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AFTER MARKET UPDATE - WEDNESDAY, JUNE 7TH, 2023
Previous After Market Report Next After Market Report >>>
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DOW |
+91.74 |
33,665.02 |
+0.27% |
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Volume |
1,023,414,042 |
+19% |
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Volume |
5,292,554,200 |
+9% |
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NASDAQ |
-171.52 |
13,104.90 |
-1.29% |
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Advancers |
1,817 |
64% |
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Advancers |
2,393 |
54% |
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S&P 500 |
-16.33 |
4,267.52 |
-0.38% |
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Decliners |
1,018 |
36% |
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Decliners |
2,026 |
46% |
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Russell 2000 |
+33.05 |
1,888.45 |
+1.78% |
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52 Wk Highs |
153 |
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52 Wk Highs |
155 |
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S&P 600 |
+28.62 |
1,219.16 |
+2.40% |
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52 Wk Lows |
10 |
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52 Wk Lows |
58 |
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Leadership Improved but S&P 500 and Nasdaq Composite Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow increased 91 points (0.3%) while the Nasdaq Composite declined 1.3% and S&P 500 dropped 0.4%. Volume totals reported were higher on the NYSE and on the Nasdaq exchange versus the prior session. Breadth was positive as advancers led decliners by a 9-5 margin on the NYSE and by 6-5 on the Nasdaq exchange. There were 110 high-ranked companies from the Leaders List that hit a new 52-week high and were listed on the BreakOuts Page, versus the total of 77 on the prior session. New 52-week highs totals expanded and solidly outnumbered shrinking new 52-week lows totals on the NYSE and on the Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria). Appropriate new buying efforts may be considered under the fact-based investment system.
PICTURED: The Dow Jones Industrial Average is consolidating above its 50-day moving average. The Blue Chip index is up only +1.6% year-to-date.
Six of 11 sectors finished in positive territory as U.S. equities ended lower on Wednesday led by a drop in technology stocks. Bond yields increased following a surprise 25-basis-point (0.25%) rate increase by the Bank of Canada, which increased concerns that the U.S. Federal Reserve (Fed) may not be done hiking rates despite a much-anticipated pause in June. On the data front, the April U.S. trade deficit widened to a six-month high; as the trade deficit increased 23% from the revised March deficit to $74.6 billion. Although the deficit widening is smaller than anticipated, it may still add pressure to the second quarter Gross Domestic Product.
Treasury yields moved higher. The yield on the benchmark 10-year note increased eleven basis points (0.11%) to 3.79%, while the 30-year bond yield increased nine basis points (0.09%) to 3.94%. The yield on the two-year note, which is more sensitive to changes in Fed policy, increased by five basis points (0.05%) to 4.56%. In commodities, West Texas Intermediate (WTI) crude increased to $72.65/barrel as Saudi Arabia planned on cutting production by one million barrels per day starting in July. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Financial, Energy, and Networking Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank ($BKX +1.46%) and the Broker/Dealer ($XBD +1.70%) both rose while the Retail ($RLX -2.10%) lost ground and created a drag on the major averages. The tech sector was mixed as the Semiconductor ($SOX -0.32%) and the Biotech ($BTK -0.41%) both lost ground, meanwhile the Networking ($NWX +1.02%) rose. Commodity-linked groups were mixed as the Oil Services ($OSX +3.93%) and Integrated Oil ($XOI +2.93%) Indexes both posted standout gains while the Gold & Silver $XAU (-1.35%) suffered a loss.
PICTURED: The Integrated Oil Index ($XOI +2.93%) posted a solid gain on Wednesday approaching its 50-day moving average (DMA) line. It recently halted its slide above the March '23 low.
