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AFTER MARKET UPDATE - WEDNESDAY, OCTOBER 19TH, 2022
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DOW |
-99.99 |
30,423.81 |
-0.33% |
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Volume |
914,598,361 |
-10% |
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Volume |
4,919,629,900 |
-2% |
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NASDAQ |
-91.89 |
10,680.51 |
-0.85% |
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Advancers |
742 |
24% |
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Advancers |
1,240 |
27% |
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S&P 500 |
-24.82 |
3,695.16 |
-0.67% |
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Decliners |
2,332 |
76% |
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Decliners |
3,396 |
73% |
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Russell 2000 |
-30.20 |
1,725.76 |
-1.72% |
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52 Wk Highs |
33 |
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52 Wk Highs |
53 |
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S&P 600 |
-17.12 |
1,117.05 |
-1.51% |
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52 Wk Lows |
310 |
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52 Wk Lows |
330 |
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More convincing gains in the morning faded on Tuesday as the market (M criteria) appeared to signal a new uptrend with a mediocre follow-through day.
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Indices Pulled back With Lighter Volume Totals
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow lost 99 points, while the Nasdaq Composite shed 0.9%. The S&P 500 declined 0.7%. The volume totals reported were lighter than the prior session on the NYSE and on the Nasdaq exchange. Breadth was negative as decliners led advancers by more than a 3-1 margin on the NYSE and by nearly 3-1 on the Nasdaq exchange. There were 9 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 12 on the prior session. New 52-week lows totals expanded and outnumbered shrinking new 52-week highs totals on both the NYSE and the Nasdaq exchange. The volume totals on Tuesday's session were higher than the prior session while the major indices' gains were rather small, and new 52-week highs totals improved slightly on Nasdaq exchange but they were lower on the NYSE. It was not a very convincing follow-through day, but it may be considered enough to establish a new confirmed uptrend (M criteria). Further improvement in leadership (new 52-week highs totals) will be essential in the near-term for the rally to be productive.
Chart courtesy of www.stockcharts.com PICTURED: The Nasdaq Composite Index fell lighter volume on Day 5 of the new rally attempt. Only stocks meeting all key-criteria of the fact-based investment system should be considered as buy candidates.
U.S. equities snapped a two-day rally after volatile trading Wednesday as investors weighed a hawkish Federal Reserve (Fed) against strong third-quarter earnings. Ten of 11 S&P 500 sectors finished in negative territory, with Energy bucking the downtrend.
On the data front, housing starts fell 8.1% month-over-month in September amid soaring mortgage rates. Building permits for future home construction unexpectedly climbed 1.4% month-over-month, buoyed by an increase in multi-unit projects. In the central bank’s “Beige Book”, the 12 Fed districts reported the U.S. economy is continuing to modestly grow as inflation and interest rates start to negatively affect activity.
Treasury yields climbed to multi-year highs Wednesday following commentary from Minneapolis Fed President Neel Kashkari. The Fed official stated he sees no signs of slowing inflation and reaffirmed the need to continue raising interest rates. The yield on the benchmark 10-year note rose 14 basis points (0.14%) to 4.13%, its highest level since 2008, while the yield on the 30-year bond climbed 10 basis points (0.10%) to 4.12%. The yield on the more policy-sensitive two-year note advanced 12 basis points (0.12%) to 4.55%, its highest point since 2007. In commodities, West Texas Intermediate (WTI) crude gained 3.4% to $85.63/barrel as tight supply conditions outweighed demand concerns and reports the U.S. government will release oil from the Strategic Petroleum Reserve (SPR). The U.S. Department of Energy reported a drawdown in crude inventories for the week ended October 14, which added further support to prices. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Energy-Linked Groups and Semiconductor Index Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX -3.60%), Broker/Dealer Index ($XBD -0.99%), and Retail Index ($RLX -1.78%) suffered unanimous losses on Wednesday. Commodity-linked groups were mixed as the Oil Services Index ($OSX +4.13%) and Integrated Oil Index ($XOI +2.59%) both posted solid gains while the Gold & Silver Index ($XAU -2.70%) lost ground. The Semiconductor Index ($SOX +0.76%) posted a modest gain but the Biotech Index ($BTK -3.42%) slumped and Networking Index ($NWX -1.03%) also lost ground.
