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AFTER MARKET UPDATE - FRIDAY, AUGUST 28TH, 2020
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DOW |
+161.60 |
28,653.87 |
+0.57% |
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Volume |
788,972,534 |
+1% |
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Volume |
2,984,629,400 |
-15% |
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NASDAQ |
+69.93 |
11,695.27 |
+0.60% |
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Advancers |
2,056 |
69% |
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Advancers |
2,176 |
66% |
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S&P 500 |
+23.46 |
3,508.01 |
+0.67% |
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Decliners |
914 |
31% |
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Decliners |
1,106 |
34% |
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Russell 2000 |
+13.78 |
1,578.34 |
+0.88% |
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52 Wk Highs |
70 |
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52 Wk Highs |
141 |
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S&P 600 |
+6.56 |
912.02 |
+0.72% |
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52 Wk Lows |
12 |
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52 Wk Lows |
24 |
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Breadth Positive as Major Indices Posted Solid Gains
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow climbed 161 points, ending the week up 2.6% and reclaiming positive territory for the year. The blue chip index is now within 3.1% of its pre-pandemic high. The S&P 500 added 0.7%, closing at a record level for the sixth-straight session and capping a 3.3% weekly advance. The benchmark index is positioned for its best August since 1986. The Nasdaq Composite also finished the day at an all-time high, rising 0.6%. For the week, the Tech heavy benchmark gained 3.4%. The reported volume totals were mixed, higher than the prior session total on the NYSE and lighter on the Nasdaq exchange. Breadth was positive as advancers led decliners by a 2-1 margin on the NYSE and on the Nasdaq exchange. Leadership contracted as 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 45 on the prior session. New 52-week highs totals still easily outnumbered 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 Dow Jones Industrial Average is perched only -3.1% off its record high hit in February.
Stocks finished higher on Friday, with the S&P 500 capping its first five-week winning streak of 2020. Investors digested upbeat economic data and continued to assess implications of the Federal Reserve’s perceived dovish shift in policy, which was unveiled on Thursday.
On the data front, consumer spending rose a better-than-anticipated 1.9% in July, while personal income unexpectedly advanced for the first time in three months. Separately, the final August reading of consumer sentiment from the University of Michigan improved more than anticipated. Treasuries pared some of their weekly decline, with the yield on the 10-year note down two basis points to 0.72%.
In FOREX trading, a gauge of the U.S. dollar saw its worst daily decline in four months, nearing its lowest point since May 2018. The Japanese yen strengthened against the greenback on news that Japan’s Prime Minister Shinzo Abe would step down amid health concerns. In commodities, COMEX gold rose more than 2% to $1,965.10/ounce, while WTI crude edged lower but still posted a fourth-consecutive weekly gain.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Commodity-Linked Groups Led Bank Index and Tech Sector Higher
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX +0.59%) posted a modest gain while the Broker/Dealer Index ($XBD +0.01%) and Retail Index ($RLX +0.08%) both finished flat. The Semiconductor Index ($SOX +1.98%) led the tech sector while the Networking Index ($NWX +0.39%) and the Biotech Index ($BTK +0.18%) each posted smaller gains. Commodity-linked groups had a positive bias as the Gold & Silver Index ($XAU +3.64%) outpaced the Oil Services Index ($OSX +2.22%) and the Integrated Oil Index ($XOI +1.86%).
PICTURED: The Broker/Dealer Index ($XBD +0.01%) is consolidating -5% off its record high. It found support at its 50-day moving average (DMA) line during the recent consolidation.
