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AFTER MARKET UPDATE - WEDNESDAY, AUGUST 16TH, 2023
Previous After Market Report Next After Market Report >>>
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|
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DOW |
-180.65 |
34,765.74 |
-0.52% |
|
Volume |
813,915,986 |
-1% |
|
Volume |
6,332,876,300 |
+41% |
|
NASDAQ |
-156.42 |
13,474.63 |
-1.15% |
|
Advancers |
736 |
26% |
|
Advancers |
1,244 |
29% |
|
S&P 500 |
-33.53 |
4,404.33 |
-0.76% |
|
Decliners |
2,138 |
74% |
|
Decliners |
3,103 |
71% |
|
Russell 2000 |
-24.24 |
1,871.52 |
-1.28% |
|
52 Wk Highs |
43 |
|
|
52 Wk Highs |
47 |
|
|
S&P 600 |
-14.65 |
1,208.29 |
-1.20% |
|
52 Wk Lows |
90 |
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52 Wk Lows |
285 |
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Distributional action and clearly negative breadth on Tuesday and Wednesday has the look of a more worrisome market correction (M criteria). Greater caution is called for and disciplined investors should be ready to reduce exposure and raise cash by selling any weakening stocks on a case-by-case basis.
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Major Averages Fell Again, Looking More Like a Correction
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major averages fell again, led lower by then tech-heavy Nasdaq Composite Index. Volume totals reported were mixed, lighter than the prior session on the NYSE and higher on the Nasdaq exchange. Breadth was negative as decliners led advancers by about a 3-1 margin on the NYSE and by 5-2 on the Nasdaq exchange. There were 15 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 26 on the prior session. New 52-week lows totals rose and outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. The major indices are in an uptrend that is under pressure (M criteria), Greater caution may be necessary as the latest weakness has the look of a more serious correction.
PICTURED: The Dow Jones Industrial Average fell toward its 50-day moving average (DMA) line.
The major indices stayed in relatively narrow ranges until the 2:00PM release of the FOMC Minutes from the July meeting induced some whipsaw action. The 10-yr note yield climbed above 4.25% and eclipsed a closing high yield from last October. The 2-yr note yield settled three basis points higher at 4.97%.
On the earnings front, Target (TGT +3.0%) and TJX Cos. (TJX +4.1%) were winning standouts after reporting results. The S&P 500 ultimately closed just above the 4,400 level and at its lows for the session, continuing the consolidation trade that took root at the start of the month. Utilities (+0.5%) were the only one of the S&P 500 sectors posting a gain. The consumer discretionary sector (-1.3%) saw the biggest decline.
Festering growth concerns contributed to the weakness after China reported another decline in home prices. The U.S., however, saw stronger-than-expected housing starts and industrial production in July. Also, the Atlanta Fed GDPNow model was updated and is estimating 5.8% real GDP growth in the third quarter, up from 5.0% previously. That news created some rate hike angst in the Treasury market. |
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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Tech, Retail, Financial, and Commodity-Linked Groups Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The tech sector had a negative bias as the Semiconductor Index ($SOX -2.08%), Networking Index ($NWX -2.53%) and the Biotech Index ($BTK -1.14%) each lost ground. Weakness in the Retail Index ($RLX -0.94%), Bank Index ($BKX -0.90%) and the Broker/Dealer Index ($XBD -0.34%) also weighed on the major averages. Commodity-linked groups also had a negative bias as the Gold & Silver Index ($XAU -1.29%), Integrated Oil Index ($XOI -0.55%), and the Oil Services Index ($OSX -0.79%) each lost ground.
PICTURED: The Networking Index ($NWX -2.53%) has been slumping below its 50-day and 200-day moving average (DMA) lines.
