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AFTER MARKET UPDATE - TUESDAY, AUGUST 13TH, 2024
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DOW |
+408.63 |
39,765.64 |
+1.04% |
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Volume |
899,420,718 |
+10% |
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Volume |
5,515,767,000 |
+12% |
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NASDAQ |
+407.00 |
17,187.61 |
+2.43% |
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Advancers |
2,249 |
81% |
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Advancers |
3,082 |
73% |
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S&P 500 |
+90.04 |
5,434.43 |
+1.68% |
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Decliners |
526 |
19% |
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Decliners |
1,143 |
27% |
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Russell 2000 |
+33.11 |
2,095.19 |
+1.61% |
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52 Wk Highs |
79 |
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52 Wk Highs |
79 |
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S&P 600 |
+22.20 |
1,342.13 |
+1.68% |
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52 Wk Lows |
34 |
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52 Wk Lows |
141 |
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The solid follow-through day is noted as Tuesday's action confirmed a new market uptrend (M criteria).
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Major Indice Rose and Bullish Action Confirmed a New Uptrend
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Nasdaq Composite Index rose +2.43% as it led the major averages to a solid follow-through day confirming a new uptrend. Volume reported was higher than the prior session totals on the NYSE and on the Nasdaq exchange, action indicative of an increase in institutional buying demand. Breadth was positive as advancers led decliners by a 4-1 margin on the NYSE and by nearly 3-1 on the Nasdaq exchange. There were 26 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 24 on the prior session. New 52-week highs totals expanded and outnumbered new 52-week lows on the NYSE, but new lows still outnumbered new highs on the Nasdaq exchange. The bullish action in the major indices confirmed a new market uptrend (M criteria). Disciplined investors know that new buying efforts are only to be made in stocks meeting all key criteria of the fact-based investment system.
 PICTURED: The S&P 500 Index posted a 4th consecutive gain as Tuesday's session marked a solid follow-through day on Day 6 confirming a new uptrend.
The heavily-weighted information technology (+3.0%), consumer discretionary (+2.4%), communication services (+1.5%), and health care (+1.2%) sectors were leading gainers. The energy sector fell -1.0% amid weaker commodity prices. WTI crude oil futures settled -1.9% lower at $78.37/bbl and natural gas futures settled -1.4% lower at $2.16/mmbtu. With ten of the 11 S&P 500 sectors higher, all of the major indices rose at least +1.0%. The positive bias followed pleasing Producer Price Index data for July. Total PPI jumped 0.1% month-over-month in July while core PPI, which excludes food and energy, was flat. The monthly figures left total PPI up 2.2% year-over-year, versus 2.7% in June, and core PPI up 2.4%, versus 2.9% in June. The welcome disinflation in the report contributed to optimism around the Fed's rate cut path, which sent yields lower and boosted equities. The release of the July Consumer Price Index at 8:30 ET Wednesday will be closely watched next.
The 10-yr note yield fell six basis points to 3.85% and the 2-yr note yield, which is most sensitive to changes in the fed funds rate, dropped eight basis points to 3.94%. Treasury yields were already lower after weak new loan data out of China and some weak economic sentiment data out of the eurozone.
Dow component Home Depot (HD +1.23%) closed with a gain after trading down as much as -1.9% in response to below-consensus guidance. Discretionary name Starbucks (SBUX +24.50%) was the biggest advancer in the S&P 500, surging on the news that CEO Laxman Narasimhan has stepped down and will be replaced by Chipotle (CMG -7.50%) CEO Brian Niccol.
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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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Retail, Financial, Tech, and Gold & Silver Index Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +1.32%), Bank Index ($BKX +1.04%) and the Retail Index ($RLX +1.63%) each posted solid gains on Tuesday. The tech sector was led higher by the Semiconductor Index ($SOX +4.18%) while the Biotech Index ($BTK +0.92%) and the Networking Index ($NWX +0.95%) followed. Commodity-linked groups were mixed as the Gold & Silver Index ($XAU +1.52%) rose while the Integrated Oil Index ($XOI -1.17%) and Oil Services Index ($OSX -1.03%) both ended lower.
