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AFTER MARKET UPDATE - THURSDAY, AUGUST 3RD, 2023
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DOW |
-66.63 |
35,215.89 |
-0.19% |
|
Volume |
888,790,172 |
-7% |
|
Volume |
6,096,578,900 |
+10% |
NASDAQ |
-13.73 |
13,959.72 |
-0.10% |
|
Advancers |
1,082 |
38% |
|
Advancers |
1,947 |
44% |
S&P 500 |
-11.50 |
4,501.89 |
-0.25% |
|
Decliners |
1,779 |
62% |
|
Decliners |
2,460 |
56% |
Russell 2000 |
-5.43 |
1,961.40 |
-0.28% |
|
52 Wk Highs |
70 |
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|
52 Wk Highs |
59 |
|
S&P 600 |
-4.63 |
1,260.26 |
-0.37% |
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52 Wk Lows |
44 |
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52 Wk Lows |
106 |
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Major Indices Ended Lower Again Following U.S. Downgrade
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Ultimately, the major indices closed with slim losses, showing some resilience. Volume totals reported were mixed, lighter on the NYSE and higher on the Nasdaq exchange versus the prior session. Breadth was negative as decliners led advancers by more than a 3-2 margin on the NYSE and by 5-4 on the Nasdaq exchange. There were 32 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 31 on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE but new lows outnumbered new highs on the Nasdaq exchange. The major indices are in an uptrend that is encountering pressure (M criteria) while leadership has been waning. Appropriate new buying efforts may still be considered under the fact-based investment system. Greater caution may be necessary in the event of a more serious correction.
PICTURED: The Dow Jones Industrial Average is retreating from its 2023 high after an impressive streak of gains.
There was an uptick in selling interest in longer-dated Treasuries after a 25-basis points rate hike by the Bank of England to 5.25%. Chatter continued about Wednesday's downgrade of the U.S. credit rating by Fitch Ratings. Weekly initial jobless claims increased slightly, but still reflect a strong labor market. Meanwhile, the ISM Non-Manufacturing Index showed that services sector growth decelerated in July.
The 10-yr note yield rose 11 basis points to 4.19%, leaving the 10-yr yield 14 basis points below its October high. The 30-yr note yield rose 14 basis points to 4.30%.
On the earnings front, Qualcomm (QCOM -8.2%) was a standout decliner after giving a tepid outlook in connection with its fiscal Q3 report. The S&P 500 energy sector (+1.0%) showed the largest gain while the utilities (-2.3%) sector lost ground.
Investors are eyeing earnings reports from Apple (AAPL) and Amazon.com (AMZN) after the close, along with the July Employment Situation Report due 8:30 a.m. Friday.
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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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Energy Linked Groups Led Gainers; Networking Index Led Decliners
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +0.33%), Bank Index ($BKX +0.67%) and the Broker/Dealer Index ($XBD +0.24) each posted a small gain. The tech sector was led lower by the Networking Index ($NWX -2.47%) while the Biotech Index ($BTK -0.56%) suffered a smaller loss and the Semiconductor Index ($SOX -0.09%) finished flat. Commodity-linked groups were mixed as the Gold & Silver Index ($XAU -0.52%) fell while the Oil Services Index ($OSX +0.99%) and the Integrated Oil Index ($XOI +0.89%) both posted gains.
PICTURED: The Networking Index ($NWX -2.47%) has slumped below its 50-day and 200-day moving average (DMA) lines.