| Oil Services |
$OSX |
91.27 |
-0.73 |
-0.79% |
+8.84% |
| Integrated Oil |
$XOI |
1,834.79 |
-10.19 |
-0.55% |
+2.66% |
| Semiconductor |
$SOX |
3,480.08 |
-73.88 |
-2.08% |
+37.44% |
| Networking |
$NWX |
775.55 |
-20.12 |
-2.53% |
-0.99% |
| Broker/Dealer |
$XBD |
486.18 |
-1.66 |
-0.34% |
+8.25% |
| Retail |
$RLX |
3,580.90 |
-33.95 |
-0.94% |
+30.03% |
| Gold & Silver |
$XAU |
112.92 |
-1.48 |
-1.29% |
-6.57% |
| Bank |
$BKX |
82.15 |
-0.75 |
-0.90% |
-18.54% |
| Biotech |
$BTK |
5,200.16 |
-59.70 |
-1.14% |
-1.53% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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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
|
$80.49
|
-1.80
-2.19% |
$83.81
|
495,791
123.95% of 50 DAV
50 DAV is 400,000
|
$83.18
-3.23%
|
12/14/2022
|
$32.41
|
PP = $33.72
|
|
MB = $35.41
|
Most Recent Note - 8/15/2023 6:06:17 PM
G - Posted a solid gain today with +49% above average volume for yet another new all-time high. Very extended from any sound base. Bullish action came after it reported Jun '23 quarterly earnings +37% on +13% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Volume-Driven Gains Leave Construction Firm at All-Time High - 8/9/2023 |
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C
A
S
I |
FIX
-
NYSE
Comfort Systems USA
Bldg-A/C and Heating Prds
|
$179.09
|
+0.39
0.22% |
$181.83
|
163,748
75.46% of 50 DAV
50 DAV is 217,000
|
$182.94
-2.10%
|
4/27/2023
|
$148.85
|
PP = $152.23
|
|
MB = $159.84
|
Most Recent Note - 8/14/2023 5:56:20 PM
G - Holding its ground near its all-time high, extended from any sound base. Its 50 DMA line ($166) defines important near-term support to watch on pullbacks. Reported Jun '23 quarterly earnings +65% on +27% versus the year-ago period.
>>> 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 ADR
Beverages-Non-Alcoholic
|
$84.00
|
+0.73
0.88% |
$84.29
|
81,892
54.23% of 50 DAV
50 DAV is 151,000
|
$91.23
-7.93%
|
6/9/2023
|
$88.61
|
PP = $91.33
|
|
MB = $95.90
|
Most Recent Note - 8/14/2023 6:01:39 PM
G - Posted a small gain today with +110% above average volume. A rebound above the 50 DMA line ($84.31) is still needed for its outlook to improve but that short-term average recently has acted as resistance. Its Relative Strength Rating is currently 81. Reported Jun '23 quarterly earnings +23% on +26% sales revenues versus the year-ago period, below the +25% minimum guideline (C criteria).
>>> FEATURED STOCK ARTICLE : 50-Day Moving Average Line has Acted as Resistance - 8/10/2023 |
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C
A
S
I |
CLH
-
NYSE
Clean Harbors
Pollution Control
|
$172.73
|
-1.49
-0.86% |
$174.83
|
219,595
56.74% of 50 DAV
50 DAV is 387,000
|
$178.33
-3.14%
|
3/10/2023
|
$136.89
|
PP = $136.74
|
|
MB = $143.58
|
Most Recent Note - 8/15/2023 6:07:25 PM
G - Pulled back today with light volume, retreating from its all-time high. Its 50 DMA line ($164) defines important near-term support to watch on pullbacks. 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.
>>> FEATURED STOCK ARTICLE : Negative Reversal at High After +26% Rally in 4 Months - 7/18/2023 |
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C
A
S
I |
HUBB
-
NYSE
Hubbell
Electrical-Power/Equipmt
|
$306.52
|
-0.18
-0.06% |
$310.16
|
226,260
52.62% of 50 DAV
50 DAV is 430,000
|
$340.06
-9.86%
|
4/25/2023
|
$262.85
|
PP = $257.51
|
|
MB = $270.39
|
Most Recent Note - 8/15/2023 6:08:13 PM
G - Still lingering below its 50 DMA line ($318.73). A rebound above the 50 DMA line is needed for its outlook to improve. Fundamentals remain strong after Jun '23 earnings rose +45% on +9% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Pulled Back Undercutting 50 Day Moving Average Line - 7/26/2023 |
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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 |
NVR
-
NYSE
NVR
Bldg-Resident/Comml
|
$6,147.94
|
-43.05
-0.70% |
$6,244.70
|
18,941
99.69% of 50 DAV
50 DAV is 19,000
|
$6,474.53
-5.04%
|
4/25/2023
|
$5,882.18
|
PP = $5,978.25
|
|
MB = $6,277.16
|
Most Recent Note - 8/16/2023 5:55:08 PM
G - Still consolidating near its 50 DMA line ($6,186). Reported Jun '23 quarterly earnings -6% on -13% sales revenues, its 2nd subpar quarter, raising greater fundamental concerns.
