CANSLIM.net Help Lines
1-888-CAN-SLIM
954-785-1121

 

Get this daily commentary delivered straight to your email as soon as it is posted each day!
E-mail Address :
We never share your email. Read our privacy policy

CLICK HERE FOR DETAILS ABOUT
THE FREE CANSLIM.NET DAILY MARKET COMMENTARY


 MORNING MARKET COMMENTARY   - Wednesday, October 22, 2014  
Adam Sarhan Big Gains With More Leadership and Volume Confirm a New Market Rally
Kenneth J. Gruneisen, Founder and Contributing Writer, www.CANSLIM.net

Considerable gains helped the Dow Jones Industrial Average and the S&P 500 Index both join the Nasdaq Composite Index in rebounding above their respective 200-day moving average (DMA) lines. The Dow gained 215 points to 16,614. The S&P advanced 37 points to 1,941. The NASDAQ was up 103 points to 4,419. The large gains on Tuesday were backed by higher volume totals while leadership (stocks hitting new 52-week highs) expanded, making it a solid "follow-through day" confirming a new rally for the market (M criteria). Breadth was positive as advancers led decliners by nearly a 5-1 margin on the NYSE and 3-1 on the Nasdaq exchange. Leadership expanded as there were 27 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 6 stocks. New 52-week highs outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. There were gains for all of the 5 high-ranked companies currently included on the Featured Stocks Page, a list that has waned as market conditions eroded.  Disciplined investors know that new buying efforts may be made under the fact-based investment system only in stocks meeting all key criteria.

 

PICTURED: The Nasdaq Composite Index posted a +2.4% gain on higher volume while leadership expanded on Day 4 of the rally attempt - meeting the requirements for a convincing "follow-through day" which confirmed a new uptrend for the market (M criteria).

The major averages rallied as investors focused on company earnings and central bank activity. At the close all 10 sectors in the S&P 500 were in positive territory. Apple (AAPL +2.72%) rose following a positive earnings report and upward revisions to forward guidance. United Technologies (UTX +0.49%) edged higher after topping earnings estimates. The energy sector was up the most as the price of WTI crude extended Monday's gain by +0.1% to $82.81 per barrel. Marathon Petroleum (MPC +5.34%) and Halliburton (HAL +5.10%) both rallied. The defensive utilities sector was the relative underperformer with Duke Energy (DUK -0.53%) among decliners. Profit tallies will stay in focus after close with notable releases due out from Yahoo!,(YHOO +2.29%), Discover Financial (DFS +2.68%), and Broadcom (BRCM +2.84%).

On the economic front, existing home sales unexpectedly increased by +2.4% in September to a one-year high. In other news, the ECB purchased fixed income securities in France, Spain, and Italy, while reports surfaced that the asset purchases may encompass corporate fixed income as early as December.

Treasuries ended the session lower. The benchmark 10-year note was off by 8/32 to yield 2.22%.

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.

The Semiconductor Index ($SOX +3.61%) led the tech sector higher while the Biotechnology Index ($BTK +2.49%) and the Networking Index ($NWX +2.70%) also tallied solid gains on Tuesday. Strength in energy-related shares led to big gains for the Integrated Oil Index ($XOI +2.75%) and the Oil Services Index ($OSX +3.24%). The Retail Index ($RLX +2.38%) was a positive influence on the major averages along with financial shares as the Broker/Dealer Index ($XBD +1.75%) and the Bank Index ($BKX +2.11%) rose. The Gold & Silver Index ($XAU +0.25%) was a laggard as it barely inched higher.

Charts courtesy www.stockcharts.com

PICTURED: The Networking Index ($NWX +2.70%) is rebounding after a plunge to new 2014 lows.

Click Here to TELL-a-FRIEND about CANSLIM.net - if you know someone who might appreciate this report or find the features on our website useful.  As CANSLIM.net's subscriber base grows, we are able to offer more great resources to help you become a more successful investor.   We appreciate any feedback members may wish to send via the inquiry form here.
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. CANSLIM.net 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 CANSLIM.net StockNews Members. You may opt-out of receiving report notifications at any time.  Questions or comments may be submitted by writing to CANSLIM.net 665 S.E. 10 Street, Suite 201 - Deerfield Beach, FL 33441-5634 or by calling 1-800-965-8307 or 954-785-1121.

 

The recommendations made by CAN SLIM® Certified individuals are their own and may not be attributed to the CAN SLIM® Certification Program, William O'Neil + Co., Investor's Business Daily or their affiliates. The CAN SLIM® Certification indicates only that the individual has successfully completed the CAN SLIM® Certification Program. CAN SLIM®, William O'Neil + Co., Investor's Business Daily and any of their affiliates are in no way responsible for any loss or damage caused as a result of the services provided by these individuals.

Copyright © 1996-2014 Gruneisen Growth Corp. d/b/a www.canslim.net  All rights reserved. Protected by the copyright laws of the United States and Canada and by international treaties.  The names "CANSLIM" and "CAN SLIM®" are service marks and trade names of Investor's Business Daily, Inc., a California corporation, and are used by Gruneisen Growth Corp., a Florida corporation, under license. GGC is solely responsible for the operation of and opinions expressed in this Website. Daily Graphs® and Daily Graphs Online® are registered trademarks of William O'Neil + Co. Incorporated and are used with permission.

Privacy Policy | Terms of Use | Contact Us