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AFTER MARKET UPDATE - TUESDAY, JULY 5TH, 2022
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Indices NYSE Nasdaq
DOW  -129.44 30,967.82 -0.42% Volume 1,209,256,482 +30% Volume 5,020,212,500 +5%
NASDAQ +194.39 11,322.24 +1.75% Advancers 1,426 46% Advancers 2,421 56%
S&P 500 +6.06 3,831.39 +0.16% Decliners 1,695 54% Decliners 1,885 44%
Russell 2000 +13.57 1,741.33 +0.79% 52 Wk Highs 4   52 Wk Highs 20  
S&P 600 +1.56 1,140.07 +0.14% 52 Wk Lows 313   52 Wk Lows 483  

Major Averages Were Mixed With Leadership Remaining Thin

The S&P 500 erased an earlier loss of more than 2% to end modestly higher (+0.2%), though still in bear market territory (defined as a 20% drawdown from a recent peak). The Dow shed 129 points, while the Nasdaq Composite jumped 1.8% as tech shares outperformed amid a drop in Treasury yields. Volume totals reported were higher than the prior session on the NYSE and on the Nasdaq exchange. Advancers led decliners by a 4-3 margin on the Nasdaq exchange while decliners led advancers by an 8-7 margin on the NYSE. There were 4 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 6 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 brief new market uptrend is already under pressure (M criteria). Any sustainable rally requires a healthy crop of leading stocks hitting new highs, but leadership has been very thin. 

Chart courtesy of www.stockcharts.com


PICTURED: The Nasdaq Composite Index posted a gain. It remains well below its 50-day and 200-day moving average (DMA) lines.

U.S. stocks finished mixed on Tuesday as worries over a possible looming recession continue to grip financial markets. Investors are contending with a litany of headwinds, including persistent inflation, swift monetary policy tightening, weakening economic data, and the downside risk to earnings estimates.  The yield on the 10-year note fell six basis points (0.06%) to 2.82%, while the yield on the shorter-dated two-year note briefly surpassed the longer benchmark rate. This closely watched inversion of the yield curve has historically been a harbinger of a recession--widely defined as two consecutive quarters of negative economic growth. Meanwhile, West Texas Intermediate crude slumped 8.1% to $99.68/barrel, slipping below the $100/barrel mark for the first time in nearly two months. A stronger U.S. dollar also pressured commodities, with a gauge of the greenback surging 1.3%.

Eight of 11 S&P 500 sectors closed in negative territory, with Energy leading the decline. More cyclical-oriented groups also trailed, while growth-related shares bucked the downtrend. Market participants also weighed U.S.-China trade talks that could result in the dialing back of levies on Chinese imports. However, Wall Street pundits seemed to agree that any tariff relief would likely have a limited effect on easing inflationary pressures.

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 Fell; Retail, Broker/Dealer and Biotech Rose

The Retail Index ($RLX +2.81%) and Broker/Dealer Index ($XBD +2.98%) both posted influential gains while the Bank Index ($BKX -0.15%) sputtered. The Biotech Index ($BTK +1.63%) led the tech sector higher while the Semiconductor Index ($SOX +0.78%) and Networking Index ($NWX +0.43%) both posted smaller gains. Commodity-linked groups slumped as the Gold & Silver Index ($XAU -5.22%), Oil Services Index ($OSX -6.44%), and Integrated Oil Index ($XOI -4.76%) each suffered a big loss.
Chart courtesy of www.stockcharts.com

PICTURED: The Integrated Oil Index ($XOI -4.76%) slumped near its 200-day moving average (DMA) line.


Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  61.82 -4.26 -6.44% +17.26%
Integrated Oil $XOI  1,437.45 -71.78 -4.76% +22.00%
Semiconductor $SOX  2,477.64 +19.19 +0.78% -37.21%
Networking $NWX  680.57 +2.93 +0.43% -29.92%
Broker/Dealer $XBD  395.10 +11.44 +2.98% -18.85%
Retail $RLX  2,987.69 +81.52 +2.81% -29.31%
Gold & Silver $XAU  108.15 -5.95 -5.22% -18.35%
Bank $BKX  102.40 -0.16 -0.15% -22.55%
Biotech $BTK  4,821.08 +77.13 +1.63% -12.64%


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 LLY LLY - NYSE
Eli Lilly & Co
Medical-Diversified  
$327.18 +2.47
0.76%

$327.43

2,103,642
66.63% of 50 DAV
50 DAV is 3,157,000
$330.85
-1.11%
5/16/2022 $302.46 PP = $314.10
MB = $329.81
Most Recent Note - 6/30/2022 4:46:15 PM
Y - Volume totals have recently been cooling while hovering near its all-time high following 6 consecutive gains marked by higher volume. Its 50 DMA line ($300) defines near-term support above prior lows.
>>> FEATURED STOCK ARTICLE : Encountering Distributional Pressure After Reaching New Highs - 6/6/2022
 |  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  
$21.93 +0.16
0.73%

$21.98

999,183
279.88% of 50 DAV
50 DAV is 357,000
$22.86
-4.07%
7/1/2022 $21.27 PP = $21.38
MB = $22.45
Most Recent Note - 7/5/2022 12:15:03 PM
Y - Pulling back with above average volume today. Finished strong on the prior session after highlighted in yellow with new pivot point cited based on its 6/06/22 high while building on a double bottom base. The gain and close above the pivot point was backed by +375% above average volume triggering a technical buy signal. Rebound above the 50 DMA line ($19.93) helped its outlook improve. Fundamentals through the Mar '22 quarter have been strong. Found support above its 200 DMA line since dropped from the Featured Stocks list on 5/20/22.
>>> FEATURED STOCK ARTICLE : Volume Heavy While Rallying from Double Bottom Base - 7/1/2022
 |  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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