>>> FEATURED STOCK ARTICLE : Consolidating Above 50 DMA After 2nd Subpar Earnings Report - 8/7/2023 |
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C
A
S
I |
PHM
-
NYSE
PulteGroup
Bldg-Resident/Comml
|
$82.56
|
-1.68
-1.99% |
$84.73
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2,195,033
84.88% of 50 DAV
50 DAV is 2,586,000
|
$86.16
-4.18%
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4/25/2023
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$65.17
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PP = $64.01
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MB = $67.21
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Most Recent Note - 8/16/2023 5:56:46 PM
G - Pulled back today with below-average volume. Its 50 DMA line ($79.11) defines important support to watch. Recently reported earnings +18% for the Jun '23 quarter versus the year-ago period, below the +25% minimum guideline (C criteria) raising concerns.
>>> 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
|
$56.05
|
-1.20
-2.10% |
$59.52
|
413,089
90.00% of 50 DAV
50 DAV is 459,000
|
$67.66
-17.16%
|
5/15/2023
|
$43.56
|
PP = $44.15
|
|
MB = $46.36
|
Most Recent Note - 8/15/2023 5:49:40 PM
G - Rebounded above its 50 DMA line ($56.44) helping its outlook improve with today's big gain backed by below-average volume. Fundamentals remain strong after it reported Jun '23 quarterly earnings +67% on +18% sales revenues versus the year-ago period.
>>> 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
|
$181.37
|
+1.72
0.96% |
$182.81
|
4,264,501
133.52% of 50 DAV
50 DAV is 3,194,000
|
$190.65
-4.87%
|
8/1/2023
|
$188.84
|
PP = $178.46
|
|
MB = $187.38
|
Most Recent Note - 8/14/2023 5:53:20 PM
Y - Posted a gain today with light volume. Volume totals have been cooling while hovering near the prior high and pivot point. Bullish action came after it reported Jun '23 quarterly earnings +40% on +39% sales revenues versus the year-ago period. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Hovering Near High with Volume Totals Cooling - 8/14/2023 |
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C
A
S
I |
LSCC
-
NASDAQ
Lattice Semiconductor
Elec-Semicondctor Fablss
|
$86.99
|
-0.52
-0.59% |
$88.65
|
1,407,205
78.57% of 50 DAV
50 DAV is 1,791,000
|
$98.18
-11.40%
|
6/13/2023
|
$91.73
|
PP = $96.92
|
|
MB = $101.77
|
Most Recent Note - 8/14/2023 6:04:07 PM
G - Posted a solid gain today rebounding toward its 50 DMA line ($89.50) which may act as resistance. Subsequent gains above the 50 DMA line are needed for its outlook to improve. Reported Jun '23 quarterly earnings +24% on +18% sales revenues versus the year-ago period, just below the +25% minimum earnings guideline (C criteria).
>>> FEATURED STOCK ARTICLE : Perched Near Pivot Point After Best-Ever Close - 7/17/2023 |
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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 |
XPEL
-
NASDAQ
XPEL
Auto/Truck-Replace Parts
|
$83.42
|
-0.84
-1.00% |
$84.84
|
105,146
79.06% of 50 DAV
50 DAV is 133,000
|
$87.46
-4.62%
|
6/28/2023
|
$83.14
|
PP = $87.11
|
|
MB = $91.47
|
Most Recent Note - 8/11/2023 5:17:11 PM
G - Posted another solid gain today, promptly rebounding well above its 50 DMA line ($80.27), showing resilience after triggering a technical sell signal on 8/09/23. Faces little resistance due to overhead supply up to the $87 level. Reported Jun '23 quarterly earnings +33% on +22% sales revenues versus the year-ago period. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Consolidating After Rebounding Above 50-Day Moving Average - 8/2/2023 |
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C
A
S
I |
PII
-
NYSE
Polaris Industries Inc
AUTOMOTIVE - Recreational Vehicles
|
$116.73
|
-4.60
-3.79% |
$121.33
|
664,248
110.65% of 50 DAV
50 DAV is 600,300
|
$138.49
-15.71%
|
7/11/2023
|
$126.92
|
PP = $123.97
|
|
MB = $130.17
|
Most Recent Note - 8/16/2023 5:51:39 PM
Suffered as 10th consecutive loss with higher volume and it will be dropped from the Featured Stocks list tonight. Recently reported Jun '23 quarterly earnings +0% versus the year-ago period, below the +25% minimum earnings guideline (C criteria).
