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AFTER MARKET UPDATE - MONDAY, AUGUST 31ST, 2020
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DOW |
-223.82 |
28,430.05 |
-0.78% |
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Volume |
1,132,001,163 |
+43% |
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Volume |
3,609,031,800 |
+21% |
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NASDAQ |
+79.83 |
11,775.46 |
+0.68% |
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Advancers |
904 |
30% |
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Advancers |
1,224 |
37% |
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S&P 500 |
-7.70 |
3,500.31 |
-0.22% |
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Decliners |
2,069 |
70% |
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Decliners |
2,127 |
63% |
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Russell 2000 |
-16.47 |
1,561.88 |
-1.04% |
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52 Wk Highs |
77 |
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52 Wk Highs |
153 |
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S&P 600 |
-13.23 |
898.79 |
-1.45% |
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52 Wk Lows |
9 |
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52 Wk Lows |
29 |
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Breadth Negative and Volume Totals Higher as Indices Were Mixed
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 edged down 0.2% but still notched its fifth consecutive monthly gain, the longest such stretch in nearly two years. The broad index capped its strongest August performance since 1986, rising 7%. The Nasdaq Composite advanced 0.7% to a new all-time high, climbing 9.6% for the month. The Tech-focused, mega-cap Nasdaq 100 also hit a fresh record level, ending above the 12,000 mark for the first time. The Dow lost 223 points, but still gained 7.6% in August. The reported volume totals on Monday were higher than the prior session total son the NYSE and on the Nasdaq exchange. Breadth was negative as decliners led advancers by a 2-1 margin on the NYSE and 5-3 on the Nasdaq exchange. There were 38 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 33 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 Nasdaq Composite Index hit a new record high.
Stocks finished mixed on Monday. Seven of 11 S&P 500 sectors closed in negative territory. Energy stocks lagged the most, while Tech outperformed. In corporate news, Apple (AAPL +3.39%) and Tesla (TSLA +12.57%) both rose as shares of each company began trading at their post-split adjusted prices. Meanwhile, speculation that the sale of social media platform TikTok to a U.S. company could be delayed by a new Chinese regulation weighed on shares of top contenders Microsoft (MSFT -1.48%) , Walmart (WMT -1.03%), and Oracle (ORCL -1.14%). In M&A news, Aimmune Therapeutics (AIMT +171.59%) gapped up after agreeing to be acquired by Nestle (NSRGY -0.03%) for $2 billion.
In FOREX trading, a gauge of the U.S. dollar posted its fourth- straight monthly decline, hovering near a two-year low. Treasuries were little changed with the yield on the 10-year note down one basis point to 0.71%. In commodities, WTI crude finished lower, still capping its fourth-consecutive monthly gain. Meanwhile, silver notched a fifth-straight monthly advance, its best such streak in a decade. On the data front, a report from the Dallas Fed showed manufacturing activity in the region improved more than anticipated in August.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail, Gold & Silver, and Biotech Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +0.68%) posted a modest gain while the Bank Index ($BKX -2.08%) and the Broker/Dealer Index ($XBD -0.96%) both ended lower. The Biotech Index ($BTK +2.01%) led the tech sector while the Semiconductor Index ($SOX -0.16%) and Networking Index ($NWX +0.13%) were mixed and little changed. Commodity-linked groups were mixed as the Gold & Silver Index ($XAU +0.89%) notched a small gain while the Oil Services Index ($OSX -1.84%) and Integrated Oil Index ($XOI -2.55%) both lost ground.
PICTURED: The Gold & Silver Index ($XAU +0.89%) found support well above its 50-day moving average (DMA) line during the recent consolidation.
| Oil Services |
$OSX |
35.71 |
-0.67 |
-1.84% |
-54.39% |
| Integrated Oil |
$XOI |
720.25 |
-18.88 |
-2.55% |
-43.31% |
| Semiconductor |
$SOX |
2,260.43 |
-3.71 |
-0.16% |
+22.21% |
| Networking |
$NWX |
592.22 |
+0.76 |
+0.13% |
+1.51% |
| Broker/Dealer |
$XBD |
294.23 |
-2.85 |
-0.96% |
+1.33% |
| Retail |
$RLX |
3,615.41 |
+24.27 |
+0.68% |
+47.61% |
| Gold & Silver |
$XAU |
154.21 |
+1.36 |
+0.89% |
+44.23% |
| Bank |
$BKX |
76.72 |
-1.63 |
-2.08% |
-32.32% |
| Biotech |
$BTK |
5,478.03 |
+107.79 |
+2.01% |
+8.10% |
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Perched Near All-Time High After Finding Support Above 50 DMA
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Docusign Inc (DOCU +$7.76 or +3.61% to $223.00) posted a 5th consecutive gain today with below average volume. It has not formed a sound base of sufficient length. Its 50-day moving average (DMA) line ($199.66) and prior low ($189.12 on 8/12/20) define important near-term support to watch on pullbacks. Subsequent losses leading to violations may trigger technical sell signals. Keep in mind it is scheduled to report July '20 quarterly results after the close on Thursday, 9/03/20.