Oil Services |
$OSX |
93.33 |
+0.91 |
+0.99% |
+11.29% |
Integrated Oil |
$XOI |
1,822.37 |
+16.15 |
+0.89% |
+1.97% |
Semiconductor |
$SOX |
3,708.08 |
-3.52 |
-0.09% |
+46.44% |
Networking |
$NWX |
798.38 |
-20.26 |
-2.47% |
+1.92% |
Broker/Dealer |
$XBD |
508.83 |
+1.19 |
+0.24% |
+13.29% |
Retail |
$RLX |
3,479.18 |
+11.33 |
+0.33% |
+26.33% |
Gold & Silver |
$XAU |
118.45 |
-0.62 |
-0.52% |
-2.00% |
Bank |
$BKX |
88.07 |
+0.59 |
+0.67% |
-12.67% |
Biotech |
$BTK |
5,207.43 |
-29.52 |
-0.56% |
-1.39% |
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Powerful Breakout for COKE
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Coca-Cola Consolidated (COKE +$83.74 or +13.42% to $707.79) was highlighted in yellow with pivot point cited based on its 5/04/23 high plus 10 cents in the earlier mid-day report. It reported Jun '23 quarterly earnings +54% on +9% sales revenues versus the year-ago period, continuing its strong track record. It hit a new 52-week high with today's big gain backed by +159% above average volume triggering a technical buy signal, rebounding from below its 50-day moving average (DMA) line ($650).
COKE was last shown in this FSU section on 6/14/23 with an annotated graph under the headline "Fell Below Pivot Point With Recent Volume-Driven Losses". It was dropped from the Featured Stocks list on 7/11/23. COKE has a 99 Earnings Per Share Rating, well above the 80+ minimum for buy candidates. The 5 latest quarterly comparisons were well above the +25% minimum earnings guideline (C criteria). Annual earnings (A criteria) growth has been very strong after a slight downturn in FY '18.
The number of top-rated funds owning its shares rose from 379 in Jun '21 to 506 in Jun '23, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 0.6 is an unbiased indication its shares have been under distributional pressure over the past 50 days. It has a Timeliness Rating of A and a Sponsorship Rating of B. There are only 5.8 million shares in the public float which can contribute to greater price volatility due to any buying or selling by the institutional crowd. |
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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***
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 |
STRL
-
NASDAQ
Sterling Infrastructure
Bldg-Heavy Construction
|
$61.30
|
-0.45
-0.73% |
$62.02
|
267,321 78.16% of 50 DAV
50 DAV is 342,000
|
$63.21 -3.02%
|
12/14/2022
|
$32.41
|
PP = $33.72
|
MB = $35.41
|
Most Recent Note - 8/1/2023 1:02:46 PM
G - Posting a 6th consecutive gain today for a new all-time high. It is very extended from any sound base and its 50 DMA line ($54) defines near-term support to watch. Mar '23 quarterly earnings were below the +25% minimum guideline (C criteria) raising fundamental concerns.
>>> FEATURED STOCK ARTICLE : Streak of Gains Lifts Sterling Infrastructure to New Highs - 7/3/2023 |
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C
A
S
I |
FIX
-
NYSE
Comfort Systems USA
Bldg-A/C and Heating Prds
|
$176.81
|
+2.05
1.17% |
$177.23
|
164,968 73.98% of 50 DAV
50 DAV is 223,000
|
$176.27 0.31%
|
4/27/2023
|
$148.85
|
PP = $152.23
|
MB = $159.84
|
Most Recent Note - 7/28/2023 6:00:19 PM
G - Hit a new all-time high today after testing its 50 DMA line ($159) on the prior session. Reported Jun '23 quarterly earnings +65% on +27% versus the year ago period. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Pulled Back From High With Lighter Volume - 7/19/2023 |
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C
A
S
I |
KOF
-
NYSE
Coca Cola Femsa Sab Ads
FOOD and BEVERAGE - Beverages - Soft Drinks
|
$80.96
|
-1.51
-1.83% |
$82.22
|
189,933 117.61% of 50 DAV
50 DAV is 161,500
|
$91.23 -11.26%
|
6/9/2023
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$88.61
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PP = $91.33
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MB = $95.90
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Most Recent Note - 8/2/2023 6:01:06 PM
G - Reported Jun '23 quarterly earnings +23% on +26% sales revenues versus the year-ago period, below the +25% minimum guideline (C criteria). Its Relative Strength Rating has slumped to 79 while meeting resistance and lingering below its 50 DMA line. A rebound above the 50 DMA line ($84.76) is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Slumping Below 50-Day Moving Average and Below Prior Low - 7/6/2023 |
