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AFTER MARKET UPDATE - FRIDAY, JUNE 24TH, 2022
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Indices NYSE Nasdaq
DOW  +823.32 31,500.68 +2.68% Volume 3,199,689,900 +193% Volume 9,426,000,800 +79%
NASDAQ +375.43 11,607.62 +3.34% Advancers 2,558 82% Advancers 2,700 65%
S&P 500 +116.01 3,911.74 +3.06% Decliners 555 18% Decliners 1,476 35%
Russell 2000 +54.06 1,765.74 +3.16% 52 Wk Highs 10   52 Wk Highs 33  
S&P 600 +34.65 1,152.32 +3.10% 52 Wk Lows 68   52 Wk Lows 148  

TODAY'S SPECIAL NOTICE

Solid gains from all major averages on Friday with much higher volume, coupled with an increase in the number of stocks hitting new highs, marked a powerful follow-through day confirming a new market uptrend (M criteria). New buying efforts are justified only in stocks meeting all key criteria of the fact-based investment system.


Major Averages Rallied With Higher Volume Confirming New Uptrend

The S&P 500 jumped 3.1%, its sharpest single-session rally since May 2020, to cap a 6.5% weekly gain--its best showing in a month. The Nasdaq Composite soared 3.3%, bringing the tech-heavy index 7.5% higher for the week--its strongest performance since mid-March. The Dow climbed 823 points, notching a 5.4% increase since last Friday’s (June 17) close. Volume totals reported were much higher than the prior session on the NYSE and on the Nasdaq exchange, indicating an increase in institutional buying demand. Advancers led decliners by almost a 5-1 margin on the NYSE and nearly 2-1 on the Nasdaq exchange. Leadership improved as there were 13 high-ranked companies from the Leaders List that hit a new 52-week high and were listed on the BreakOuts Page, versus the total of 5 on the prior session. New 52-week lows totals contracted yet still outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. Solid gains from all major averages on Friday with much higher volume, coupled with an increase in the number of stocks hitting new highs, marked a powerful follow-through day confirming a new market uptrend (M criteria). Any sustainable rally requires a healthy crop of leading stocks hitting new highs. 

Chart courtesy of www.stockcharts.com


PICTURED: The S&P 500 Index posted a +3.06% gain with higher volume and an increase in the number of stocks hitting new highs, marking a solid follow-through on Day 5 of the new rally. The action serves as a confirmation day for a new market uptrend (M criteria).

U.S. stocks finished sharply higher on Friday, halting a three-week slide as Wall Street scaled back expectations for ultra-aggressive monetary policy tightening by the Federal Reserve (Fed). On the data front, a final June reading from the University of Michigan showed its measure of consumer sentiment was downwardly revised to a record low, though longer-term inflation expectations eased from an initially reported 14-year high. The update added credence to the hope that price pressures and steep rate hikes could peak sooner than anticipated. Also aiding the mood, St. Louis Fed President Bullard, one of the central bank’s most hawkish members, suggested that recession worries were overblown as consumer balance sheets were healthy.

Treasuries weakened, with the yield on the 10-year note up four basis points (0.04%) to 3.13%, paring its weekly pullback to 10 basis points (0.10%). In commodities, West Texas Intermediate crude trimmed a second straight weekly decline, settling at $107.56/barrel.

All 11 S&P 500 sectors closed in positive territory, with cyclical and growth-related shares outpacing defensive groups. Cruise line operators were also among the standouts after Carnival Corp. (CCL +12.44%) rallied after upbeat commentary around bookings. In earnings, FedEx Corp. (FDX +6.62%) rose on better-than-expected guidance.

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.


Financial, Retail, Tech, and Commodity-Linked Groups Rose

The Bank Index ($BKX +4.24%), Broker/Dealer Index ($XBD +3.34%), and Retail Index ($RLX +3.36%) all posted solid gains which underpinned the major averages' new rally.  The Semiconductor Index ($SOX +4.45%) led the tech sector higher, followed by the Networking Index ($NWX +2.98%) and the Biotech Index ($BTK +1.72%). The Gold & Silver Index ($XAU +3.05%), Oil Services Index ($OSX +4.56%), and Integrated Oil Index ($XOI +1.77%) posted unanimous gains.
Chart courtesy of www.stockcharts.com

PICTURED: The Broker/Dealer Index ($XBD +3.34%) posted a solid gain but remains below its 50-day moving average (DMA) line as it recovers from its 2022 low.


Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  65.23 +2.84 +4.56% +23.74%
Integrated Oil $XOI  1,480.22 +25.76 +1.77% +25.63%
Semiconductor $SOX  2,718.47 +115.73 +4.45% -31.11%
Networking $NWX  708.80 +20.53 +2.98% -27.01%
Broker/Dealer $XBD  390.94 +12.64 +3.34% -19.70%
Retail $RLX  3,044.00 +98.99 +3.36% -27.98%
Gold & Silver $XAU  119.34 +3.53 +3.05% -9.90%
Bank $BKX  105.06 +4.28 +4.24% -20.54%
Biotech $BTK  4,738.00 +80.08 +1.72% -14.14%


Featured Stocks

 

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
Max Buy
StockCharts.com Latest Chart for PAG PAG - NYSE
Penske Automotive Grp
Retail/Whlsle-Automobile  
$111.17 +5.23
4.94%

$111.30

619,174
167.80% of 50 DAV
50 DAV is 369,000
$123.60
-10.06%
5/13/2022 $114.88 PP = $114.57
MB = $120.30
Most Recent Note - 6/23/2022 2:05:03 PM
G - Today's loss is retesting support near its 200 DMA line ($103.59) and prior low ($101.79 on 6/16/22. More damaging losses would be a worrisome sign. A rebound and close above the 50 DMA line ($108.86) is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Penske Perched at High With No Resistance Remaining - 6/2/2022
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for LLY LLY - NYSE
Eli Lilly & Co
Medical-Diversified  
$325.62 +12.90
4.13%

$325.82

5,445,638
178.31% of 50 DAV
50 DAV is 3,054,000
$324.08
0.48%
5/16/2022 $302.46 PP = $314.10
MB = $329.81
Most Recent Note - 6/24/2022 12:21:17 PM
Y - No resistance remains due to overhead supply as it gapped up today and hit a new high with its 5th consecutive gain backed by above average volume. Rebound above the 50 DMA line ($298) helped its outlook improve. A gain and strong close above the pivot point backed by at least +40% above average volume may clinch a technical buy signal.
>>> FEATURED STOCK ARTICLE : Encountering Distributional Pressure After Reaching New Highs - 6/6/2022
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 

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.

This report is a service available only to active Paid Premium Members. You may opt-out of receiving report notifications at any time.  Questions or comments may be submitted by writing to Premium Membership Services 665 S.E. 10 Street, Suite 201 Deerfield Beach, FL 33441-5634 or by calling 1-800-965-8307 or 954-785-1121.

Kenneth J. Gruneisen founded Gruneisen Growth Corp. (2003), which prior to May 11, 2015, operated CANSLIM.net and CANSLIM.com both under license from Data Analysis Inc. / Investor's Business Daily. Kenneth has passed the CAN SLIM® Master's Exam. Gruneisen Growth Corp. now continues over two decades of fact based market analysis via FactBasedInvesting.com.

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