>>> FEATURED STOCK ARTICLE : Quiet Pullback Undercut 50-Day Moving Average Line - 8/11/2023 |
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C
A
S
I |
ESQ
-
NASDAQ
Esquire Finl Hldgs
Finance-Commercial Loans
|
$48.20
|
+0.14
0.29% |
$48.66
|
19,620
67.66% of 50 DAV
50 DAV is 29,000
|
$54.03
-10.79%
|
7/14/2023
|
$45.80
|
PP = $48.23
|
|
MB = $50.64
|
Most Recent Note - 8/15/2023 6:04:08 PM
Y - Volume was below average behind today's 3rd consecutive loss. Testing prior highs in the $47 area defining important near-term support coinciding with its 50 DMA line. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Pullback with Light Volume Testing Important Support Level - 8/15/2023 |
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C
A
S
I |
MEDP
-
NASDAQ
Medpace Holdings
Medical-Research Eqp/Svc
|
$255.57
|
-9.69
-3.65% |
$265.43
|
294,900
77.61% of 50 DAV
50 DAV is 380,000
|
$269.44
-5.15%
|
7/25/2023
|
$196.32
|
PP = $241.57
|
|
MB = $253.65
|
Most Recent Note - 8/16/2023 5:53:55 PM
Y - Color code is changed to yellow after pulling back below its "max buy" level with today's 4th consecutive loss with below average volume. Prior highs in the $241 area define support to watch above its 50 DMA line ($241). 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
|
$714.19
|
-4.22
-0.59% |
$724.00
|
34,658
82.52% of 50 DAV
50 DAV is 42,000
|
$745.53
-4.20%
|
8/3/2023
|
$718.56
|
PP = $694.30
|
|
MB = $729.02
|
Most Recent Note - 8/11/2023 5:15:14 PM
G - Volume was below average behind today's gain for another new all-time high, rising above its "max buy" level and its color code is changed to green. Prior highs in the $693 area define initial support to watch on pullbacks. Fundamentals remain strong
>>> FEATURED STOCK ARTICLE : Powerful Breakout for COKE - 8/3/2023 |
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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 |
ACLS
-
NASDAQ
Axcelis Technologies
Elec-Semiconductor Equip
|
$165.52
|
-4.09
-2.41% |
$170.56
|
352,695
64.83% of 50 DAV
50 DAV is 544,000
|
$201.00
-17.65%
|
8/4/2023
|
$181.59
|
PP = $201.10
|
|
MB = $211.16
|
Most Recent Note - 8/11/2023 5:12:58 PM
G - Slumped further below its 50 DMA line ($176.66) and below recent lows with yet another loss today backed by above-average volume. A prompt rebound above the 50 DMA line is needed for its outlook to improve. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Formed Ascending Base and Now Testing 50-Day Moving Average - 8/4/2023 |
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C
A
S
I |
PLUS
-
NASDAQ
ePlus
Computer-Tech Services
|
$63.22
|
-1.73
-2.66% |
$65.46
|
101,137
86.44% of 50 DAV
50 DAV is 117,000
|
$75.90
-16.71%
|
8/8/2023
|
$67.60
|
PP = $62.92
|
|
MB = $66.07
|
Most Recent Note - 8/16/2023 5:58:24 PM
Y - Pulled back today for a 4th consecutive loss with near average volume, consolidating since a noted "breakaway gap" on 8/08/23. Reported earnings +42% on +25% sales revenues for the Jun '23 quarter versus the year ago period, its 3rd consecutive quarterly earnings increase above the +25% minimum guideline (C criteria) helping it better match the winning models of the fact-based investment system. Annual earnings growth (A criteria) has been strong.
>>> FEATURED STOCK ARTICLE : ePLUS Gapped Up but Ended in Lower Half of Intra-Day Range - 8/8/2023 |
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A
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I |
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|
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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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by writing to Premium Membership Services 665 S.E. 10 Street, Suite 201 Deerfield Beach, FL 33441-5634 or by calling 1-800-965-8307
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