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AFTER MARKET UPDATE - THURSDAY, AUGUST 8TH, 2024
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DOW |
+683.04 |
39,446.49 |
+1.76% |
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Volume |
979,305,359 |
-9% |
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Volume |
5,803,546,600 |
-4% |
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NASDAQ |
+464.22 |
16,660.02 |
+2.87% |
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Advancers |
2,210 |
80% |
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Advancers |
3,082 |
72% |
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S&P 500 |
+119.81 |
5,319.31 |
+2.30% |
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Decliners |
553 |
20% |
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Decliners |
1,175 |
28% |
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Russell 2000 |
+49.31 |
2,084.42 |
+2.42% |
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52 Wk Highs |
36 |
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52 Wk Highs |
50 |
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S&P 600 |
+30.27 |
1,338.73 |
+2.31% |
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52 Wk Lows |
47 |
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52 Wk Lows |
197 |
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The market has been in a noted correction (M criteria). Disciplined investors know to avoid new buying efforts until a solid follow-through day is noted. During market corrections it is best to reduce exposure by selling any weakening stocks on a case-by-case basis.
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Breadth Positive as Major Indices Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 climbed 2.3%, the Russell 2000 registered a 2.4% gain, the Nasdaq Composite settled 2.9% higher, and the Dow Jones Industrial Average logged a 1.8% gain. Volume reported was lighter than the prior session totals on the NYSE and on the Nasdaq exchange. Breadth was positive as advancers led decliners by a 4-1 margin on the NYSE and by almost a 3-1 margin on the Nasdaq exchange. There were 19 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus 17 on the prior session. New 52-week lows outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The major indices are in a market correction (M criteria). Disciplined investors know that they should wait for a new confirmed uptrend before any new buying efforts are supported under the fact-based investment system
PICTURED: The Nasdaq Composite Index found support above its 200-day moving average (DMA) line after recent deterioration raised greater concerns for the broader market outlook. Friday's session will mark Day 4 of the new rally attempt, and longtime readers know it is most ideal for a solid follow-through day to confirm a new uptrend between Days 4-7.
Initial claims decreased by 17,000 to 233,000, supporting the notion that concerns about a recession were overblown. The 10-yr note yield settled three basis points higher at 4.00%. The 2-yr note yield settled four basis points higher at 4.04%.
Eli Lilly (LLY +9.5%) was a standout gainer after its blowout earnings report and much better-than-expected FY24 guidance. Many stocks benefitted from broad buying activity. All 11 S&P 500 sectors closed higher and 29 of the 30 Dow components closed with gains.
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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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Retail, Financial, Tech, and Commodity-Linked Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +2.23%), Bank Index ($BKX +2.02%) and the Retail Index ($RLX +1.86%) each posted solid gains. The tech sector clearly had a positive bias and was led higher by the Networking Index ($NWX +8.38%) and the Semiconductor Index ($SOX +5.86%) while the Biotech Index ($BTK +2.95%) followed. Commodity-linked groups had a positive bias as the Gold & Silver Index ($XAU +2.23%), Oil Services Index ($OSX +2.42%) and the Integrated Oil Index ($XOI +2.26%) each posted solid gains.
PICTURED: The Networking Index ($NWX +8.38%) was a standout as it posted a solid gain. It found prompt support at its 50-day moving average (DMA) line after an abrupt pullback.
| Oil Services |
$OSX |
82.49 |
+1.95 |
+2.42% |
-1.66% |
| Integrated Oil |
$XOI |
1,980.46 |
+43.82 |
+2.26% |
+6.34% |
| Semiconductor |
$SOX |
4,730.01 |
+303.74 |
+6.86% |
+13.28% |
| Networking |
$NWX |
941.84 |
+72.80 |
+8.38% |
+13.09% |
| Broker/Dealer |
$XBD |
625.49 |
+13.62 |
+2.23% |
+12.24% |
| Retail |
$RLX |
4,176.23 |
+76.20 |
+1.86% |
+7.39% |
| Gold & Silver |
$XAU |
140.99 |
+3.07 |
+2.23% |
+12.17% |
| Bank |
$BKX |
106.36 |
+2.11 |
+2.02% |
+10.77% |
| Biotech |
$BTK |
5,693.83 |
+163.09 |
+2.95% |
+5.08% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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 |  USLM - NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag | $72.00 | +2.75
3.97% | $72.62 | 58,961
56.69% of 50 DAV
50 DAV is 104,000 | $87.13
-17.36%
| 6/18/2024 | $71.26 | PP = $75.77 | | MB = $79.56 |  Most Recent Note - 8/8/2024 6:29:21 PM
G - Posted a gain today with lighter volume after 5 consecutive losses raised concerns. A rebound above the 50 DMA line ($73.67) is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Recent Breakout Triggered New (or Add-On) Technical Buy Signal - 7/22/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | GVA - NYSE
Granite Construction
Bldg-Heavy Construction | $68.98 | +0.82
1.20% | $69.43 | 471,834
62.58% of 50 DAV
50 DAV is 754,000 | $73.01
-5.52%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | Most Recent Note - 8/5/2024 8:48:58 PM
G - Pulled back today yet finished near the session high with just a small loss backed by +20% above average volume. Prior highs in the $64 area define initial support to watch above its 50 DMA line ($63.20).
>>> FEATURED STOCK ARTICLE : Hit New High While Making Steady Progress - 7/31/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | MMYT - NASDAQ
MakeMyTrip
Leisure-Travel Booking | $93.56 | +4.97
5.61% | $93.72 | 454,399
61.66% of 50 DAV
50 DAV is 737,000 | $100.22
-6.65%
| 7/23/2024 | $96.92 | PP = $93.39 | | MB = $98.06 | Most Recent Note - 8/8/2024 6:26:54 PM
Y - Posted a big gain today with lighter than average volume. Found prompt support near its 50 DMA line ($85) after damaging volume-driven losses. More damaging losses would raise greater concerns.