| Oil Services |
$OSX |
77.84 |
+2.58 |
+3.43% |
-7.18% |
| Integrated Oil |
$XOI |
1,689.92 |
+48.04 |
+2.93% |
-5.45% |
| Semiconductor |
$SOX |
3,477.17 |
-11.17 |
-0.32% |
+37.32% |
| Networking |
$NWX |
798.78 |
+8.04 |
+1.02% |
+1.98% |
| Broker/Dealer |
$XBD |
464.13 |
+7.75 |
+1.70% |
+3.34% |
| Retail |
$RLX |
3,258.61 |
-69.95 |
-2.10% |
+18.32% |
| Gold & Silver |
$XAU |
124.04 |
-1.69 |
-1.35% |
+2.63% |
| Bank |
$BKX |
82.93 |
+1.19 |
+1.46% |
-17.77% |
| Biotech |
$BTK |
5,380.56 |
-21.91 |
-0.41% |
+1.88% |
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Impressive Streak of Gains for New Highs
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Sterling Infrastructure (STRL +$1.68 or +3.25% to $53.36) hit yet another new all-time high today, getting more extended from any sound base with its 14th gain in the span of 15 sessions. Bullish action has continued although it reported Mar '23 quarterly earnings +0% on +10% sales revenues versus the year-ago period, below the +25% minimum earnings guideline (C criteria) raising fundamental concerns.
STRL was highlighted in yellow with pivot point cited based on its 11/08/22 high plus 10 cents in the 12/14/22 mid-day report (read here). It was last covered in detail on 4/28/23 with an annotated graph under the headline, "50-Day Moving Average Line Acted as Recent Resistance". In the week that followed it rebounded above the 50-day moving average and rallied above the prior high ($42). Then it stubbornly held its ground for a couple of weeks before marching higher.
STRL hails from the Building - Heavy Construction industry group which is currently ranked 41st on the 197 Industry Groups list (L criteria). It has a 95 Earnings Per Share Rating, down from 99 when recently featured. Through Dec '22 it had 6 quarterly comparisons at or above the +25% minimum earnings guideline (C criteria). Annual earnings (A criteria) growth has been strong and steady since FY '17.
The company has a small supply of only 30.8 million shares outstanding. That can lead to greater price volatility in the event of institutional buying or selling. The number of top-rated funds owning its shares rose from 337 in Dec '21 to 395 in Mar '23. Its current Up/Down Volume Ratio of 2.3 is an unbiased indication its shares have been under accumulation over the past 50 days.
Chart courtesy of www.stockcharts.com Symbol/Exchange
Company Name
Industry Group | PRICE | CHANGE
(%Change) | Day High | Volume
(% DAV)
(% 50 day avg vol) | 52 Wk Hi
% From Hi | Featured
Date | Price
Featured | Pivot Featured | | Max Buy |  GPK - NYSE
Graphic Packaging
Paper and Paper Products | $26.31 | +0.47
1.82% | $26.44 | 4,068,947
146.63% of 50 DAV
50 DAV is 2,775,000 | $26.16
0.57%
| 10/25/2022 | $22.75 | PP = $24.17 | | MB = $25.38 | Most Recent Note - 6/6/2023 3:24:17 PM
G - Rebounded above its 50 DMA line ($25.11) and it is perched within close striking distance of its all-time high with today's 4th consecutive gain. It has not formed a sound new base of sufficient length. Quickly recovered after testing its 4/27/23 low last week. Reported Mar '23 quarterly earnings +60% on +9% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Packaging Firm Due to Report Earnings News - 5/1/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | STRL - NASDAQ
Sterling Infrastructure
Bldg-Heavy Construction | $53.36 | +1.68
3.25% | $53.53 | 439,016
179.19% of 50 DAV
50 DAV is 245,000 | $51.73
3.15%
| 12/14/2022 | $32.41 | PP = $33.72 | | MB = $35.41 |  Most Recent Note - 6/7/2023 5:19:22 PM
G - Hit yet another new all-time high with today's 14th gain in the span of 15 sessions, very extended from any sound base. Mar '23 quarterly earnings were below the +25% minimum guideline (C criteria). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Impressive Streak of Gains for New Highs - 6/7/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | FIX - NYSE
Comfort Systems USA
Bldg-A/C and Heating Prds | $158.15 | -0.69
-0.43% | $161.94 | 331,819
119.79% of 50 DAV
50 DAV is 277,000 | $159.50
-0.85%
| 4/27/2023 | $148.85 | PP = $152.23 | | MB = $159.84 | Most Recent Note - 6/6/2023 3:10:24 PM
Y - Hitting a new all-time high and approaching its "max buy" level with today's big gain backed by light volume. No resistance remains due to overhead supply, however, it has made very little headway in recent weeks. It was repeatedly noted - "Subsequent gains and new highs backed by at least +40% above average volume may help reconfirm a technical buy signal."