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C
A
S
I |
CLH
-
NYSE
Clean Harbors
Pollution Control
|
$167.28
|
-0.52
-0.31% |
$171.48
|
503,140 127.38% of 50 DAV
50 DAV is 395,000
|
$174.10 -3.92%
|
3/10/2023
|
$136.89
|
PP = $136.74
|
MB = $143.58
|
Most Recent Note - 8/2/2023 5:59:00 PM
G - Hit a new all-time high today while trading higher volume but ending little changed. Reported earnings for the Jun '23 quarter -13% on +3% sales revenues versus the year ago period, below the +25% minimum earnings guideline (C criteria), raising fundamental concerns. , extended from any sound base. Its 50 DMA line ($159) defines important near-term support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Negative Reversal at High After +26% Rally in 4 Months - 7/18/2023 |
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C
A
S
I |
SPSC
-
NASDAQ
SPS Commerce
Comp Sftwr-Spec Enterprs
|
$168.40
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-0.40
-0.24% |
$169.43
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129,215 60.95% of 50 DAV
50 DAV is 212,000
|
$196.39 -14.25%
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4/24/2023
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$150.01
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PP = $157.56
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MB = $165.44
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Most Recent Note - 8/2/2023 6:06:42 PM
G - Suffered a damaging loss and slumped further below its 50 DMA line ($177) and its color code is changed to green. A rebound above the 50 DMA line is needed for its outlook to improve. Reported Jun '23 quarterly earnings +30% on +19% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Pulled Back Abruptly to 50-Day Moving Average Line - 7/24/2023 |
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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 |
HUBB
-
NYSE
Hubbell
Electrical-Power/Equipmt
|
$306.58
|
-6.61
-2.11% |
$311.35
|
565,594 132.46% of 50 DAV
50 DAV is 427,000
|
$340.06 -9.85%
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4/25/2023
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$262.85
|
PP = $257.51
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MB = $270.39
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Most Recent Note - 7/26/2023 5:38:35 PM
G - Abruptly retreated from its all-time high with today's 2nd consecutive volume-driven undercutting its 50 DMA line ($311) raising concerns. Fundamentals remain strong after Jun '23 earnings rose +45%. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Pulled Back Undercutting 50 Day Moving Average Line - 7/26/2023 |
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C
A
S
I |
NVR
-
NYSE
N V R Inc
MATERIALS and CONSTRUCTION - Residential Construction
|
$6,248.02
|
-55.82
-0.89% |
$6,290.00
|
19,180 82.32% of 50 DAV
50 DAV is 23,300
|
$6,474.53 -3.50%
|
4/25/2023
|
$5,882.18
|
PP = $5,978.25
|
MB = $6,277.16
|
Most Recent Note - 7/27/2023 7:50:27 PM
G - Pulled back today with above average volume. Reported Jun '23 quarterly earnings -6% on -13% sales revenues raising greater fundamental concerns. Its prior low ($6,009 on 7/06) and 50 DMA line ($6,028) define near-term support watch.
>>> FEATURED STOCK ARTICLE : New High Close for Strong Homebuilder - 6/30/2023 |
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C
A
S
I |
PHM
-
NYSE
PulteGroup
Bldg-Resident/Comml
|
$81.45
|
-2.11
-2.53% |
$83.10
|
2,588,230 92.93% of 50 DAV
50 DAV is 2,785,000
|
$86.01 -5.30%
|
4/25/2023
|
$65.17
|
PP = $64.01
|
MB = $67.21
|
Most Recent Note - 7/27/2023 7:42:23 PM
G - There was a "negative reversal" today after hitting another new high. It is very extended from any sound base. Recently reported earnings +18% for the Jun '23 quarter versus the year-ago period, below the +25% minimum guideline (C criteria) raising concerns. Important support to watch is defined by its 50 DMA line ($74.54). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Reversed After Reaching a New All-Time High - 7/27/2023 |
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C
A
S
I |
AMPH
-
NASDAQ
Amphastar Pharm
Medical-Biomed/Biotech
|
$63.08
|
+1.39
2.25% |
$63.39
|
218,706 50.51% of 50 DAV
50 DAV is 433,000
|
$63.72 -1.00%
|
