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MARKET COMMENTARY - Monday, December 01, 2014
On Friday's shortened trading session the Dow rose less than a point but closed at a fresh record high of 17,828. The S&P 500 fell 5 points to 2,067. The NASDAQ Composite gained 4 points to 4,791. There were lighter volume totals on the NYSE and on the Nasdaq exchange. Decliners led advancers by a 3-2 margin on the NYSE and 2-1 on the Nasdaq exchange. There were 128 high-ranked companies from the CANSLIM.net Leaders List that made new 52-week highs and appeared on the CANSLIM.net BreakOuts Page, up from the prior session total of 65 stocks. New 52-week highs expanded and easily outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. There were gains for 5 of the 12 high-ranked companies currently on the Featured Stocks Page. A "confirmed uptrend" for the market (M criteria) has been repeatedly noted in this daily Market Commentary since large gains were noted on 10/21/14 backed by higher volume totals as leadership (stocks hitting new 52-week highs) expanded.
PICTURED: The Nasdaq Composite Index hit a new 2014 high with its 6th consecutive gain.
Seven of the 10 sectors in the S&P 500 advanced. Consumer stocks gained the most ground as Black Friday kicked off the holiday shopping season on a positive note. Wal-Mart (WMT +3%) and Amazon.com (AMZN +1.5%) rose. The more defensive sectors of telecom and utilities were also among the best performing groups. Duke Energy (DUK +1.5%) and Verizon (VZ +1%) rose. A drop in energy weighed on the market as OPEC's decision to leave its output target unchanged prompted WTI crude to fall -8.6% to a nine-year low of $67.33 a barrel. Exxon Mobil (XOM -4.5%) and Schlumberger (SLB -7.5%).
Treasuries were higher before fixed-income markets closed early at 2:00 p.m. ET. The 10-year note was up 17/32 to yield 2.18%
Disciplined investors know that new buying efforts may be made under the fact-based investment system only in stocks meeting all key criteria. The Featured Stocks Page shows the most action-worthy candidates and their latest notes and a Headline Link directs members to the latest detailed analysis with data-packed graphs annotated by a Certified expert along with links to additional resources. The Premium Member Homepage includes "dynamic archives" to all prior pay reports published.
The Retail Index ($RLX +1.37%) was a standout gainer while commodity-linked groups created a drag on the market on Friday with big losses for the Oil Services Index ($OSX -8.48%), Integrated Oil Index ($XOI -7.28%) and the Gold & Silver Index ($XAU -8.11%). The Bank Index ($BKX -0.75%) and Broker/Dealer Index ($XBD -0.33%) both ended modestly lower. The Networking Index ($NWX -0.23%) edged lower and the Biotechnology Index ($BTK +0.05%) finished flat, yet the Semiconductor Index ($SOX +0.33%) posted a small gain.
Charts courtesy www.stockcharts.com
PICTURED: The Retail Index ($RLX +1.37%) hit a new 2014 high.