>>> FEATURED STOCK ARTICLE : Churning Action While Recently Hovering Near All-Time High - 5/12/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | KOF - NYSE
Coca-Cola Femsa ADR
Beverages-Non-Alcoholic | $86.88 | +1.77
2.08% | $87.54 | 301,176
155.25% of 50 DAV
50 DAV is 194,000 | $91.23
-4.77%
| 3/7/2023 | $76.63 | PP = $77.11 | | MB = $80.97 | Most Recent Note - 6/7/2023 12:28:24 PM
G - On track today for a 5th consecutive gain after finding support near its 50 DMA line ($84.79). Recent lows in the $81.50 area define the next important support to watch below its 50 DMA line. Reported Mar '23 quarterly earnings +53% on +24% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Posted Gain Afrer Reporting Strong Mar '23 Quarterly Results - 5/2/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | CLH - NYSE
Clean Harbors
Pollution Control | $156.08 | +2.80
1.83% | $156.47 | 421,567
110.94% of 50 DAV
50 DAV is 380,000 | $153.87
1.44%
| 3/10/2023 | $136.89 | PP = $136.74 | | MB = $143.58 | Most Recent Note - 6/6/2023 3:20:35 PM
G - Hitting yet another new all-time high with today's big gain backed by below average volume. Its 50 DMA line ($141) defines near-term support to watch on pullbacks. Reported Mar '23 quarterly earnings +64% on +12% sales revenues versus the year-ago period. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Showed Resilience Near 50-Day Moving Average Following Sell-Off - 5/10/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | Symbol/Exchange
Company Name
Industry Group | PRICE | CHANGE
(%Change) | Day High | Volume
(% DAV)
(% 50 day avg vol) | 52 Wk Hi
% From Hi | Featured
Date | Price
Featured | Pivot Featured | | Max Buy | SPSC - NASDAQ
SPS Commerce
Comp Sftwr-Spec Enterprs | $169.28 | -0.48
-0.28% | $171.77 | 368,175
257.47% of 50 DAV
50 DAV is 143,000 | $170.90
-0.95%
| 4/24/2023 | $150.01 | PP = $157.56 | | MB = $165.44 | Most Recent Note - 6/6/2023 3:16:49 PM
G - Color code is changed to green while rising above its "max buy" level and hitting a new 52-week high with today's 4th consecutive gain backed by near average volume. Gains above the pivot point were not backed by +40% above average volume, so it did not trigger a proper technical buy signal. Reported Mar '23 quarterly earnings +22% on +20% versus the year-ago period, below the +25% minimum earnings guideline (C criteria) raising some fundamental concerns.
>>> FEATURED STOCK ARTICLE : Pulled Back After Quietly Wedging to New Highs - 5/31/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | HUBB - NYSE
Hubbell
Electrical-Power/Equipmt | $304.50 | +8.33
2.81% | $305.48 | 401,263
99.57% of 50 DAV
50 DAV is 403,000 | $297.46
2.37%
| 4/25/2023 | $262.85 | PP = $257.51 | | MB = $270.39 | Most Recent Note - 6/7/2023 5:20:35 PM
G - Gain today with average volume hit yet another new all-time high, getting more extended from the prior base. Prior highs in the $263 area define initial support to watch on pullbacks. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Extended From Prior Base and Perched Near High - 6/1/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | NVR - NYSE
NVR
Bldg-Resident/Comml | $5,771.12 | -23.48
-0.41% | $5,851.18 | 24,700
107.39% of 50 DAV
50 DAV is 23,000 | $5,986.96
-3.61%
| 4/25/2023 | $5,882.18 | PP = $5,978.25 | | MB = $6,277.16 | Most Recent Note - 6/6/2023 5:16:26 PM
G - Rebounded further above its 50 DMA line ($5,707) with today's light volume gain helping its technical stance. Reported Mar '23 quarterly earnings -14% on -3% sales revenues versus the year-ago period, below the +25% minimum earnings guideline (C criteria) raising fundamental concerns, and its color code was changed to green. Prior quarterly comparisons were well above the +25% minimum earnings guideline (C criteria). Annual earnings (A criteria) growth has been very strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Rebounded Above 50 Day Average With Light Volume Gains - 6/6/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | PHM - NYSE
PulteGroup
