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AFTER MARKET UPDATE - TUESDAY, OCTOBER 20TH, 2020
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DOW |
+113.37 |
28,308.79 |
+0.40% |
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Volume |
755,309,077 |
-9% |
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Volume |
3,464,082,700 |
+1% |
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NASDAQ |
+37.61 |
11,516.49 |
+0.33% |
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Advancers |
1,994 |
68% |
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Advancers |
1,841 |
54% |
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S&P 500 |
+16.20 |
3,443.12 |
+0.47% |
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Decliners |
952 |
32% |
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Decliners |
1,551 |
46% |
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Russell 2000 |
+4.08 |
1,617.71 |
+0.25% |
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52 Wk Highs |
71 |
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52 Wk Highs |
77 |
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S&P 600 |
+6.16 |
919.25 |
+0.67% |
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52 Wk Lows |
12 |
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52 Wk Lows |
32 |
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The major indices have shown improvement and have resumed a market uptrend as leadership has improved. Disciplined investors carefully may buy leading stocks on a case-by-case basis. Always remain ready to reduce market exposure in the event of any more substantial market downdrafts.
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Major Indices Rose But Leadership Thinned
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow added 113 points, while the S&P 500 gained 0.5%. The Nasdaq Composite advanced 0.3%. The reported volume totals were mixed, lighter than the prior session on the NYSE and slightly higher on the Nasdaq exchange. Breadth was positive as advancers led declines by a 2-1 margin on the NYSE and by a 6-5 margin on the Nasdaq exchange. There were 34 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 52 on the prior session. New 52-week highs totals contracted yet still outnumbered new 52-week lows totals on the NYSE and on the Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria). New buying efforts may be justified in leading stocks on a case-by-case basis.  PICTURED: The Nasdaq Composite Index is consolidating above its 50-day moving average (DMA) line and -4.6% off its record high.
Stocks U.S. equities ended higher on Tuesday, as investors monitored developments on a pre-election fiscal stimulus deal. House Speaker Nancy Pelosi expressed optimism ahead of a Tuesday deadline she set over the weekend. The House Speaker and Treasury Secretary Steven Mnuchin held talks today after reportedly narrowing their differences during discussions on Monday. Meanwhile, Senate majority leader Mitch McConnell said if negations produced an agreement, the chamber would vote on a comprehensive relief bill.
Ten of 11 S&P 500 sectors finished in positive territory, with Consumer Staples the lone laggard. Energy stocks paced the gains amid a 1.5% jump in WTI crude oil. Financials also outperformed with Dow component Travelers (TRV +5.1%) rose after easily beating top and bottom line estimates. In other earnings, IBM (IBM -6.49%) fell after posting its third straight quarter of revenue declines. Procter & Gamble (PG +0.40%) edged higher after reporting its best organic sales growth since 2005. In other corporate news, Alphabet (GOOGL +1.38%) rose despite news the U.S. Department of Justice filed an antitrust lawsuit against Google. Moderna (MRNA +0.49%) edged higher after stating its COVID-19 vaccine treatment could receive emergency authorization by year-end.
On the data front, September housing starts came in below expectations, but higher than the August’s downwardly revised figure. Elsewhere, building permits increased above consensus expectations, to a 13-year high. Treasuries weakened with the yield on the benchmark 10-year note adding three basis points to 0.79%, touching its highest level in four months. |
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, Financial, and Retail Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX +1.62%) and Broker/Dealer Index ($XBD +0.77%) both posted influential gains and the Retail Index ($RLX +0.40%) also edged higher. Commodity-linked groups had a positive bias as the Oil Services Index ($OSX +3.21%) and Integrated Oil Index ($XOI +1.42%) both outpaced the Gold & Silver Index ($XAU +1.13%). Meanwhile, the tech sector was indecisive as the Semiconductor Index ($SOX -0.00%) finished flat, the Biotech Index ($BTK -0.11%) inched lower and the Networking Index ($NWX +0.20%) eked out a small gain. PICTURED: The Bank Index ($BKX +1.62%) is consolidating above its 50-day moving average (DMA) line. Its 200 DMA line and prior highs define near term resistance. Subsequent gains above those resistance areas would bode well for the broader market outlook, especially since financials have been reliable leading indicators.
