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 MORNING MARKET COMMENTARY   - Wednesday, July 23, 2014  
Adam Sarhan Leadership Expanded as Major Averages Rose With Better Volume
Kenneth J. Gruneisen, Founder and Contributing Writer, www.CANSLIM.net

The major averages finished higher at the market close on Tuesday. The volume totals were higher than the prior session volume totals on the NYSE and on the Nasdaq exchange, and encouraging sign of institutional buying demand on the rise. Breadth was positive as advancers led decliners by more than a 2-1 margin on the Nasdaq exchange and on the NYSE. There were 49 high-ranked companies from the CANSLIM.net Leaders List that made new 52-week highs and appeared on the CANSLIM.net BreakOuts Page, more than doubling the prior session total of 24 stocks. New 52-week highs outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. There were gains for 12 of the 13 of the high-ranked companies currently included on the Featured Stocks Page. The market (M criteria) uptrend recently faced pressure, however the latest expansion in leadership has been reassuring.  Disciplined investors limit losses and reduce market exposure during rough market periods by selling any stocks which fall more than -7% from their purchase price.

 

PICTURED: The tech-heavy Nasdaq Composite Index has been consolidating well above its 50-day moving average (DMA) line. It found support well above that important short-term average, near its prior highs.

Positive economic data and strong earnings results helped to lift stocks for the day. Inflation data remained tame. The Consumer Price Index rose 0.3% and is up 2.1% for the 12 months ended in June. While in-line with expectations, it did spur optimism that the Fed will continue to suppress rates well into 2015. The Richmond Fed reported that Mid-Atlantic manufacturing activity rose to 7 from a prior reading of 3, and existing home sales in June surprised investors with a 2.6% increase month-over-month.

Earnings were mixed.  Netflix (NFLX -4.62%) slumped after its report. Information technology and Health care were the best performing groups. Qualcomm (QCOM +2.35%), F5 Networks (FFIV +2.62%) and Apple Computer (AAPL +0.83%) rallied ahead of their earnings tallies. Biotech and pharmaceuticals also showed to advantage with Amgen (AMGN +1.75%), Celgene (CELG +1.58%) and Johnson & Johnson (JNJ +1.18%) rallying. Consumer staples were hurt by earnings. Kimberly-Clark (KMP -3.09%) fell after the company missed estimates and revised full-year earnings guidance lower.
Treasuries were flat. The 10-year note finished at 2.46%.

The CANSLIM.net Featured Stocks Page shows the most action-worthy candidates and their latest notes and a Headline Link directs members to the latest detailed analysis with data-packed graphs annotated by a Certified expert along with links to additional resources.  The Premium Member Homepage includes "dynamic archives" to all prior pay reports published. Watch for an announcement via email concerning the next WEBCAST.

The Networking Index ($NWX +1.40%) led the tech sector higher as the Biotechnology Index ($BTK +0.93%) and the Semiconductor Index ($SOX +0.67%) posted smaller gains.  The Broker/Dealer Index ($XBD +0.70%) outpaced the Bank Index ($BKX +0.17%) and the Retail Index ($RLX +0.14%). A positive bias also boosted energy-related shares as the Integrated Oil Index ($XOI +0.69%) and the Oil Services Index ($OSX +0.94%) both rose, meanwhile the Gold & Silver Index ($XAU -1.11%) was a standout decliner.

Charts courtesy www.stockcharts.com

PICTURED: The Retail Index ($RLX +0.14%) is consolidating above its 50-day moving average (DMA) line.

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