DOCU is now priced +86% above its 200 DMA price, and it is taught in the Certification that a stock trading +70-100% or more above the 200 DMA is to be recognized as a "sell signal". It was last shown in this FSU section on 8/17/20 with an annotated graph under the headline, "Consolidating Above 50-Day Moving Average Line and Recent Low". It was highlighted in yellow in the 6/01/20 mid-day report (read here) with pivot point cited based on its 5/02/20 high plus 10 cents after forming an advanced "ascending base" marked by 3 pullbacks of 10-20% during its ongoing ascent.
It has an Earnings Per Share Rating of 84, above the 80+ minimum for buy candidates. Recently it reported earnings +71% on +39% sales revenues for the Apr '20 quarter versus the year ago period. Three of the past 4 quarterly comparisons versus the year ago period were above the +25% minimum guideline with solid underlying sales revenues growth. After years of losses it had solid earnings in FY '19 and '20.
The number of top-rated funds owning its shares rose from 558 on Jun '19 to 1,179 in Jun '20, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.3 also is an unbiased indication its shares have been under accumulation over the past 50 days. The Computer Software-Enterprise industry group is currently ranked 6th 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 |
|
Max Buy |
CRL
-
NYSE
Charles River Labs Intl
DRUGS - Biotechnology
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$218.95
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+1.49
0.69% |
$220.74
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215,170
61.30% of 50 DAV
50 DAV is 351,000
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$221.97
-1.36%
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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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$114.05
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-3.54
-3.01% |
$118.00
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721,290
73.15% of 50 DAV
50 DAV is 986,000
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$137.61
-17.12%
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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 - 8/31/2020 7:30:32 PM
G - Retreating from its all-time high with below average volume behind today's 10th loss in the span of 12 sessions. Its prior high $107.16 on 7/20/20) and its 50 DMA line ($105.19) define near-term support to watch. Fundamentals remain strong.
>>> 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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$90.82
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+5.27
6.16% |
$92.64
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90,583,110
146.03% of 50 DAV
50 DAV is 62,032,000
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$87.72
3.53%
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8/31/2020
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$90.42
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PP = $87.39
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MB = $91.76
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Most Recent Note - 8/31/2020 12:37:45 PM
Y - Color code is changed to yellow with new pivot point cited based on its 8/07/20 high after an advanced "3-weeks tight" base. Hitting a new all-time high with today's big gain. A gain above the pivot point backed by at least +40% above average volume may trigger a new (or ad-on) technical buy signal. The recent low ($76.10 on 8/11/20) defines near-term support above its 50 DMA line ($68.85). 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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$149.49
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+0.10
0.07% |
$151.71
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356,797
44.99% of 50 DAV
50 DAV is 793,000
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$153.16
-2.40%
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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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$529.56
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+5.67
1.08% |
$531.99
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4,933,759
63.83% of 50 DAV
50 DAV is 7,730,000
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$575.37
-7.96%
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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 |
|
Max Buy |
CHGG
-
NYSE
Chegg Inc
Consumer Svcs-Education
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$73.74
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+0.78
1.07% |
$73.96
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4,155,171
111.67% of 50 DAV
50 DAV is 3,721,000
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$89.82
-17.90%
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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
|
$111.86
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-1.72
-1.51% |
$113.08
|
329,707
104.01% of 50 DAV
50 DAV is 317,000
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$123.94
-9.75%
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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 - 8/31/2020 7:27:59 PM
G - Consolidating near its 52-week high while its 50 DMA line ($106.69) 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
|
$482.02
|
-5.85
-1.20% |
$490.00
|
1,390,491
80.42% of 50 DAV
50 DAV is 1,729,000
|
$494.00
-2.43%
|
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
|
$481.30
|
-4.40
-0.91% |
$490.34
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620,606
47.02% of 50 DAV
50 DAV is 1,320,000
|
$510.00
-5.63%
|
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
|
$223.00
|
+7.76
3.61% |
$224.14
|
3,869,983
83.06% of 50 DAV
50 DAV is 4,659,000
|
$229.83
-2.97%
|
6/10/2020
|
$149.73
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PP = $152.10
|
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MB = $159.71
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Most Recent Note - 8/31/2020 7:25:31 PM
G - Posted a 5th consecutive gain today with below average volume. It has not formed a sound base of sufficient length. Its 50 DMA line ($199.66) and prior low ($189.12 on 8/12/20) define important near-term support to watch. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Perched Near All-Time High After Finding Support Above 50 DMA - 8/31/2020 |
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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
|
$34.47
|
-0.54
-1.54% |
$35.17
|
1,023,487
80.55% of 50 DAV
50 DAV is 1,270,700
|
$37.80
-8.81%
|
6/1/2020
|
$29.24
|
PP = $29.90
|
|
MB = $31.40
|
Most Recent Note - 8/31/2020 7:34:31 PM
G - Suffered a small loss today with higher (near average) volume. Near-term support levels to watch are its 50 DMA line ($33.44) and prior low ($30.50 on 8/13/20). Sputtering in recent weeks 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. Completed Secondary Offerings on 7/09/20 and 5/15/20.
>>> 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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