Bldg-Resident/Comml | $71.57 | -0.61
-0.85% | $72.89 | 2,866,178
100.04% of 50 DAV
50 DAV is 2,865,000 | $72.25
-0.94%
| 4/25/2023 | $65.17 | PP = $64.01 | | MB = $67.21 | Most Recent Note - 6/6/2023 3:13:08 PM
G - Hitting another new high with today's 4th consecutive gain backed by light volume, getting extended from any sound base. Reported earnings +28% for the Mar '23 quarter versus the year-ago period. Important support to watch is its 50 DMA line ($64.31). See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Rebounded Above "Max Buy" Level Toward Recent High - 6/2/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | COKE - NASDAQ
Coca-Cola Consolidated
Beverages-Non-Alcoholic | $665.67 | -16.93
-2.48% | $688.36 | 54,999
161.76% of 50 DAV
50 DAV is 34,000 | $694.20
-4.11%
| 5/4/2023 | $646.66 | PP = $656.21 | | MB = $689.02 | Most Recent Note - 6/5/2023 2:47:33 PM
Y - Color code is changed to yellow today after pulling back below its "max buy" level. Bullish action came after it reported Mar '23 quarterly earnings +93% on +12% sales revenues versus the year-ago period, continuing its strong earnings track record.
>>> FEATURED STOCK ARTICLE : COKE is Showing Real Strength - 5/4/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | Symbol/Exchange
Company Name
Industry Group | PRICE | CHANGE
(%Change) | Day High | Volume
(% DAV)
(% 50 day avg vol) | 52 Wk Hi
% From Hi | Featured
Date | Price
Featured | Pivot Featured | | Max Buy | AMPH - NASDAQ
Amphastar Pharm
Medical-Biomed/Biotech | $45.91 | +0.03
0.07% | $46.29 | 449,498
112.66% of 50 DAV
50 DAV is 399,000 | $46.86
-2.03%
| 5/15/2023 | $43.56 | PP = $44.15 | | MB = $46.36 | Most Recent Note - 6/7/2023 5:24:58 PM
Y - Hovering near all-time high and just below "max buy" level stubbornly holding ground. Gain and strong close above the pivot point on 6/02/23 was backed by +55% above average volume clinching a technical buy signal. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Weak Finish After Early Gain When Perched Near All-Time High - 5/15/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | ANET - NYSE
Arista Networks
Computer-Networking | $155.59 | -4.09
-2.56% | $162.46 | 3,333,290
103.17% of 50 DAV
50 DAV is 3,231,000 | $178.36
-12.77%
| 5/30/2023 | $176.35 | PP = $171.54 | | MB = $180.12 | Most Recent Note - 6/7/2023 5:28:44 PM
Y - Ended near the session low as it suffered a 3rd loss with average volume in the span of 4 sessions. Stalled after recent gains triggered a technical buy signal. Its 50 DMA line ($154) defines important near-term support to watch. Color code was changed to yellow with new pivot point cited based on its 3/23/23 high plus 10 cents in the 5/30/23 mid-day report. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Technical Sell Signal Triggered by Damaging Volume-Driven Loss - 5/3/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I | PANW - NASDAQ
Palo Alto Networks
Computer Sftwr-Security | $216.25 | -8.47
-3.77% | $225.91 | 7,168,901
172.12% of 50 DAV
50 DAV is 4,165,000 | $230.18
-6.05%
| 6/5/2023 | $228.35 | PP = $213.73 | | MB = $224.42 | Most Recent Note - 6/7/2023 5:16:35 PM
Y - Pulled back for a 2nd consecutive loss today backed by higher volume following an impressive streak of 8 straight volume-driven gains. The prior high ($213) defines initial support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Palo Alto Powers to New Highs Again - 6/5/2023 | View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A S I |
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Color Codes Explained :
Y - Better candidates highlighted by our
staff of experts.
G - Previously featured
in past reports as yellow but may no longer be buyable under the
guidelines.
***Last / Change / Volume data in this table is the closing quote data***
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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.
This site 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.
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