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AFTER MARKET UPDATE - TUESDAY, DECEMBER 3RD, 2019
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DOW |
-280.23 |
27,502.81 |
-1.01% |
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Volume |
859,431,990 |
+10% |
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Volume |
2,300,383,300 |
+5% |
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NASDAQ |
-47.35 |
8,520.64 |
-0.55% |
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Advancers |
1,108 |
39% |
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Advancers |
1,174 |
38% |
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S&P 500 |
-20.67 |
3,093.20 |
-0.66% |
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Decliners |
1,732 |
61% |
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Decliners |
1,948 |
62% |
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Russell 2000 |
-4.95 |
1,602.63 |
-0.31% |
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52 Wk Highs |
29 |
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52 Wk Highs |
44 |
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S&P 600 |
-4.06 |
977.51 |
-0.41% |
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52 Wk Lows |
68 |
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52 Wk Lows |
68 |
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Leadership Thinned as Major Indices Sank With Higher Volume Totals
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow slumped more than 450 points during the session, before paring some of the losses to close down 280 points. The S&P 500 retreated 0.7%, while the Nasdaq Composite shed 0.6%. Breadth was negative as decliners led advancers by a 3-2 margin on the NYSE and 5-3 on the Nasdaq exchange. The volume totals were higher than the prior session on both major exchanges, indicative of distributional pressure. Leadership thinned as there were only 8 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 24 on the prior session, down abruptly from last Tuesday's total of 77 stocks. New 52-week highs totals contracted and were outnumbered by new 52-week lows on the NYSE and on the Nasdaq exchange. The major indices (M criteria) are in a "confirmed uptrend" after enduring distributional pressure in recent weeks. The Featured Stocks Page provides the most timely analysis on high-ranked leaders. Charts used courtesy of www.stockcharts.com
PICTURED: The Nasdaq Composite Index pulled back from its record high with a 3rd consecutive loss.
Stocks extended their declines on Tuesday as investors digested downbeat trade headlines. President Trump indicated that he sees no reason to rush a deal with China, noting that it may even be better to wait until after the 2020 U.S. presidential election. Separately, the EU and France said they are prepared to retaliate if Washington moves forward with implementing levies on $2.4 billion of French imports.
Amid the trade uncertainty, perceived safe haven assets strengthened. Treasuries rallied, sending the yield on the 10-year note down 11 basis points to 1.71%, touching the lowest level since early November. In commodities, COMEX gold climbed 1.0% to $1,477.00/ounce, while WTI crude reversed an earlier decline, to finish 0.6 % higher at $56.31/barrel.
Eight of 11 S&P 500 sectors ended in negative territory, with the more defensive Real Estate and Utilities groups the only advancers. Energy and Financials led laggards, retreating 1.5% and 1.3%, respectively. The Industrials group, which is widely viewed as a proxy of the ongoing trade dispute, also underperformed, losing 1.1%.
This follows Monday’s session in which the major averages posted their worst day in more than a month amid trade news and a disappointing reading on U.S. manufacturing. President Trump announced the resumption of steel and aluminum tariffs on imports from Brazil and Argentina, while the ISM reported U.S. factory activity contracted for the fourth-straight month in November.
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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 and Biotech Indexes Bucked Broad Group Weakness
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -0.98%), Broker/Dealer Index ($XBD -1.05%), and Bank Index ($BKX -1.60%) posted unanimous losses on Tuesday. The tech sector had a negative bias as the Semiconductor Index ($SOX -1.54%) and Networking Index ($NWX -0.54%) both fell while th | | | |
