Major Averages Sputter While Leadership Remains Thin
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
On Monday the Dow lost 8 points to 17492. The S&P 500 slipped 4 points to 2048. The Nasdaq was off 3 points to 4765. The volume totals were reported lighter on the NYSE and on the Nasdaq exchange. Breadth was evenly mixed as advancers narrowly led decliners on the Nasdaq exchange, but decliners slightly outnumbered advancers on the NYSE. There were 21 high-ranked companies from the Leaders List made new 52-week highs and were listed on the BreakOuts Page, versus the total of 20 on the prior session. New 52-highs outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. PICTURED: The Dow Jones Industrial Average recently slumped below its 50-day moving average (DMA) line.
The market's confirmed uptrend (M criteria) has come under pressure in recent weeks. The Dow and S&P 500 both violated their 50-day moving average lines. The Nasdaq Composite Index has been slumping below both its 50 and 200 DMA lines.Sustained rallies require a healthy crop of leaders (stocks hitting new highs), however leadership has recently waned. Very few issues have appeared to meet the fact-based investment system's guidelines or make meaningful headway in recent weeks. The Featured Stocks Page includes current notes with headline links for access to more detailed letter-by-letter analysis including price/volume graphs annotated by our experts. The major averages toggled between gains and losses ahead of a busy week of economic news and Fed commentary. On the data front today, Markit’s reading on US manufacturing PMI slipped to 50.5 in May from 50.8 in April, below the 51.0 consensus. The expansion was the weakest since 2009. Eight out of ten sectors in the S&P 500 declined with Utilities and Telecom shares leading the losses. Materials stocks outperformed with Monsanto (MON +4.41%) after receiving an unsolicited $122/share takeover bid from German drug maker Bayer AG (BAYRY -4.71%). Italian carmaker Fiat Chrysler (FCAU -5.11%) fell after allegations surfaced suggesting the company used illegal software to cheat on emissions tests. Apple Inc. (AAPL +1.27%) on news that the iPhone maker has asked suppliers to prepare production for a new version of its smartphones. Treasuries were little-changed with the benchmark 10-year note adding 1/32 to yield 1.84%. In commodities, NYMEX WTI crude fell 0.6% to $48.13/barrel for a fourth-straight decline as Canadian producers worked to resume operations after being shuttered due to wildfires. COMEX gold was down 0.3% to $1249.80/ounce. In FOREX, the dollar weakened against the yen but gained on emerging currencies. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Tech Sector Gains Outweighed by Retail, Financial and Commodities Losses
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD -0.13%) and the Bank Index ($BKX -0.25%) both edged lower and weighed on the major averages while the Retail Index ($RLX -0.57%) posted bigger loss. The tech sector saw unanimous gains from the Biotechnology Index ($BTK +0.88%), Semiconductor Index ($SOX +0.66%) and the Networking Index ($NWX +0.78%). The Gold & Silver Index ($XAU -0.40%), Oil Services Index ($OSX -0.32%) and the Integrated Oil Index ($XOI -0.52%) edged lower. Charts courtesy www.stockcharts.com
 PICTURED: The Integrated Oil Index ($XOI -0.52%) is consolidating near its 50-day and 200-day moving average (DMA) lines.
| Oil Services |
$OSX |
160.91 |
-0.51 |
-0.32% |
+2.02% |
| Integrated Oil |
$XOI |
1,102.76 |
-5.78 |
-0.52% |
+2.80% |
| Semiconductor |
$SOX |
669.46 |
+4.38 |
+0.66% |
+0.90% |
| Networking |
$NWX |
351.71 |
+2.72 |
+0.78% |
-6.44% |
| Broker/Dealer |
$XBD |
160.22 |
-0.21 |
-0.13% |
-10.04% |
| Retail |
$RLX |
1,258.92 |
-7.17 |
-0.57% |
-1.91% |
| Gold & Silver |
$XAU |
85.10 |
-0.34 |
-0.40% |
+87.86% |
| Bank |
$BKX |
68.63 |
-0.17 |
-0.25% |
-6.09% |
| Biotech |
$BTK |
3,076.19 |
+26.85 |
+0.88% |
-19.34% |
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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***
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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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