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AFTER MARKET UPDATE - FRIDAY, NOVEMBER 15TH, 2024
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DOW |
-305.87 |
43,444.99 |
-0.70% |
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Volume |
1,150,046,980 |
+22% |
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Volume |
8,169,661,900 |
-6% |
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NASDAQ |
-427.53 |
18,680.12 |
-2.24% |
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Advancers |
987 |
36% |
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Advancers |
1,265 |
30% |
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S&P 500 |
-78.55 |
5,870.62 |
-1.32% |
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Decliners |
1,768 |
64% |
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Decliners |
2,983 |
70% |
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Russell 2000 |
-33.10 |
2,303.84 |
-1.42% |
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52 Wk Highs |
60 |
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52 Wk Highs |
61 |
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S&P 600 |
-13.65 |
1,462.97 |
-0.92% |
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52 Wk Lows |
74 |
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52 Wk Lows |
294 |
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Leadership Waned and Major Indices Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major indices fell on Friday. The S&P 500 fell nearly 80 points, or 1.3%. This decline left the index 1.5% higher since the election. Volume totals reported were mixed, higher than the prior session total on the NYSE and lighter on the Nasdaq exchange, action indicative of less institutional selling pressure. Breadth was negative as decliners led advancers by almost a 2-1 margin on the NYSE and by more than a 2-1 margin on the Nasdaq exchange. There were 12 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 37 on the prior session. New 52-week lows totals outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria). Disciplined investors know that new buying efforts are only to be made in stocks meeting all key criteria of the fact-based investment system.
PICTURED: The Nasdaq Composite Index suffered a streak of losses, retreating from its new all-time high.
Many stocks contributed to index losses, sinking on concerns over interest rates and speculation that the Fed may be more cautious with rate cuts than the market previously hoped. The 10-yr note yield jumped to 4.50% in response to the October Retail Sales report, which was stronger than headline numbers suggest due to upward revisions in the September data.
Additionally, the NY Fed Empire State Manufacturing survey jumped to 31.2 in November, its highest level in nearly three years, supporting the view that the economy is not signaling a need for the Fed to rush into rate cuts. These factors align with Fed Chair Powell's comments yesterday.
The market's expectations for a rate cut at the December FOMC meeting have shifted. The fed funds futures market is pricing in a 58.4% probability of a 25-basis points rate cut at the December FOMC meeting versus 72.2% yesterday and 85.5% a month ago, according to the CME FedWatch Tool.
Treasury yields declined from their initial post-data spike, but that didn't provide any relief to equities. The 10-yr yield settled one basis point higher at 4.43% and the 2-yr yield settled one basis point higher at 4.30%.
Large-cap technology stocks, especially semiconductor-related names, suffered outsized declines compared to the broader equity market. This downturn followed fiscal Q1 guidance from Applied Materials (AMAT -9.2%), a leading chip equipment maker, which failed to meet the market's more optimistic expectations.
Weakness in chipmakers and other large-cap components led the S&P 500 information technology sector to move 2.5% lower. It was the worst performing sector followed by health care (-1.9%), communication services (-1.9%), and consumer discretionary (-1.4%).
The health care sector was reacting to the news that President-elect Trump nominated Robert F. Kennedy, Jr., known as a vaccine skeptic, to lead the Department of Health and Human Services.
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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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Financials Rose Amid Broader Market Losses
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX +0.86%) and the Broker/Dealer Index ($XBD +0.23%) both posted gains on Friday. The Retail Index ($RLX -2.81%) fell. The tech sector had a negative bias as the Semiconductor Index ($SOX -3.12%), Networking Index ($NWX -2.36%), and the Biotech Index ($BTK -4.71%) each lost ground. The Gold & Silver Index ($XAU -1.03%), Oil Services Index ($OSX -1.89%), and the Integrated Oil Index ($XOI -0.60%) also suffered unanimous losses.