PICTURED: The Biotech Index ($BTK -3.42%) met resistance at its 200-day moving average (DMA) line and slumped back below its 50 DMA line.
| Oil Services |
$OSX |
72.30 |
+2.87 |
+4.13% |
+37.14% |
| Integrated Oil |
$XOI |
1,738.71 |
+43.82 |
+2.59% |
+47.57% |
| Semiconductor |
$SOX |
2,237.74 |
+16.79 |
+0.76% |
-43.29% |
| Networking |
$NWX |
763.59 |
-7.97 |
-1.03% |
-21.37% |
| Broker/Dealer |
$XBD |
424.80 |
-4.26 |
-0.99% |
-12.75% |
| Retail |
$RLX |
3,015.27 |
-54.64 |
-1.78% |
-28.66% |
| Gold & Silver |
$XAU |
97.28 |
-2.70 |
-2.70% |
-26.55% |
| Bank |
$BKX |
98.48 |
-3.68 |
-3.60% |
-25.52% |
| Biotech |
$BTK |
4,603.29 |
-163.25 |
-3.42% |
-16.58% |
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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***
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 |
CI
-
NYSE
Cigna Corp
Medical-Managed Care
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$293.08
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-0.66
-0.22% |
$296.29
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1,534,220
78.36% of 50 DAV
50 DAV is 1,958,000
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$300.75
-2.55%
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7/7/2022
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$276.55
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PP = $273.68
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MB = $287.36
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Most Recent Note - 10/18/2022 5:03:33 PM
G - Posted a gain today with average volume. Its 50 DMA line ($288) defines near-term support to watch above the recent low ($283.79 on 10/10/22). Fundamental concerns also remain after the Jun '22 quarter rose +19% on +5% sales revenues versus the year ago period, breaking a streak of 3 quarterly earnings increases above the +25% minimum guideline (C criteria).
>>> FEATURED STOCK ARTICLE : No Resistance Remains Due to Overhead Supply - 10/4/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
ESQ
-
NASDAQ
Esquire Financial Hldgs
Finance-Commercial Loans
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$40.22
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-0.93
-2.26% |
$41.15
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21,953
87.81% of 50 DAV
50 DAV is 25,000
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$41.68
-3.50%
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10/18/2022
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$40.02
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PP = $39.95
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MB = $41.95
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Most Recent Note - 10/19/2022 5:11:41 PM
Y - Pulled back today with lighter volume. Posted a big gain on the prior session and closed above the pivot point backed by +68% above average volume triggering a technical buy signal. Recent rebound above the 50 DMA line ($38.44) helped its outlook improve. Very little near-term resistance remains up to the $41.68 level.
>>> FEATURED STOCK ARTICLE : Rebound Above 50-Day Moving Average Needed for Outlook to Improve - 10/7/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
CCRN
-
NASDAQ
Cross Country Healthcare
DIVERSIFIED SERVICES - Staffing and Outsourcing Service
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$33.80
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-1.33
-3.79% |
$35.58
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704,921
81.21% of 50 DAV
50 DAV is 868,000
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$35.34
-4.36%
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9/9/2022
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$27.32
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PP = $30.61
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MB = $32.14
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Most Recent Note - 10/19/2022 5:10:44 PM
G - There was a "negative reversal" today with lighter than average volume after touching a new all-time high. Prior highs in the $30.50 area define initial support to watch above its 50 DMA line ($27.78).
>>> FEATURED STOCK ARTICLE : Healthcare Staffing Firm Hovering Near All-Time High - 10/17/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
CMC
-
NYSE
Commercial Metals Co
METALS and MINING - Steel and Iron
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$42.50
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-0.69
-1.60% |
$43.60
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1,229,094
132.45% of 50 DAV
50 DAV is 928,000
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$46.68
-8.95%
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10/14/2022
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$41.61
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PP = $44.45
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MB = $46.67
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Most Recent Note - 10/18/2022 5:04:13 PM
Y - Challenged its August high with today's volume-driven gain adding to a recent spurt. Highlighted in yellow in the 10/14/22 mid-day report with pivot point cited based on its 8/11/22 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Faces little resistance due to overhead supply up to the $46 level. Reported Aug '22 quarterly earnings +94% on +19% sales revenues versus the year ago period and prior quarterly comparisons were well above the +25% minimum earnings guideline (C criteria) of the fact-based investment system. Annual earnings growth has been strong.
>>> FEATURED STOCK ARTICLE : Little Resistance Remains for Strong Steel/Metal Products Firm - 10/14/2022 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
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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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