PICTURED: The Broker/Dealer Index ($XBD +1.32%) posted a gain on Tuesday rebounding above its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
81.86 |
-0.85 |
-1.03% |
-2.40% |
| Integrated Oil |
$XOI |
1,980.90 |
-23.40 |
-1.17% |
+6.36% |
| Semiconductor |
$SOX |
4,942.31 |
+198.48 |
+4.18% |
+18.37% |
| Networking |
$NWX |
941.19 |
+8.90 |
+0.95% |
+13.01% |
| Broker/Dealer |
$XBD |
639.46 |
+8.32 |
+1.32% |
+14.74% |
| Retail |
$RLX |
4,250.83 |
+68.35 |
+1.63% |
+9.31% |
| Gold & Silver |
$XAU |
149.13 |
+2.24 |
+1.52% |
+18.65% |
| Bank |
$BKX |
107.12 |
+1.10 |
+1.04% |
+11.56% |
| Biotech |
$BTK |
5,733.92 |
+52.47 |
+0.92% |
+5.82% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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 |  USLM - NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag | $74.81 | +1.74
2.38% | $74.90 | 59,927
58.75% of 50 DAV
50 DAV is 102,000 | $87.13
-14.14%
| 6/18/2024 | $71.26 | PP = $75.77 | | MB = $79.56 |  Most Recent Note - 8/13/2024 5:20:27 PM
G - Posted a 4th consecutive gain today with below-average volume and closed above the 50 DMA line ($73.97) helping its outlook to improve.
>>> FEATURED STOCK ARTICLE : Recent Breakout Triggered New (or Add-On) Technical Buy Signal - 7/22/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | GVA - NYSE
Granite Construction
Bldg-Heavy Construction | $69.13 | +0.53
0.77% | $69.54 | 466,592
61.15% of 50 DAV
50 DAV is 763,000 | $73.01
-5.31%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | Most Recent Note - 8/9/2024 11:53:59 PM
G - Volume totals have been cooling while stubbornly holding its ground near its all-time high. Prior highs in the $64 area define initial support to watch above its 50 DMA line ($63.75).
>>> FEATURED STOCK ARTICLE : Hit New High While Making Steady Progress - 7/31/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | MMYT - NASDAQ
MakeMyTrip
Leisure-Travel Booking | $95.03 | +2.33
2.51% | $96.05 | 430,335
58.79% of 50 DAV
50 DAV is 732,000 | $100.22
-5.18%
| 7/23/2024 | $96.92 | PP = $93.39 | | MB = $98.06 | Most Recent Note - 8/13/2024 5:17:49 PM
Y - Managed a "positive reversal" and posted a gain today with below-average volume. Recently found prompt support near its 50 DMA line ($86). More damaging losses would raise greater concerns.
>>> FEATURED STOCK ARTICLE : Volume Driven Trip to New Highs - 7/23/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | TXRH - NASDAQ
Texas Roadhouse
Retail-Restaurants | $169.71 | +2.74
1.64% | $170.64 | 605,426
73.21% of 50 DAV
50 DAV is 827,000 | $177.72
-4.51%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 8/13/2024 5:19:12 PM
G - Posted a gain today rebounding to close just above its 50 DMA line ($169.67) with higher (below-average) volume helping its outlook to improve.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure When Poised to Break Out - 7/26/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | HWM - NYSE
Howmet Aerospace
Aerospace/Defense | $93.92 | +1.09
1.17% | $93.96 | 2,816,762
89.71% of 50 DAV
50 DAV is 3,140,000 | $97.29
-3.46%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 8/12/2024 5:07:25 PM
Y - Volume totals have been cooling while consolidating. Found prompt support after a pullback tested prior highs in the $85 area defining initial support to watch above its 50 DMA line ($82.65).
>>> FEATURED STOCK ARTICLE : Breakaway Gap For Howmet Aerospace - 7/30/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note 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 | MELI - NASDAQ
MercadoLibre
Retail-Internet | $1,916.20 | +14.38
0.76% | $1,923.18 | 278,793
86.05% of 50 DAV
50 DAV is 324,000 | $1,909.80
0.34%
| 8/5/2024 | $1,793.73 | PP = $1,792.15 | | MB = $1,881.76 | Most Recent Note - 8/9/2024 11:55:43 PM
Y - Wedged higher and hit another new 52-week high with today''s 4th consecutive gain backed by lighter than average volume.
>>> FEATURED STOCK ARTICLE : Finished Flat When Poised to Breakout - 8/5/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I |
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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,
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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