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AFTER MARKET UPDATE - THURSDAY, APRIL 2ND, 2020
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Indices NYSE Nasdaq
DOW  +469.93 21,413.44 +2.24% Volume 1,344,689,318 +3% Volume 3,573,773,900 -3%
NASDAQ +126.73 7,487.31 +1.72% Advancers 1,717 59% Advancers 1,822 56%
S&P 500 +56.40 2,526.90 +2.28% Decliners 1,178 41% Decliners 1,407 44%
Russell 2000 +13.81 1,085.81 +1.29% 52 Wk Highs 2   52 Wk Highs 4  
S&P 600 +9.63 645.29 +1.51% 52 Wk Lows 117   52 Wk Lows 138  

TODAY'S SPECIAL NOTICE

During market corrections it is especially important to reduce exposure, preserve your capital, and just be patient. Be safe! Historic studies have shown that the biggest up sessions have occurred during market corrections and bear markets.

Disciplined investors know to wait until a new confirmed rally marked by a solid follow-through day. The bold portion of the daily market commentary will note when that happens. For any clarification or additional help applying the fact-based investment system, we invite members to call, or contact us via the inquiry form.


Leadership Remains Elusive as Major Indices Post Gains

The Dow gained 469 points, while the S&P 500 advanced 2.3%. The Nasdaq Composite added 1.7%, snapping a two-day losing streak. Breadth was slightly positive as advancers led decliners by a 3-2 margin on the NYSE and 9-7 on the Nasdaq exchange. The reported volume totals were mixed, higher than the prior session total on the NYSE and lower on the Nasdaq exchange. Leadership remained elusive as not even one high-ranked company from the Leaders List hit new 52-week highs and was listed on the BreakOuts Page, versus 1 on the prior session. New 52-week lows totals still outnumbered the small new 52-week highs totals on both the NYSE and on the Nasdaq exchange. The major indices (M criteria) have been in a noted "market correction" and investors have been repeatedly prompted since February 25th to reduce market exposure.
Charts used courtesy of www.stockcharts.com

PICTURED: The Nasdaq Composite Index posted a small gain with lower volume marking Day 8 of the new rally attempt. Disciplined investors know before initiating any new buying efforts to watch for a follow-through day of big confirming gains from the major indices on higher volume coupled with an increase in the number of stocks hitting new highs to signal a valid new market uptrend (M criteria). Confirmation days that come after Day 7 could be worrisome signs of a weaker and less productive market rally.  Remember that any sustainable rally requires a healthy crop of new leaders. 

U.S. equities finished higher Thursday, following a choppy trading session. Investors weighed the economic impact of rising unemployment claims against positive developments in the Energy sector. President Trump tweeted he expects Saudi Arabia and Russia to cut supply by at least 10 million barrels, raising optimism that the two countries could soon negotiate a deal to end an ongoing price war.

On the data front, the number of Americans filing for unemployment benefits surged to 6.6 million in the week ending March 28, doubling the prior record high of 3.3 million from the previous period. Meanwhile, the U.S. trade deficit narrowed to $39.9 billion in February from the January’s $45.5 billion shortfall. Durable goods orders increased 1.2% in February, while capital goods orders dipped by more than expected. Treasuries fluctuated with the yield on the benchmark 10-year note holding steady at 0.62%.

All 11 S&P 500 sectors finished the session in positive territory, with Consumer Discretionary being the only group to gain less than 1.0%. Energy shares jumped 9.1%, as WTI crude rebounded more than 24% to record its largest single-day gain in history. In corporate news, Chevron (CVX +11.03%) and Exxon Mobil (XOM +7.65%) were the best performing stocks in the Dow. Elsewhere, Boeing (BA -5.68%) fell after announcing a voluntary layoff plan. In earnings, Walgreens (WBA -6.30%) slumped after the drugstore chain admitted the financial impact from COVID-19 remains to be seen.

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.


Commodity-Linked Groups Led Tech, Financial, and Retail

Commodity-linked groups were standout performers as the Gold & Silver Index ($XAU +4.39%), Oil Services Index ($OSX +6.18%) and the Integrated Oil Index ($XOI +9.09%) posted large gainsThe Bank Index ($BKX +2.29%) and Broker/Dealer Index ($XBD +2.28%) both outpaced the Retail Index ($RLX +0.56%).  The tech sector was unanimously positive as the Semiconductor Index ($SOX +3.28%), Networking Index ($NWX +2.53%) and the Biotech Index ($BTK +3.11%) each posted a solid gain. 

Charts courtesy of www.stockcharts.com
PICTURED: The Networking Index ($NWX +2.53%) still remains well below its 200-day and 50-day moving average (DMA) lines after rebounding from the March 2020 low.

Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  24.77 +1.44 +6.17% -68.36%
Integrated Oil $XOI  651.65 +54.32 +9.09% -48.71%
Semiconductor $SOX  1,474.61 +46.88 +3.28% -20.27%
Networking $NWX  449.37 +11.07 +2.53% -22.97%
Broker/Dealer $XBD  209.60 +4.67 +2.28% -27.82%
Retail $RLX  2,131.13 +11.77 +0.56% -12.99%
Gold & Silver $XAU  84.50 +3.56 +4.40% -20.97%
Bank $BKX  62.33 +1.40 +2.30% -45.02%
Biotech $BTK  4,466.88 +134.67 +3.11% -11.85%


No Featured Stocks

During extremely bearish markets the number of stocks covered in this area has sometimes been reduced to zero. We suggest making no excuses for weak stocks in weak markets. Feel free to contact us if you have a need for any additional information.

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***

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.

This report is a service available only to active Paid Premium Members. You may opt-out of receiving report notifications at any time.  Questions or comments may be submitted by writing to Premium Membership Services 665 S.E. 10 Street, Suite 201 Deerfield Beach, FL 33441-5634 or by calling 1-800-965-8307 or 954-785-1121.

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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