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AFTER MARKET UPDATE - THURSDAY, OCTOBER 12TH, 2023
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DOW |
-173.73 |
33,631.14 |
-0.51% |
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Volume |
827,584,378 |
+2% |
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Volume |
4,925,171,700 |
+18% |
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NASDAQ |
-85.46 |
13,574.22 |
-0.63% |
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Advancers |
477 |
17% |
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Advancers |
1,159 |
27% |
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S&P 500 |
-27.34 |
4,349.61 |
-0.62% |
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Decliners |
2,361 |
83% |
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Decliners |
3,120 |
73% |
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Russell 2000 |
-39.04 |
1,734.25 |
-2.20% |
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52 Wk Highs |
34 |
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52 Wk Highs |
43 |
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S&P 600 |
-21.97 |
1,125.82 |
-1.91% |
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52 Wk Lows |
154 |
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52 Wk Lows |
334 |
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Major Averages Lost Ground With Higher Volume Totals
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major averages closed with losses on Thursday. The Russell 2000 underperformed relative to the other major indices, dropping -2.2%, which brought the index into negative territory for the year (-1.5%). The volume totals were higher than the prior session on the NYSE and on the Nasdaq exchange, revealing an increase in institutional selling pressure. Breadth was negative as decliners led advancers by almost a 5-1 margin on the NYSE and by almost a 3-1 margin on the Nasdaq exchange. There were 27 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 37 on the prior session. New 52-week lows totals expanded and solidly outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The market averages are in an uptrend (M criteria). New buying efforts should be made only in stocks meeting all key criteria of the fact-based investment system.
PICTURED: The Dow Jones Industrial Average pulled back with higher volume today after 4 consecutive gains, meeting resistance near its 200-day moving average (DMA) line.
Nine of the 11 S&P 500 sectors closed in the red. The materials (-1.5%), utilities (-1.5%), and real estate (-1.3%) saw the biggest declines. The information technology (+0.1%) and energy (+0.1%) sectors closed with small gains. Apple (AAPL +0.51%), Amazon.com (AMZN +0.38%), and NVIDIA (NVDA +0.30%) managed to hold onto gains at the close.
Another wave of selling hit the Treasury market coinciding with the completion of a $20 billion 30-yr bond auction, which met dismal demand. The 2-yr note yield rose six basis points to 5.06%, and the 10-yr note yield climbed 12 basis points to 4.71%.
Geopolitical uncertainty hangs over the market. The U.S. Dollar Index rose 0.7% to 106.58. Total CPI was unchanged at 3.7% year-over-year while core CPI, which excludes food and energy, dropped to 4.1% year-over-year from 4.3% in August. Initial jobless claims of 209,000 remained consistent with a tight labor market. Both reports failed to quell concerns about future rate hikes.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Gold & Silver, Biotech, and Financial Indexes Led Group Decliners
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX -1.00%) and Broker/Dealer Index ($XBD -1.10%) both outpaced the Retail Index ($RLX -0.34%) to the downside. The tech sector was led by the Semiconductor Index ($SOX +0.30%) with a small gain, but the Biotech Index ($BTK -2.41%) suffered a large loss and the Networking Index ($NWX -0.73%) also fell. The Gold & Silver Index ($XAU -2.21%) slumped and the Oil Services Index ($OSX -0.74%) also edged lower while the Integrated Oil Index ($XOI +0.27%) eked out a small gain.
PICTURED: The Broker/Dealer Index ($XBD -0.56%) is consolidating near its 50-day moving average line.
| Oil Services |
$OSX |
93.20 |
-0.69 |
-0.74% |
+11.13% |
| Integrated Oil |
$XOI |
1,901.00 |
+5.06 |
+0.27% |
+6.36% |
| Semiconductor |
$SOX |
3,548.62 |
+10.80 |
+0.31% |
+40.14% |
| Networking |
$NWX |
716.86 |
-5.27 |
-0.73% |
-8.48% |
| Broker/Dealer |
$XBD |
479.16 |
-5.33 |
-1.10% |
+6.69% |
| Retail |
$RLX |
3,413.39 |
-11.70 |
-0.34% |
+23.94% |
| Gold & Silver |
$XAU |
109.59 |
-2.48 |
-2.21% |
-9.32% |
| Bank |
$BKX |
76.48 |
-0.77 |
-1.00% |
-24.16% |
| Biotech |
$BTK |
4,954.06 |
-122.56 |
-2.41% |
-6.19% |
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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,
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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