PICTURED: The Oil Services Index ($OSX -1.89%) has been sputtering near its 50-day moving average (DMA) line after meeting resistance at its 200 DMA line on the recent rebound attempt.
| Oil Services |
$OSX |
76.53 |
-1.47 |
-1.89% |
-8.76% |
| Integrated Oil |
$XOI |
1,938.14 |
-11.67 |
-0.60% |
+4.06% |
| Semiconductor |
$SOX |
4,833.59 |
-171.00 |
-3.42% |
+15.76% |
| Networking |
$NWX |
1,152.05 |
-27.88 |
-2.36% |
+38.33% |
| Broker/Dealer |
$XBD |
829.67 |
+1.94 |
+0.23% |
+48.88% |
| Retail Index |
$RLX |
4,925.75 |
-142.46 |
-2.81% |
+26.67% |
| Gold & Silver |
$XAU |
143.16 |
-1.49 |
-1.03% |
+13.90% |
| Bank |
$BKX |
134.79 |
+1.14 |
+0.85% |
+40.37% |
| Biotech |
$BTK |
5,576.16 |
-275.60 |
-4.71% |
+2.90% |
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Hovering Near High After Recent Volume-driven Gains
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Texas Roadhouse (TXRH) has been stubbornly holding its ground after a gap up on 11/06/24, hovering near its all-time high. Its 50-day moving average (DMA) line ($180) and prior highs in the $177-180 area define important support to watch on pullbacks. It faces no resistance due to overhead supply. TXRH was highlighted in yellow with pivot point cited based on its 6/28/24 high plus 10 cents in the 7/26/24 mid-day report (read here). It was last shown in this FSU section on 10/18/24 with an annotated graph under the headline "Gain With Light Volume for New High Close".
TXRH has a 97 Earnings Per Share Rating, well above the 80+ minimum guideline for buy candidates. It reported Sep '24 quarterly earnings +33% on +13% sales revenues versus the year-ago period, its 3rd consecutive quarterly comparison above the +25% earnings guideline (C criteria). Annual earnings growth has been strong since a downturn in FY '20.
The number of top-rated funds owning its shares rose from 682 in Sep '23 to 822 in Sep '24, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.3 is an unbiased indication its shares have been under accumulation over the past 50 days.
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 | $141.21 | +0.20
0.14% | $143.18 | 56,339
80.48% of 50 DAV
50 DAV is 70,000 | $146.70
-3.74%
| 9/17/2024 | $71.26 | PP = $87.23 | | MB = $91.59 | Most Recent Note - 11/12/2024 5:27:28 PM
G - Pulled back from its all-time high with today''s 2nd consecutive volume-driven loss following a noted spurt of volume-driven gains. Its 50 DMA line ($100) defines important near-term support to watch on pullbacks. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Extended From Any Sound Base After Impressive Rally - 11/12/2024 | 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 | $95.61 | -0.13
-0.14% | $96.02 | 321,953
45.93% of 50 DAV
50 DAV is 701,000 | $99.32
-3.74%
| 6/11/2024 | $59.76 | PP = $64.33 | | MB = $67.55 | Most Recent Note - 11/13/2024 5:48:02 PM
G - Perched near its all-time high, holding its ground while very extended from any sound base. Bullish action has come after it reported Sep '24 quarterly earnings +19% on +14% sales revenues versus the year-ago period, below the +25% minimum guideline (C criteria) of the fact-based investment system.
>>> FEATURED STOCK ARTICLE : Extended From Base After Streak of Gains for New Highs - 11/8/2024 | 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 | $197.99 | -0.92
-0.46% | $200.00 | 592,412
80.06% of 50 DAV
50 DAV is 740,000 | $203.32
-2.62%
| 7/26/2024 | $173.08 | PP = $175.82 | | MB = $184.61 | Most Recent Note - 11/12/2024 2:12:20 PM
G - Volume totals have been cooling while holding its ground after a gap up on 11/06/24 hitting a new all-time high. Prior highs in the $177-180 area define important support to watch coinciding with its 50 DMA line ($178).
