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 MORNING MARKET COMMENTARY   - Friday, April 25, 2014  
Adam Sarhan S&P 500 and Dow Industrials Both Poised For Best-Ever Weekly Close
Kenneth J. Gruneisen, Founder and Contributing Writer, www.CANSLIM.net

The major averages finished mostly higher on Thursday. The volume total rose versus the prior session on the Nasdaq exchange while volume was slightly lower on the NYSE. Advancers narrowly outnumbered decliners on the NYSE but decliners led advancers by a 5-4 margin on the Nasdaq exchange. There were 34 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 total of 26 stocks on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. All 4 of the high-ranked companies currently included on the Featured Stocks Page posted gains. The Dow Jones Industrial Average and benchmark S&P 500 Index both are poised to end at new all-time high closes on their weekly graphs barring a setback on Friday. More significant gains from the major indices backed by heavier volume would be a meaningful improvement that more convincingly argues the Market (M criteria) is shifting back to a confirmed uptrend. Keep in mind that any sustained and meaningful market advance requires leadership - a healthy crop of stocks hitting new 52-week highs.

 

Stocks finished slightly higher after toggling between gains and losses as investors assessed a large batch of earnings reports and economic data. On the economic front, jobless claims unexpectedly jumped due to the seasonal adjustment around Easter and durable goods orders increased by the most in four months.

Six of the 10 S&P 500 sectors finished in negative territory. Telecommunications and materials were the worst performing groups. Verizon (VZ -2.42%) fell after posting a disappointing profit tally and a drop in wireless subscribers. Praxair (PX -0.80%) edged lower as the company reported sales and second-quarter guidance below analyst estimates.

On the upside, the technology sector staged a rally. Shares of Apple (AAPL +8.20%) jumped after the iPhone maker topped earnings expectations, raised its dividend and announced a seven-for-one stock split. Texas Instruments (TXN +4.33%) rose as it also posted a better-than-expected first-quarter profit and revenue. 
Treasuries rose for a second day and a government auction of seven-year notes attracted higher-than-average demand. The 10-year note gained 4/32 to yield 2.68%. The 30-year bond was up 13/32 to yield 3.46%.
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.

PICTURED: The S&P 500 Index posted a small gain, leaving it poised for a best-ever close on a weekly graph, barring a setback on Friday. Below its 50-day moving average (DMA) line a prior low ($1,814.36 on 4/11/14) defines the next important support level where further deterioration would raise serious concerns.

The Retail Index ($RLX +0.95%) posted a solid gain on Thursday and the Broker/Dealer Index ($XBD +0.08%) finished flat, meanwhile the Bank Index ($BKX -0.70%) was a negative influence on the major averages. The Semiconductor Index ($SOX +0.55%) posted a small gain while the Biotechnology Index ($BTK -0.37%) and the Networking Index ($NWX -0.15%) edged lower. The Integrated Oil Index ($XOI +0.32%) eked out a small gain while the Oil Services Index ($OSX -1.74%) and the Gold & Silver Index ($XAU -1.36%) both fell.

Charts courtesy www.stockcharts.com

PICTURED: The Semiconductor Index ($SOX +0.55%) is consolidating above its 50-day moving average (DMA) line and -1.6% off its high.

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