| Oil Services |
$OSX |
36.37 |
+0.79 |
+2.22% |
-53.54% |
| Integrated Oil |
$XOI |
739.12 |
+13.52 |
+1.86% |
-41.83% |
| Semiconductor |
$SOX |
2,264.05 |
+43.90 |
+1.98% |
+22.41% |
| Networking |
$NWX |
591.46 |
+2.32 |
+0.39% |
+1.38% |
| Broker/Dealer |
$XBD |
297.08 |
+0.03 |
+0.01% |
+2.31% |
| Retail |
$RLX |
3,591.14 |
+2.90 |
+0.08% |
+46.62% |
| Gold & Silver |
$XAU |
152.86 |
+5.37 |
+3.64% |
+42.97% |
| Bank |
$BKX |
78.35 |
+0.46 |
+0.59% |
-30.88% |
| Biotech |
$BTK |
5,370.38 |
+9.60 |
+0.18% |
+5.98% |
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Quiet Gain to New High for Computer Software Firm
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
ServiceNow Inc (NOW +$7.32 or +1.52% to $487.87) hit another new all-time high today with light volume behind its gain, getting more extended from the latest base noted. On pullbacks, the prior high ($454) defines initial support to watch above its 50 DMA line ($429.88).Subsequent losses leading to violations may trigger technical sell signals.
Fundamentals remain strong. Recently it reported Jun '20 quarterly earnings +73% on +28% sales revenues versus the year ago period. Results have been routinely above the +25% minimum earnings guideline (C criteria). It has an Earnings Per Share Rating of 99. The Computer Software - Enterprise group has a Group Relative Strength Rating of 96, a reassuring sign concerning the L criteria. NOW has a new CEO as of 1/01/20.
NOW is up +42.2 from when it was highlighted in yellow in the 4/30/20 mid-day report with a pivot point based on its 2/19/20 high plus 10 cents (read here). It was last shown in this FSU section on 8/13/20 with an annotated graph under the headline, "Consolidating Above 50-Day Average After Another Strong Quarter". The number of top-rated funds owning its shares rose from 1,030 in Jun '17 to 2.254 in Jun '20, a reassuring sign concerning the I criteria. It has a Timeliness Rating of A and a Sponsorship Rating of A. Its current Up/Down Volume Ratio of 1.1 is an unbiased indication its shares have been under slight accumulation over the past 50 days. |
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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 |
CRL
-
NYSE
Charles River Labs Intl
DRUGS - Biotechnology
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$217.46
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+0.31
0.14% |
$218.24
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135,583
38.41% of 50 DAV
50 DAV is 353,000
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$221.97
-2.03%
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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 - 8/27/2020 5:44:35 PM
G - Volume totals have been cooling while still hovering in a very tight range near its all-time high. The 50 DMA line ($197.21) 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. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Volume Totals Cooling While Hovering in Tight Range Near Record High - 8/25/2020 |
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C
A
S
I |
EBS
-
NYSE
Emergent Biosolutions
DRUGS - Biotechnology
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$117.59
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-0.78
-0.66% |
$120.47
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380,508
38.55% of 50 DAV
50 DAV is 987,000
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$137.61
-14.55%
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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 - 8/27/2020 12:37:02 PM
G - Retreating from its all-time high after getting 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 prior high $107.16 on 7/20/20) and its 50 DMA line ($103.36 ) define near-term support to watch.
>>> 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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$85.55
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+1.75
2.09% |
$86.04
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40,510,817
65.31% of 50 DAV
50 DAV is 62,025,000
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$87.72
-2.47%
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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 - 8/27/2020 5:41:29 PM
G - Pulled back for a 2nd consecutive loss on lighter volume, still perched near its all-time high. It has not formed a new base of sufficient length. The recent low ($76.10 on 8/11/20) defines near-term support above its 50 DMA line ($67.50). 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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$149.39
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+2.58
1.76% |
$151.28
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324,875
40.81% of 50 DAV
50 DAV is 796,000
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$153.16
-2.46%
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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 - 8/28/2020 4:24:00 PM
G - Perched near its all-time high with today's gain backed by light volume. It is extended from any sound base. Important near-term support is at its 50 DMA line ($135.46). Reported Jun '20 quarterly earnings +27% on +7% sales revenues versus the year ago period.
>>> 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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$523.89
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-2.38
-0.45% |
$539.00
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4,365,724
56.50% of 50 DAV
50 DAV is 7,727,000
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$575.37
-8.95%
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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 - 8/27/2020 12:14:14 PM
G - Pulling back today after posting a big volume-driven gain on the prior session backed by +165% above average volume. Found support near its 50 DMA line ($490) on consolidations during its ongoing ascent. Noted with caution in the 8/26/20 mid-day report - "It did not form a sound base and some resistance remains due to overhead supply up to the $575 level. Fundamentals remain strong."
