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AFTER MARKET UPDATE - THURSDAY, MARCH 10TH, 2022
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Indices NYSE Nasdaq
DOW  -112.18 33,174.07 -0.34% Volume 1,025,718,554 -14% Volume 4,975,740,200 -7%
NASDAQ -125.58 13,129.96 -0.95% Advancers 1,306 41% Advancers 1,744 40%
S&P 500 -18.36 4,259.52 -0.43% Decliners 1,883 59% Decliners 2,658 60%
Russell 2000 -4.62 2,011.67 -0.23% 52 Wk Highs 44   52 Wk Highs 26  
S&P 600 -1.63 1,299.60 -0.13% 52 Wk Lows 241   52 Wk Lows 313  

TODAY'S SPECIAL NOTICE

The major averages are in a continuing market correction (M criteria) and sputtering near lows for the year. Followers of the fact-based investment system know to patiently watch for a solid follow-through day to confirm a new uptrend before any new buying efforts may be justified. 


Leadership Remains Thin as Major Indices Fall With Lighter Volume

The Dow lost 112 points, while the S&P 500 fell 0.4% on the heels of its best day since June 2020. The Nasdaq Composite slid 1%. Volume totals reported were lighter than the prior session on the NYSE and on the Nasdaq exchange, indicative of less institutional selling pressure. Breadth was negative as decliners led advancers by a 3-2 margin on the NYSE and 5-3 on the Nasdaq exchange. Leadership remained thin as there were 10 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 6 on the prior session. New 52-week lows totals grew and outnumbered new 52-week highs totals on the NYSE and on the Nasdaq exchangeThe market averages (M criteria) are in a "correction" and disciplined investors are reminded to reduce exposure and raise cash. 

Chart courtesy of www.stockcharts.com
PICTURED: The 5-year graph of the Nasdaq Composite Index shows the decisive slump below its 50-day and 200-day moving average (DMA) lines. It closed -19% off its record high hit on 11/22/21. 

U.S. stocks finished lower on Thursday as investors assessed a key reading of U.S. inflation and continued to monitor geopolitical developments. The latest updates indicated that talks between top Russian and Ukrainian officials failed to result in any progress on key issues. Meanwhile, the European Central Bank unexpectedly opted to dial back its asset purchases at a faster pace in a perceived hawkish turn. 

On the data front, the Consumer Price Index (CPI) climbed 7.9% year-over-year in February, accelerating to a fresh 40-year high. The reading was in-line with consensus estimates, though the full impact of the most recent rally in oil and food prices from Russia’s invasion of Ukraine will likely be captured in next month’s report. Separately, first-time unemployment claims came in at 227,000 in the week ending March 5, modestly above the prior 216,000 figure but still reflecting a tight labor market. Treasuries weakened, with the yield on the 10-year note up five basis points (0.05%) to 1.99%, while the yield on the 30-year bond spiked seven basis points (0.07%) to 2.37%, its highest level since May 2021. In commodities, West Texas Intermediate crude lost 2.2% to $106.26/barrel.

Six of 11 S&P 500 sectors finished in negative territory, with Technology stock lagging. In corporate news, Amazon.com Inc. (AMZN +5.41%) rose after disclosing a 20-for-1 stock split and authorizing a $10 billion share-buyback plan. Crowdstrike Holdings Inc. (CRWD +12.5%) rose after providing positive forward guidance following a better-than-expected quarter.

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.


Retail Index and Commodity-Linked Groups Rose

The Retail Index ($RLX +2.80%) posted a solid gain but much of the gain was attributed to Amazon (AMZN). Weak financials created a drag on the major averages as the Broker/Dealer Index ($XBD -0.94%) and Bank Index ($BKX -1.14%) lost ground. The tech sector also had a negative bias as the Semiconductor Index ($SOX -2.17%), Networking Index ($NWX -1.12%), and Biotech Index ($BTK -1.01%) suffered unanimous losses. Meanwhile, commodity-linked groups had a positive bias as the Oil Services Index ($OSX +4.30%), and Integrated Oil Index ($XOI +2.49%) both outpaced the Gold & Silver Index ($XAU +1.96%).  
Chart courtesy of www.stockcharts.com


PICTURED: The 5-year graph of the Oil Services Index ($OSX +4.30%) shows its recent rally to 2022 highs, up more than +70% from below its 50-day and 200-day moving average lines in late 2021. It also shows the bottom in March of 2020 after the Oil Services Index had been slumping for several years.
 

Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  82.17 +3.38 +4.30% +55.86%
Integrated Oil $XOI  1,531.85 +37.15 +2.49% +30.02%
Semiconductor $SOX  3,211.07 -71.11 -2.17% -18.63%
Networking $NWX  843.32 -9.58 -1.12% -13.16%
Broker/Dealer $XBD  445.06 -4.21 -0.94% -8.58%
Retail $RLX  3,624.26 +98.81 +2.80% -14.25%
Gold & Silver $XAU  160.63 +3.09 +1.96% +21.28%
Bank $BKX  124.03 -1.43 -1.14% -6.19%
Biotech $BTK  4,920.97 -50.42 -1.01% -10.83%


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 REGN REGN - NASDAQ
Regeneron Pharmaceutical
DRUGS - Biotechnology  
$630.36 +6.93
1.11%

$632.68

478,457
66.36% of 50 DAV
50 DAV is 721,000
$686.62
-8.19%
12/13/2021 $647.95 PP = $686.72
MB = $721.06
Most Recent Note - 3/10/2022 5:11:28 PM
G - Posted a 2nd consecutive small gain today with lighter volume wedging up above its 50 DMA line ($619). Recently consolidating in a tight range just above its 200 DMA line ($606). Prior lows in the $592-596 area define important near-term support.
>>> FEATURED STOCK ARTICLE : Still Quietly Consolidating Above 200 DMA Line - 3/2/2022
 |  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 TGH TGH - NYSE
Textainer Group Holdings
TRANSPORTATION - Logistics  
$37.72 +1.31
3.60%

$37.80

425,707
94.18% of 50 DAV
50 DAV is 452,000
$41.89
-9.95%
1/31/2022 $36.68 PP = $41.34
MB = $43.41
Most Recent Note - 3/10/2022 5:14:43 PM
G - Posted a 3rd consecutive gain today and closed above its 50 DMA line helping its outlook improve. Faces some resistance due to overhead supply up to the $41 level. Found support above its 200 DMA line ($35) and near prior lows. Any violations would raise serious concerns and trigger technical sell signals. Recently reported Dec '21 quarterly earnings +80% on +23% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Consolidating Near High Following Strong Earnings Report - 2/15/2022
 |  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 HWKN HWKN - NASDAQ
Hawkins Inc
CHEMICALS - Basic Chemicals  
$46.19 +0.62
1.36%

$46.34

39,495
65.83% of 50 DAV
50 DAV is 60,000
$46.87
-1.45%
2/3/2022 $39.81 PP = $41.07
MB = $43.12
Most Recent Note - 3/10/2022 5:08:34 PM
G - Posted a quiet gain today closing near its all-time high. Prior highs in the $40 area coincide with its 50 DMA line defining important near-term support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Extended From Prior Base After 6th Consecutive Gain - 2/18/2022
 |  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 IMXI IMXI - NASDAQ
International Money Exp
Financial Svcs-Specialty  
$17.77 -0.11
-0.62%

$17.95

427,732
191.81% of 50 DAV
50 DAV is 223,000
$18.96
-6.28%
3/8/2022 $18.64 PP = $19.06
MB = $20.01
Most Recent Note - 3/10/2022 5:09:56 PM
Y - Pulled back with 2 volume-driven losses after challenging its all-time high. Highlighted in yellow in the 3/08/22 mid-day report with pivot point cited based on its 8/30/21 high plus 10 cents. Through Dec '21 its quarterly and annual earnings (C and A criteria) history has been strong. Small supply of only 32.4 million shares outstanding (S criteria) can contribute to greater price volatility in the event of institutional buying or selling. Disciplined investors know to avoid new buying efforts until a confirmed rally with follow through day from the major averages (M criteria) under the fact-based investment system's strict rules.
>>> FEATURED STOCK ARTICLE : Volume-Driven Gains Challenged All-Time High - 3/8/2022
 |  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.

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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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