>>> FEATURED STOCK ARTICLE : Hovering Near High After Recent Volume-driven Gains - 11/15/2024 | 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 | $112.01 | -1.21
-1.07% | $113.08 | 2,221,703
97.66% of 50 DAV
50 DAV is 2,275,000 | $116.74
-4.05%
| 7/30/2024 | $93.95 | PP = $85.52 | | MB = $89.80 | Most Recent Note - 11/12/2024 2:18:39 PM
G - Stubbornly holding its ground perched at its all-time high, extended from any sound base. Its prior high ($106.93 on 10/21/24) and 50 DMA line ($101) define near-term support levels to watch on pullbacks. Reported Sep ''24 quarterly earnings +54% on +11% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Found Support at 50-Day Moving Average Line Before Earnings Report - 11/5/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | NGVC - NYSE
Natural Grocers
Retail-Super/Mini Mkts | $32.84 | +0.04
0.12% | $33.24 | 77,966
88.60% of 50 DAV
50 DAV is 88,000 | $34.76
-5.52%
| 11/5/2024 | $30.57 | PP = $30.42 | | MB = $31.94 | Most Recent Note - 11/13/2024 5:50:00 PM
G - Pulled back from its all-time high with today''s loss on lighter volume breaking a streak of 6 consecutive gains marked by higher volume. Prior high in the $30 area defines initial support to watch above its 50 DMA line ($28.18).
>>> FEATURED STOCK ARTICLE : New High After 6th Consecutive Gain - 11/11/2024 | 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 | CLS - NYSE
Celestica
Elec-Contract Mfg | $82.18 | +1.70
2.11% | $82.44 | 3,182,154
137.64% of 50 DAV
50 DAV is 2,312,000 | $87.99
-6.60%
| 10/11/2024 | $57.62 | PP = $63.59 | | MB = $66.77 | Most Recent Note - 11/13/2024 5:46:44 PM
G - Pulled back from its all-time high with today''s 3rd consecutive loss backed by average volume. It is very extended from any sound base. The prior highs in the $63 area define initial support to watch on pullbacks. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Pulling Back After Considerable Rally - 11/13/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | PAY - NYSE
Paymentus Holdings
Finance-CrdtCard/PmtPr | $33.50 | +0.95
2.92% | $33.57 | 538,689
181.99% of 50 DAV
50 DAV is 296,000 | $37.00
-9.46%
| 10/17/2024 | $26.15 | PP = $25.31 | | MB = $26.58 |  Most Recent Note - 11/15/2024 12:47:35 PM
G - Holding its ground after spiking higher on 11/13/24 after it reported Sep '24 quarterly earnings +67% on +52% sales revenues versus the year ago period. It found support near prior highs in the $24-25 area during the recent consolidation. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Extended From Prior Base After Considerable Spike Higher - 11/14/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | RMD - NYSE
Resmed Inc
HEALTH SERVICES - Medical Appliances and Equipment | $234.74 | +3.31
1.43% | $235.09 | 1,116,942
105.30% of 50 DAV
50 DAV is 1,060,700 | $260.49
-9.89%
| 10/25/2024 | $256.64 | PP = $255.28 | | MB = $268.04 | Most Recent Note - 11/13/2024 5:52:09 PM
G - Color code is changed to green after today''s big loss violated its 50 DMA line ($243) triggering a technical sell signal and it closed near the session low. A prompt rebound above the 50 DMA line is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : ResMed Negated Friday''s Breakout Raising Concerns - 10/28/2024 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | ATGE - NYSE
Adtalem Global Education
Consumer Svcs-Education | $87.20 | +2.38
2.81% | $88.42 | 751,836
202.65% of 50 DAV
50 DAV is 371,000 | $92.93
-6.17%
| 10/30/2024 | $83.34 | PP = $80.28 | | MB = $84.29 | Most Recent Note - 11/14/2024 5:09:13 PM
G - Pulled back today with +28% above average volume, retreating toward its "max buy" level. It quickly got extended from the previously noted base with a noted spurt of volume-driven gains. Prior highs in the $80 area define initial support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Holding Ground Following Recent Technical Breakout - 11/4/2024 | 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***
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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.
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