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AFTER MARKET UPDATE - FRIDAY, AUGUST 21ST, 2020
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DOW |
+190.60 |
27,930.33 |
+0.69% |
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Volume |
837,327,227 |
+18% |
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Volume |
3,885,001,300 |
-6% |
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NASDAQ |
+46.85 |
11,311.80 |
+0.42% |
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Advancers |
1,013 |
34% |
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Advancers |
1,096 |
33% |
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S&P 500 |
+11.65 |
3,397.16 |
+0.34% |
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Decliners |
1,940 |
66% |
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Decliners |
2,217 |
67% |
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Russell 2000 |
-11.83 |
1,552.48 |
-0.76% |
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52 Wk Highs |
65 |
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52 Wk Highs |
81 |
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S&P 600 |
-6.00 |
894.74 |
-0.67% |
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52 Wk Lows |
29 |
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52 Wk Lows |
37 |
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Major Indices' Gains Hide Friday's Clearly Negative Market Breadth
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 rose 0.3% to close at a fresh all-time high after doing so for the first time since February on Tuesday. The benchmark index posted its fourth-straight weekly advance, adding 0.7%, marking its longest such winning streak of the year. The Dow gained 190 points, helping the blue chip index close the week unchanged. The Nasdaq Composite gained 0.4%, notching its 36th record high of the year and ending the week up 2.7%.The reported volume totals were mixed, higher than the prior session total on the NYSE but lighter on the Nasdaq exchange. Breadth was clearly negative, contrasting greatly with the major indices's gains, as decliners led advancers by almost a 2-1 margin on the NYSE and by more than 2-1 on the Nasdaq exchange. There were 33 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 26 on the prior session. New 52-week highs totals rose and still easily outnumbered the also rising new 52-week lows totals on both the NYSE and Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria). Any sustainable rally requires a healthy crop of new leaders, so it remains ever-important to see substantial new highs totals.
Charts used courtesy of www.stockcharts.com
PICTURED: The S&P 500 Index hit a new record high. The benchmark index is up +5.1% year-to-date.
Stocks finished higher on Friday as investors digest upbeat domestic data reports. Research firm IHS Markit's composite gauge of U.S. business activity jumped to its best level since February 2019. PMI surveys from both the manufacturing and services sectors indicated a faster-than-expected rate of expansion this month. Elsewhere, an update on the U.S. real estate market showed existing home sales surged a record 24.7% in July. Treasuries strengthened, with the yield on the 10-year note down two basis points to 0.63%. In commodities, WTI crude slid 1.3% to $42.27/barrel, but still posted its third-consecutive weekly advance.
Seven of 11 S&P 500 sectors closed in positive territory, with Tech shares pacing gains, up 1.2%. Apple (AAPL +3.88%) outperformed after the iPhone maker became the first U.S. company to surpass the $2 trillion market cap threshold earlier this week. Meanwhile, Tesla (TSLA +2.41%) was also a standout, hitting a new record high after its share price exceeded $2,000 for the first time on Thursday. In earnings, Deere & Co (DE +4.40%) gapped up for a new all-time high following upbeat forward guidance.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Semiconductor Index Posted Standout Gain
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +0.15%) inched while the Broker/Dealer Index ($XBD -0.01%) was unchanged and the Bank Index ($BKX -0.50%) edged lower. The tech sector was mixed as the Semiconductor Index ($SOX +0.79%) rose, meanwhile the Networking Index ($NWX -0.75%) and Biotech Index ($BTK -0.51%) both edged lower. Commodity-linked groups had a negative bias as the Gold & Silver Index ($XAU -2.23%), Oil Services Index ($OSX -3.44%), and Integrated Oil Index ($XOI -0.97%) each lost ground.