5/15/2023
|
$43.56
|
PP = $44.15
|
MB = $46.36
|
Most Recent Note - 8/2/2023 6:02:40 PM
G - Still hovering near its all-time high with volume totals cooling. It has not formed a sound new base of sufficient length. Its 50 DMA line ($53.75) defines important support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : 6th Straight Gain for Amphastar - 7/20/2023 |
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C
A
S
I |
ANET
-
NYSE
Arista Networks
Computer-Networking
|
$177.76
|
+0.48
0.27% |
$180.93
|
2,777,015 74.11% of 50 DAV
50 DAV is 3,747,000
|
$190.65 -6.76%
|
8/1/2023
|
$188.84
|
PP = $178.46
|
MB = $187.38
|
Most Recent Note - 8/2/2023 6:04:28 PM
Y - Gapped down today negating a portion of the considerable volume-driven gain on the prior session and slumping near the prior high and pivot point. Color code was changed to yellow with new pivot point cited based on its 5/30/23 high plus 10 cents. Bullish action came after it reported Jun '23 quarterly earnings +40% on +39% sales revenues versus the year-ago period. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Wedging Higher After Rebounding Above 50-Day Moving Average - 7/12/2023 |
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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 |
PANW
-
NASDAQ
Palo Alto Networks
Computer Sftwr-Security
|
$237.45
|
+1.28
0.54% |
$238.75
|
3,557,027 54.36% of 50 DAV
50 DAV is 6,543,000
|
$258.88 -8.28%
|
6/5/2023
|
$228.35
|
PP = $213.73
|
MB = $224.42
|
Most Recent Note - 7/31/2023 4:58:13 PM
G - Posted a 4th consecutive gain today with light volume. Volume totals have been cooling while consolidating above its 50 DMA line ($234) which defines near-term support to watch. Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Volume Cooling While Hovering Near High - 7/31/2023 |
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C
A
S
I |
LSCC
-
NASDAQ
Lattice Semiconductor
Elec-Semicondctor Fablss
|
$90.99
|
-0.17
-0.19% |
$92.07
|
1,346,785 59.88% of 50 DAV
50 DAV is 2,249,000
|
$98.18 -7.32%
|
6/13/2023
|
$91.73
|
PP = $96.92
|
MB = $101.77
|
Most Recent Note - 7/27/2023 7:44:48 PM
Y - Color code is changed to yellow after today's gap up and big volume-driven gain helped it promptly rebound above the 50 DMA line helping its outlook improve, Due to report Jun '23 quarterly results on 7/31/23.
>>> FEATURED STOCK ARTICLE : Perched Near Pivot Point After Best-Ever Close - 7/17/2023 |
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C
A
S
I |
XPEL
-
NASDAQ
XPEL
Auto/Truck-Replace Parts
|
$80.79
|
+0.75
0.94% |
$81.46
|
68,757 52.49% of 50 DAV
50 DAV is 131,000
|
$87.46 -7.63%
|
6/28/2023
|
$83.14
|
PP = $87.11
|
MB = $91.47
|
Most Recent Note - 7/31/2023 4:25:08 PM
Y - Color code was changed to yellow after rebounding back above its 50 DMA line ($78.68) with 2 consecutive gains. Stalled after recently hitting a new 52-week high. Reported Mar '23 quarterly earnings +46% on +19% sales revenues versus the year-ago period, its 3rd quarterly comparison above the +25% minimum earnings guideline (C criteria), helping it better match the winning models of the fact-based investment system.
>>> FEATURED STOCK ARTICLE : Consolidating After Rebounding Above 50-Day Moving Average - 8/2/2023 |
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C
A
S
I |
FTNT
-
NASDAQ
Fortinet
Computer Sftwr-Security
|
$75.76
|
+1.44
1.94% |
$76.00
|
5,343,430 98.88% of 50 DAV
50 DAV is 5,404,000
|
$81.24 -6.75%
|
7/10/2023
|
$78.29
|
PP = $74.45
|
MB = $78.17
|
Most Recent Note - 8/2/2023 6:05:28 PM
Y - Suffered a large loss today with higher (near average) volume. Its prior high in the $74 area defines support above its 50 DMA line ($73.43) Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Fortinet Powered to New All-Time High - 7/10/2023 |
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C
A
S
I |
PII
-
NYSE
Polaris
Leisure-Products
|
$132.28
|
-1.22
-0.91% |
$133.77
|
417,365 68.53% of 50 DAV
50 DAV is 609,000
|
$138.49 -4.48%
|
7/11/2023
|
$126.92
|
PP = $123.97
|
MB = $130.17
|
Most Recent Note - 7/31/2023 5:06:08 PM
G - Posted a gain today with above average volume. Reported Jun '23 quarterly earnings +0% versus the year ago period, below the +25% minimum earnings guideline (C criteria). On pullbacks, the prior highs define initial support to watch above its 50 DMA line ($120.73).
