Stock Market Holding Losses;  Grocery Stock Shows Strength

Stock Market Holding Losses; Grocery Stock Shows Strength

The major stock indexes are maintaining their losses from this morning’s reversal, erasing yesterday’s rally and then some. The indexes are at the day’s lows in the last hour of trading.


The Nasdaq composite is down 4.5%. The S&P 500 is down 3.6% and the Dow Jones Industrial Average is off 2.6% The Russell 2000 is down 4.9%.

NYSE volume is up 19.3% and Nasdaq volume is up 20.7% from the same time Wednesday.

The Nasdaq and S&P 500 are now trading at the year’s lows.

US Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 29756.33 -912.20 -2.97
S&P 500 (0S&P5) 3643.58 -146.41 -3.86
Nasdaq (0NDQC ) 10580.25 -518.91 -4.68
Russell 2000 (IWM) 163.09 -8.77 -5.10
IBD 50 (FFTY) 27.73 -1.95 -6.57
Last Update: 3:02 PM ET 6/16/2022

Grocery And Beverage Stocks Holding Up

Grocery Outlet (GO) is up 3.6% today. The company’s shares have traded positive the last two days on heavy volume, showing signs of accumulation on an uptrend. The stock has a highest possible Accumulation/Distribution Rating of A+, confirming heavy institutional buying in the last 13 weeks.

Quarterly earnings per share shows a declining trend. Annual EPS shows an expected positive 9% growth in full year 2022, and 17% growth in 2023. It has a 94 out of 99 Composite Rating and a Relative Strength Rating of 97.

The stock is holding above its 21-day exponential moving average. The chart is also showing a steepening relative strength line on MarketSmith.

Monster Beverage (MNST) is holding up better than the major indexes today, now down 0.4% after being positive earlier in the session. BMO Capital raised its price target on MNST to 95 from 90, and kept a market perform rating.

Monster has a Composite Rating of 96 and a Relative Strength Rating of 89. It has an SMR Rating of A, meaning it outperformed 80% of companies on this criteria. SMR combines sales, profit margin and return on equity.

The stock rose above the 21-day exponential moving average, before retreating today. The chart is in a long double-bottom base. Share price is showing a new high on the relative strength line, as indicated by a blue dot on the MarketSmith chart.

Energy Winner Hits Sell Rule

Diamondback Energy (FANG) has been part of the energy sector rally, but today dropped 8.8%, falling below the 50-day moving average. The drop triggered the 7%-8% sell rule. It is down more than 8% from its 148.09 buy point.

Commodity-Based ETFs Show Strength

Commodity-based ETFs are holding up while stocks are still struggling today. Teucrium Commodity Wheat ETF (WEAT) is up 2.7% today. The ETF has an increasing quarterly Net Asset Value, with March up 64%, December up 20% and September 2021 up 23%.

The stock is just below the 21-day exponential moving average and the 50-day moving average. It is emerging out of a cup-with-handle base and has a buy point of 12.52 on the chart.

Teucrium Commodity Corn ETF (CORN) is up 1.6% today. Similarly, its quarterly NAV is growing, with an increase of 39% in December and 54% in September 2021. The ETF is trading in a flat base with a buy point of 30.40 on the chart.

Bitcoin futures are down another 3.1% today to $20,950 and falling as the day progresses.

The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, is down 6.2%.


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