PICTURED: The Semiconductor Index ($SOX +0.79%) is hovering near its record high, consolidating well above its 50-day moving average (DMA) line.
| Oil Services |
$OSX |
35.62 |
-1.27 |
-3.44% |
-54.50% |
| Integrated Oil |
$XOI |
725.02 |
-7.07 |
-0.97% |
-42.94% |
| Semiconductor |
$SOX |
2,198.33 |
+17.29 |
+0.79% |
+18.85% |
| Networking |
$NWX |
594.98 |
-4.47 |
-0.75% |
+1.98% |
| Broker/Dealer |
$XBD |
289.31 |
-0.02 |
-0.01% |
-0.37% |
| Retail |
$RLX |
3,493.73 |
+5.12 |
+0.15% |
+42.64% |
| Gold & Silver |
$XAU |
147.51 |
-3.37 |
-2.23% |
+37.96% |
| Bank |
$BKX |
74.21 |
-0.37 |
-0.50% |
-34.54% |
| Biotech |
$BTK |
5,393.04 |
-27.85 |
-0.51% |
+6.43% |
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High Ranked Biomed Leader is Extended From Prior Base
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Emergent Biosolutions (EBS -$3.08 or -2.35% to $128.04) has seen volume totals cooling while it remains perched near its all-time high, very extended from any sound base. Recent strength came after it reported Jun '20 quarterly earnings +890% on +62% sales revenue for the Jun '20 quarter versus the year ago period. Its 50-day moving average (DMA) line ($99.18) define initial support to watch above prior highs in the $93 area.
EBS showed resilience since last shown in this FSU section on 8/04/20 with an annotated graph under the headline, "Rally Continues Into Record High Territory". It currently has a 94 Earnings Per Share Rating, putting it in the top 10% of all publicly traded companies based on its earnings history. It has shown very strong quarterly comparisons versus the year ago periods. Annual earnings history (A criteria) has been strong since a downturn in FY '16.
It has a small supply (S criteria) of only 45.5 million shares in the publicly traded float which can contribute to greater price volatility in the event of institutional buying or selling. The number of top-rated funds owning its shares rose from 453 in Sep '19 to 547 in Jun '20, and its current Up/Down Volume Ratio of 1.0 is an unbiased indication its shares have been neutral concerning accumulation/distribution over the past 50 days. It has an A Timeliness rating and an B+ Accumulation/Distribution rating. The company is in the Medical - Biomed/Biotech industry group which is a leading group currently ranked 39th out of the 197 industry groups (L criteria). |
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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 |
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Max Buy |
CRL
-
NYSE
Charles River Labs Intl
DRUGS - Biotechnology
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$216.37
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+1.66
0.77% |
$216.63
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209,435
56.60% of 50 DAV
50 DAV is 370,000
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$221.97
-2.52%
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7/15/2020
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$192.66
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PP = $189.95
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MB = $199.45
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Most Recent Note - 8/21/2020 5:36:04 PM
G - Volume totals have been cooling while still hovering near its all-time high. The 50 DMA line ($194.20) defines initial support to watch above the prior high ($189.85 on 6/03/20). Recently reported Jun '20 quarterly earnings -3% on +4% sales revenues, below the +25% minimum guideline (C criteria), but better than expected while the company also raised its guidance.