>>> 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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$72.96
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-2.24
-2.98% |
$75.91
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2,225,798
59.82% of 50 DAV
50 DAV is 3,721,000
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$89.82
-18.77%
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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 - 8/28/2020 4:25:51 PM
G - Quietly slumped to a close below its 50 DMA line ($74.55). The recent low ($72.05 on 8/24/20) defines the next important support to watch. Damaging losses leading to a violation would raise greater concerns and trigger a worrisome technical sell signal. Reported Jun '20 quarterly earnings +61% on +63% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Volume-Driven Loss Tests Support at 50-Day Moving Average - 8/24/2020 |
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C
A
S
I |
LGIH
-
NASDAQ
L G I Homes Inc
Bldg-Resident/Comml
|
$113.58
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+0.49
0.43% |
$117.10
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306,386
96.96% of 50 DAV
50 DAV is 316,000
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$123.94
-8.36%
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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 - 8/26/2020 7:03:50 PM
G - Volume totals have been cooling while still hovering near its 52-week high, showing resilience after its latest earnings report. It is extended from the previously noted base, meanwhile, its 50 DMA line ($105.28) defines near-term support to watch above the prior low ($104.24 on 8/11/20). Reported Jun '20 quarterly earnings +21% on +4% sales revenues, breaking a streak of 4 comparisons above the +25% minimum guideline (C criteria).
>>> 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
|
$487.87
|
+7.32
1.52% |
$494.00
|
1,060,666
61.17% of 50 DAV
50 DAV is 1,734,000
|
$488.58
-0.15%
|
8/20/2020
|
$453.34
|
PP = $454.79
|
|
MB = $477.53
|
Most Recent Note - 8/28/2020 4:52:48 PM
G - Hit another new all-time high today with light volume behind its gain, getting more extended from the latest base. On pullbacks the prior high ($45) defines initial support to watch above its 50 DMA line ($429.88). Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Quiet Gain to New High for Computer Software Firm - 8/28/2020 |
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C
A
S
I |
TTD
-
NASDAQ
The Trade Desk Inc Cl A
Comml Svcs-Advertising
|
$485.70
|
+11.60
2.45% |
$494.74
|
992,805
74.31% of 50 DAV
50 DAV is 1,336,000
|
$510.00
-4.76%
|
6/3/2020
|
$340.61
|
PP = $327.35
|
|
MB = $343.72
|
Most Recent Note - 8/27/2020 5:38:20 PM
G - Volume totals have been cooling in recent weeks while 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 ($445.39) defines near-term support above the prior low ($404 on 7/24/20) where violations may trigger technical sell signals. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Volume Totals Cooling While Still Hovering Near Record High - 8/27/2020 |
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C
A
S
I |
DOCU
-
NASDAQ
Docusign Inc
Computer Sftwr-Enterprse
|
$215.24
|
+0.47
0.22% |
$223.83
|
3,425,376
72.74% of 50 DAV
50 DAV is 4,709,000
|
$229.83
-6.35%
|
6/10/2020
|
$149.73
|
PP = $152.10
|
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MB = $159.71
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Most Recent Note - 8/26/2020 7:05:23 PM
G - Posted a big gain today with higher (but below average) volume. It has not formed a sound base of sufficient length. Its 50 DMA line ($196) and prior low ($189.12 on 8/12/20) define important near-term support to watch.
>>> 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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$35.01
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+0.51
1.48% |
$35.81
|
488,905
37.48% of 50 DAV
50 DAV is 1,304,400
|
$37.80
-7.38%
|
6/1/2020
|
$29.24
|
PP = $29.90
|
|
MB = $31.40
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Most Recent Note - 8/26/2020 7:01:15 PM
G - Posted a solid gain today with below average volume. Found prompt support near its 50 DMA line ($33.31) recently amid weakness after it 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 completed Secondary Offerings on 7/09/20 and 5/15/20. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Found Support Near 50 DMA Line But Latest Earnings Were Sub Par - 8/26/2020 |
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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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