>>> FEATURED STOCK ARTICLE : Volume Driven Trip to New Highs - 7/23/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | TXRH - NASDAQ
Texas Roadhouse
Retail-Restaurants | $168.09 | +3.36
2.04% | $169.55 | 464,825
54.81% of 50 DAV
50 DAV is 848,000 | $177.72
-5.42%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 8/8/2024 6:28:28 PM
G - Posted a gain today rebounding toward its 50 DMA line with lighter than average volume. A rebound above the 50 DMA line ($170) is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure When Poised to Break Out - 7/26/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | HWM - NYSE
Howmet Aerospace
Aerospace/Defense | $91.96 | +4.04
4.60% | $92.52 | 3,333,072
107.28% of 50 DAV
50 DAV is 3,107,000 | $97.29
-5.48%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 8/8/2024 6:26:02 PM
Y - Posted a solid gain today with higher (near average) volume. Found prompt support after a pullback testing prior highs in the $85 area which define initial support to watch above its 50 DMA line ($82.50).
>>> FEATURED STOCK ARTICLE : Breakaway Gap For Howmet Aerospace - 7/30/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | 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 | MELI - NASDAQ
MercadoLibre
Retail-Internet | $1,869.40 | +9.70
0.52% | $1,887.34 | 345,116
105.86% of 50 DAV
50 DAV is 326,000 | $1,878.38
-0.48%
| 8/5/2024 | $1,793.73 | PP = $1,792.15 | | MB = $1,881.76 | Most Recent Note - 8/7/2024 12:45:45 PM
Y - Hitting a new 52-week high with today''s 2nd consecutive gain backed by above average volume. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Finished Flat When Poised to Breakout - 8/5/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I |
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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 |
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Max Buy |
USLM
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NASDAQ
U.S. Lime & Minerals
Bldg-Cement/Concrt/Ag
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$69.25
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+0.00
0.00% |
$71.99
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5
0.00% of 50 DAV
50 DAV is 104,000
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$87.13
-20.52%
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6/18/2024
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$71.26
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PP = $75.77
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MB = $79.56
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Most Recent Note - 8/7/2024 12:43:33 PM
G - Sinking further below its 50 DMA line ($73.63) with today's 5th consecutive loss raising greater concerns. A rebound above the 50 DMA line is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Recent Breakout Triggered New (or Add-On) Technical Buy Signal - 7/22/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
GVA
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NYSE
Granite Construction
Bldg-Heavy Construction
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$68.16
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-0.79
-1.15% |
$69.82
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0
0.00% of 50 DAV
50 DAV is 754,000
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$73.01
-6.64%
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6/11/2024
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$59.76
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PP = $64.33
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MB = $67.55
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Most Recent Note - 8/5/2024 8:48:58 PM
G - Pulled back today yet finished near the session high with just a small loss backed by +20% above average volume. Prior highs in the $64 area define initial support to watch above its 50 DMA line ($63.20).
>>> FEATURED STOCK ARTICLE : Hit New High While Making Steady Progress - 7/31/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
MMYT
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NASDAQ
MakeMyTrip
Leisure-Travel Booking
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$88.59
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+0.00
0.00% |
$92.68
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9
0.00% of 50 DAV
50 DAV is 737,000
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$100.22
-11.60%
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7/23/2024
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$96.92
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PP = $93.39
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MB = $98.06
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Most Recent Note - 8/6/2024 6:05:15 PM
Y - Posted a gain today with lighter volume while finding prompt support near its 50 DMA line ($84.45). More damaging losses would raise greater concerns.
>>> FEATURED STOCK ARTICLE : Volume Driven Trip to New Highs - 7/23/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
TXRH
-
NASDAQ
Texas Roadhouse
Retail-Restaurants
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$164.73
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+0.00
0.00% |
$168.55
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9
0.00% of 50 DAV
50 DAV is 848,000
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$177.72
-7.31%
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7/26/2024
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$173.08
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PP = $175.82
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MB = $184.61
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Most Recent Note - 8/6/2024 6:06:36 PM
G - Posted a gain today with lighter volume after damaging losses with higher volume raised concerns. A rebound above the 50 DMA line ($170) is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure When Poised to Break Out - 7/26/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
HWM
-
NYSE
Howmet Aerospace
Aerospace/Defense
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$87.92
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+0.00
0.00% |
$90.82
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604
0.02% of 50 DAV
50 DAV is 3,107,000
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$97.29
-9.63%
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7/30/2024
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$93.95
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PP = $85.52
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MB = $89.80
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Most Recent Note - 8/5/2024 8:50:26 PM
Y - Pulled back today for a 3rd volume-driven loss testing prior highs in the $85 area which define initial support to watch above its 50 DMA line ($82.17).
>>> FEATURED STOCK ARTICLE : Breakaway Gap For Howmet Aerospace - 7/30/2024 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
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 |
MELI
-
NASDAQ
MercadoLibre
Retail-Internet
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$1,859.70
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+0.00
0.00% |
$1,878.38
|
408
0.13% of 50 DAV
50 DAV is 326,000
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$1,878.38
-0.99%
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8/5/2024
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$1,793.73
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PP = $1,792.15
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MB = $1,881.76
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Most Recent Note - 8/7/2024 12:45:45 PM
Y - Hitting a new 52-week high with today's 2nd consecutive gain backed by above average volume. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Finished Flat When Poised to Breakout - 8/5/2024 |
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.
This report is a service available
only to active Paid Premium Members.
You may opt-out of receiving report notifications
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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.
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