>>> FEATURED STOCK ARTICLE : Hit New Highs Again; EPS Rating Dropped Yet Remains High at 92 - 8/7/2020 |
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C
A
S
I |
EBS
-
NYSE
Emergent Biosolutions
DRUGS - Biotechnology
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$128.04
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-3.08
-2.35% |
$131.26
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403,938
40.52% of 50 DAV
50 DAV is 997,000
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$137.61
-6.95%
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7/7/2020
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$89.47
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PP = $93.68
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MB = $98.36
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Most Recent Note - 8/21/2020 5:32:31 PM
G - Volume totals have been cooling while it remains perched near its all-time high, very extended from any sound base. Bullish action came after it reported Jun '20 quarterly earnings +890% on +62% sales revenue for the Jun '20 quarter versus the year ago period. Its 50 DMA line ($99.18) defines support to watch above prior highs in the $93 area. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : High Ranked Biomed Leader is Extended From Prior Base - 8/21/2020 |
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C
A
S
I |
AMD
-
NASDAQ
Advanced Micro Devices
ELECTRONICS - Semiconductor - Broad Line
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$83.81
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+1.04
1.26% |
$84.41
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48,183,064
75.78% of 50 DAV
50 DAV is 63,581,000
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$87.29
-3.99%
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7/22/2020
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$61.73
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PP = $59.10
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MB = $62.06
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Most Recent Note - 8/19/2020 5:53:34 PM
G - Volume totals have been cooling while it remains perched near its all-time high, very extended from the previously noted base. The recent low ($76.10 on 8/11/20) defines near-term support above its 50 DMA line ($63.93). Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : AMD Rose +46% Since First Featured on June 9th - 8/14/2020 |
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C
A
S
I |
TREX
-
NYSE
Trex Company Inc
MATERIALS and CONSTRUCTION - General Building Materials
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$149.68
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+3.24
2.21% |
$149.85
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252,094
30.01% of 50 DAV
50 DAV is 840,000
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$150.26
-0.39%
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6/26/2020
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$109.05
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PP = $132.94
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MB = $139.59
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Most Recent Note - 8/19/2020 5:48:46 PM
G - Wedging into new all-time high territory with today's 3rd consecutive gain backed by light volume. It is extended from any sound base. Reported Jun '20 quarterly earnings +27% on +7% sales revenues versus the year ago period. Important near-term support is at its 50 DMA line ($131.25). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Wedging Into New High Territory After Latest Earnings Report - 8/19/2020 |
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C
A
S
I |
NFLX
-
NASDAQ
Netflix Inc
SPECIALTY RETAIL - Music and Video Stores
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$492.31
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-5.59
-1.12% |
$498.13
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3,886,567
52.11% of 50 DAV
50 DAV is 7,459,000
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$575.37
-14.44%
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5/14/2020
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$441.95
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PP = $449.62
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MB = $472.10
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Most Recent Note - 8/20/2020 5:30:30 PM
G - Posted a solid gain today with light volume. Found prompt support last week after briefly undercutting its 50 DMA line ($482). Volume behind recent gains has been very light. Fundamentals remain strong. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : 50-Day Moving Average Acted As Support Level - 8/18/2020 |
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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 |
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Max Buy |
CHGG
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NYSE
Chegg Inc
Consumer Svcs-Education
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$77.79
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-0.11
-0.14% |
$79.01
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2,909,208
78.23% of 50 DAV
50 DAV is 3,719,000
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$89.82
-13.39%
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6/17/2020
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$63.71
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PP = $68.08
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MB = $71.48
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Most Recent Note - 8/19/2020 12:10:15 PM
G - Churned heavier volume in recent weeks while pulling back, enduring distributional pressure after getting very extended from any sound base. Reported Jun '20 quarterly earnings +61% on +63% sales revenues versus the year ago period. Its 50 DMA line ($72.34) defines support to watch above its prior high in the $68 area. Any losses leading to violations would raise concerns and trigger technical sell signals.