>>> FEATURED STOCK ARTICLE : Volume-Driven Breakout for Polaris - 7/11/2023 |
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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 |
ALGM
-
NASDAQ
Allegro MicroSystems
Elec-Semicondctor Fablss
|
$43.13
|
-0.09
-0.21% |
$43.39
|
1,810,261 118.94% of 50 DAV
50 DAV is 1,522,000
|
$53.05 -18.70%
|
7/13/2023
|
$49.86
|
PP = $48.82
|
MB = $51.26
|
Most Recent Note - 8/1/2023 12:40:58 PM
G - Gapped down today undercutting the prior low with a big volume-driven loss raising concerns and its color code is changed to green. Reported Jun '23 quarterly earnings +63% versus the year-ago period. Volume and volatility often increase near earnings news. Disciplined investors always limit losses by selling any stock that falls more than -8% from their purchase price.
>>> FEATURED STOCK ARTICLE : Volume Heavy Behind Considerable Breakout Gain - 7/13/2023 |
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C
A
S
I |
ESQ
-
NASDAQ
Esquire Finl Hldgs
Finance-Commercial Loans
|
$50.48
|
+0.63
1.26% |
$50.88
|
11,526 38.42% of 50 DAV
50 DAV is 30,000
|
$54.03 -6.57%
|
7/14/2023
|
$45.80
|
PP = $48.23
|
MB = $50.64
|
Most Recent Note - 7/27/2023 7:46:46 PM
Y - Color code is changed to yellow after pulling back below its "max buy" level. Found support above its 50 DMA line on the recent pullback.
>>> FEATURED STOCK ARTICLE : Esquire Perched Near Prior Highs - 7/14/2023 |
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C
A
S
I |
MEDP
-
NASDAQ
Medpace Holdings
Medical-Research Eqp/Svc
|
$258.04
|
+2.75
1.08% |
$258.64
|
215,176 55.32% of 50 DAV
50 DAV is 389,000
|
$264.19 -2.33%
|
7/25/2023
|
$196.32
|
PP = $241.57
|
MB = $253.65
|
Most Recent Note - 7/27/2023 7:53:30 PM
Y - Pulled back with average volume today for a 2nd consecutive loss after hitting a new all-time high. Prior highs in the $241 area define support to watch on pullbacks. Reported earnings increases above the +25% minimum earnings guideline (C criteria) in the past 5 quarterly comparisons through Jun '23.
>>> FEATURED STOCK ARTICLE : Medpace Posted a Solid Volume-Driven Gain for a New High - 7/25/2023 |
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C
A
S
I |
COKE
-
NASDAQ
Coca-Cola Consolidated
Beverages-Non-Alcoholic
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$707.79
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+83.74
13.42% |
$731.90
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105,351 263.38% of 50 DAV
50 DAV is 40,000
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$694.20 1.96%
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8/3/2023
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$718.56
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PP = $694.30
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MB = $729.02
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Most Recent Note - 8/3/2023 6:04:46 PM
Y - Finished strong after highlighted in yellow with pivot point cited based on its 5/04/23 high plus 10 cents in the earlier mid-day report. Reported Jun '23 quarterly earnings +54% on +9% sales revenues versus the year-ago period, continuing its strong track record. Hitting a new 52-week high with today's big volume-driven gain triggering a technical buy signal, rebounding from below its 50 DMA line ($650). See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Powerful Breakout for COKE - 8/3/2023 |
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