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 MORNING MARKET COMMENTARY   - Monday, September 01, 2014  
Adam Sarhan Indices Ended August With Another Positive Session
Kenneth J. Gruneisen, Founder and Contributing Writer, www.CANSLIM.net

With Friday’s advance, the major averages posted solid gains in August. For the month, the Dow was up +3.2%, the S&P 500 rose +3.8% and the NASDAQ advanced +4.8%. The volume totals on the session were lighter on the NYSE and on the Nasdaq exchange even though trading was muted ahead of the Labor Day weekend. Breadth was positive as advancers led decliners by a 12-5 margin on the NYSE and 7-3 on the NASDAQ exchange. There were 50 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 43 stocks. New 52-week highs solidly outnumbered new 52-week lows on the NYSE, but the new high/low totals were close to even on the Nasdaq exchange. There were gains for 11 of the 13 of the high-ranked companies currently included on the Featured Stocks Page. The broader market (M criteria) has been in a "confirmed uptrend" while leadership (stocks hitting new 52-week highs) has remained healthy. Remember that disciplined investors buy stocks with superior fundamentals only after they have triggered a proper technical buy signal.

 

PICTURED: The Dow Jones Industrial Average rose 19 points to 17,098, perched near its all-time high hit intra-day on Tuesday.

The S&P 500 gained 7 points to close at a record high of 2,003. The NASDAQ advanced 23 points to 4,580.

The major averages ended the month on a positive note as investors weighed updates on the U.S. consumer. Before the open, reports showed personal spending fell 0.1% in July while income rose 0.2%. A release from the University of Michigan revealed sentiment improved more-than-expected in August. Geopolitical tension capped gains as the situation in Ukraine intensified and the U.K. raised its terror alert based on intelligence from Syria and Iraq.

The defensive utility and telecom sectors were up the most on the session. Entergy (ETR -1.4%) and Verizon (VZ +0.8%) rose. Tech also rose with chip maker Avago (AVGO +7.5%) up following its better-than-expected earnings results. Consumer discretionary was the worst performing group. Casino operator Wynn Resorts (WYNN -2%) declined. Retailer Big Lots (LOTS -1.8%) fell after posting revenues below analyst projections.

Treasuries declined with the 10-year note down 2/32 to yield 2.34%. COMEX gold slipped 0.2% to $1,287.20/oz. WTI crude oil rallied 1.4% to $95.89 on the NYMEX.

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.

Financial shares had a positive influence on the major averages on Friday as the Broker/Dealer Index ($XBD +0.44%) and the Bank Index ($BKX +0.49%) posted modest gains.  The   Retail Index ($RLX -0.01%) finished flat. The tech sector saw unanimous gains from the Biotechnology Index ($BTK +1.62%), Networking Index ($NWX +0.61%), and the Semiconductor Index ($SOX +0.74%). Commodity-linked groups also had a positive bias as the Gold & Silver Index ($XAU +1.22%) outpaced the Integrated Oil Index ($XOI +0.53%) and the Oil Services Index ($OSX +0.77%).

Charts courtesy www.stockcharts.com

PICTURED: The Broker/Dealer Index ($XBD +0.44%) and the Bank Index ($BKX +0.49%) both are consolidating above their respective 50-day moving average (DMA) lines. Healthy action in financial groups of late is a reassuring sign as "leading indicators" for the broader market. The major averages have been especially prone to bad downdrafts in the past when financial shares were weak.

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