>>> FEATURED STOCK ARTICLE : Bullish Action Continued After Latest Strong Earnings Report - 8/6/2020 |
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C
A
S
I |
LGIH
-
NASDAQ
L G I Homes Inc
Bldg-Resident/Comml
|
$117.05
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+2.34
2.04% |
$117.79
|
204,584
62.18% of 50 DAV
50 DAV is 329,000
|
$123.94
-5.56%
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7/7/2020
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$99.19
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PP = $95.82
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MB = $100.61
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Most Recent Note - 8/20/2020 5:28:17 PM
G - Recently rebounding toward its 52-week high, showing resilience after its latest earnings report. It is extended from the previously noted base. Its 50 DMA line ($102.88) defines near-term support to watch above prior highs in the $95 area. Reported Jun '20 quarterly earnings +21% on +4% sales revenues, breaking a streak of 4 comparisons above the +25% minimum guideline (C criteria). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Leadership in Building - Residential/Commercial Group Improving - 8/20/2020 |
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C
A
S
I |
NOW
-
NYSE
Servicenow Inc
Computer Sftwr-Enterprse
|
$449.42
|
-3.92
-0.86% |
$453.99
|
2,334,305
135.17% of 50 DAV
50 DAV is 1,727,000
|
$454.73
-1.17%
|
8/20/2020
|
$453.34
|
PP = $454.79
|
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MB = $477.53
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Most Recent Note - 8/20/2020 5:35:07 PM
Y - Hit a new high and managed a best-ever close with today's gain backed by +41% above average volume. Color code is changed to yellow with new pivot point cited based on its 7/20/20 high plus 10 cents. Confirming gains above the pivot point backed by at least +40% above average volume may trigger a proper new (or add-on) technical buy signal. Its 50 DMA line ($420) defines important near-term support to watch. Subsequent losses leading to a violation may trigger a technical sell signal. Reported Jun '20 quarterly earnings +73% on +28% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Consolidating Above 50-Day Average After Another Strong Quarter - 8/13/2020 |
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C
A
S
I |
TTD
-
NASDAQ
The Trade Desk Inc Cl A
Comml Svcs-Advertising
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$461.78
|
-8.48
-1.80% |
$474.01
|
577,485
40.19% of 50 DAV
50 DAV is 1,437,000
|
$510.00
-9.45%
|
6/3/2020
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$340.61
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PP = $327.35
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MB = $343.72
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Most Recent Note - 8/21/2020 5:38:43 PM
G - Volume totals have been very quiet while still holding its ground perched near its all-time high. Recently reported Jun '20 quarterly earnings -3% on -13% sales revenues versus the year ago period, raising fundamental concerns. It is extended from any sound base of sufficient length. Its 50 DMA line ($437) defines near-term support above the prior low ($404 on 7/24/20) where violations may trigger technical sell signals.
>>> FEATURED STOCK ARTICLE : Hovering Near High After Latest Quarterly Report Raised Concerns - 8/12/2020 |
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C
A
S
I |
DOCU
-
NASDAQ
Docusign Inc
Computer Sftwr-Enterprse
|
$210.18
|
-4.30
-2.00% |
$216.40
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2,957,913
58.99% of 50 DAV
50 DAV is 5,014,000
|
$229.83
-8.55%
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6/10/2020
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$149.73
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PP = $152.10
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MB = $159.71
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Most Recent Note - 8/21/2020 5:37:27 PM
G - Volume totals have been cooling while consolidating above its 50 DMA line ($193.35) and prior low ($189.12 on 8/12/20) which define important near-term support to watch. It is extended from any sound base.
>>> FEATURED STOCK ARTICLE : Consolidating Above 50-Day Moving Average Line and Recent Low - 8/17/2020 |
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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 |
PING
-
NYSE
Ping Identity Holdings Corp
Computer Sftwr-Security
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$33.13
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-1.08
-3.16% |
$34.29
|
963,640
72.91% of 50 DAV
50 DAV is 1,321,600
|
$37.80
-12.35%
|
6/1/2020
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$29.24
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PP = $29.90
|
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MB = $31.40
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Most Recent Note - 8/21/2020 5:29:46 PM
G - Pulled back today with lighter volume. Rebound above its 50 DMA line ($33.03) on the prior session helped its technical stance improve. Recently reported Jun '20 quarterly earnings -27% on -6% sales revenues versus the year ago period, below the +25% minimum earnings guideline, raising fundamental concerns. The next important near-term support below the 50 DMA line is the prior highs in the $29 area. It has not formed a sound base of sufficient length. Completed Secondary Offerings on 7/09/20 and 5/15/20.
>>> FEATURED STOCK ARTICLE : Perched Near High With Earnings News Due Wednesday Evening - 8/10/2020 |
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C
A
S
I |
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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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