| Oil Services |
$OSX |
29.13 |
+0.91 |
+3.21% |
-62.79% |
| Integrated Oil |
$XOI |
593.74 |
+8.30 |
+1.42% |
-53.27% |
| Semiconductor |
$SOX |
2,385.82 |
-0.02 |
-0.00% |
+28.99% |
| Networking |
$NWX |
563.86 |
+1.15 |
+0.20% |
-3.35% |
| Broker/Dealer |
$XBD |
304.33 |
+2.33 |
+0.77% |
+4.81% |
| Retail |
$RLX |
3,496.10 |
+13.86 |
+0.40% |
+42.74% |
| Gold & Silver |
$XAU |
145.99 |
+1.63 |
+1.13% |
+36.54% |
| Bank |
$BKX |
78.25 |
+1.25 |
+1.62% |
-30.98% |
| Biotech |
$BTK |
5,389.44 |
-5.81 |
-0.11% |
+6.35% |
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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 |
ADBE
-
NASDAQ
Adobe Inc
COMPUTER SOFTWARE and SERVICES - Application Software
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$494.58
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-0.62
-0.13% |
$500.17
|
1,403,786
45.23% of 50 DAV
50 DAV is 3,104,000
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$536.88
-7.88%
|
9/10/2020
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$488.46
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PP = $536.88
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MB = $563.72
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Most Recent Note - 10/16/2020 5:26:55 PM
Y - Posted a small gain today with light volume. Color code is changed to yellow while consolidating not far below its previously noted pivot point. Volume-driven gains above the pivot point are still needed to trigger a new (or add-on) technical buy signal. Subsequent losses below the 50 DMA line ($483.91) would raise great concerns and trigger a technical sell signal. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Showed Resilience Near 50-Day Moving Average - 10/8/2020 |
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C
A
S
I |
CRL
-
NYSE
Charles River Labs Intl
DRUGS - Biotechnology
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$233.53
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+0.40
0.17% |
$238.51
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313,108
99.08% of 50 DAV
50 DAV is 316,000
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$250.29
-6.70%
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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 - 10/19/2020 1:51:12 PM
G - Hovering near its all-time high. Its 50 DMA line ($222) defines support where any subsequent violation would raise concerns and trigger a technical sell signal. Raised fundamental concerns when it recently reported Jun '20 quarterly earnings -3% on +4% sales revenues, below the +25% minimum guideline (C criteria).
>>> FEATURED STOCK ARTICLE : New Record High for Charles River Labs - 10/9/2020 |
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C
A
S
I |
AMD
-
NASDAQ
Advanced Micro Devices
ELECTRONICS - Semiconductor - Broad Line
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$81.56
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-0.44
-0.54% |
$82.69
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38,112,991
72.74% of 50 DAV
50 DAV is 52,396,000
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$94.28
-13.49%
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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 - 10/19/2020 1:50:12 PM
G - Consolidating near its 50 DMA line ($82.08) with volume totals cooling. Reportedly is considering buying Xilinx Inc (XLNX). Damaging deterioration below the 50 DMA line and the recent low ($73.85 on 9/18/20) would raise greater concerns and trigger more worrisome technical sell signals. It has not formed a sound base and faces some near-term resistance due to overhead supply up to the $94 level. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Consolidating Just Above 50-Day Moving Average - 10/14/2020 |
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C
A
S
I |
TREX
-
NYSE
Trex Company Inc
MATERIALS and CONSTRUCTION - General Building Materials
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$76.04
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-0.12
-0.16% |
$77.41
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445,351
55.12% of 50 DAV
50 DAV is 808,000
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$81.23
-6.39%
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6/26/2020
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$54.53
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PP = $66.47
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MB = $69.79
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Most Recent Note - 10/16/2020 5:23:45 PM
G - Pulled back for a 3rd consecutive loss today with below average volume. Any subsequent losses below the 50 DMA line ($72.41) or recent low ($63.32 on 9/21/20) would raise concerns and trigger technical sell signals. Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Recently Wedged Into New High Territory - 10/16/2020 |
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SEC
News |
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C
A
S
I |
NFLX
-
NASDAQ
Netflix Inc
SPECIALTY RETAIL - Music and Video Stores
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$525.42
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-5.30
-1.00% |
$533.78
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8,829,359
152.31% of 50 DAV
50 DAV is 5,797,000
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$575.37
-8.68%
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10/14/2020
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$547.45
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PP = $557.39
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MB = $585.26
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Most Recent Note - 10/20/2020 12:29:03 PM
Y - Due to report earnings news today after the close. There was a "negative reversal" noted on 10/14/20 after gapping up challenging its 52-week high and pivot point. New pivot point was cited as it formed a "double bottom" base. A subsequent gain and close above the pivot point backed by at least +40% above average volume may trigger a new (or add-on) technical buy signal. Its 50 DMA line ($506) and recent low ($458.60 on 9/18/20) define important near term support where any further deterioration would raise more serious concerns and trigger technical sell signals.
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure When Poised for Breakout - 10/15/2020 |
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Company Profile |
SEC
News |
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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 |
LGIH
-
NASDAQ
L G I Homes Inc
Bldg-Resident/Comml
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$126.69
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+1.50
1.20% |
$129.08
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112,503
42.14% of 50 DAV
50 DAV is 267,000
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$132.98
-4.73%
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10/1/2020
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$123.17
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PP = $124.04
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MB = $130.24
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Most Recent Note - 10/19/2020 5:32:49 PM
Y - Volume totals have been cooling while hovering near its all-time high. Color code was recently changed to yellow with new pivot point cited based on its 8/04/20 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume are still needed to clinch a proper new (or add-on) technical buy signal. The 50 DMA line ($115.87) and latest low ($101.30 on 9/21/20) define near-term support. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Hovering Near High But Recent Gains Lacked Great Volume - 10/19/2020 |
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C
A
S
I |
NOW
-
NYSE
Servicenow Inc
Computer Sftwr-Enterprse
|
$518.19
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-3.76
-0.72% |
$527.58
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824,723
57.35% of 50 DAV
50 DAV is 1,438,000
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$533.37
-2.85%
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8/20/2020
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$453.34
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PP = $454.79
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MB = $477.53
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Most Recent Note - 10/19/2020 1:52:30 PM
G - Posting a 3rd consecutive gain today with below average volume for yet another new all-time high. Found support at its 50 DMA line ($472) but did not form a new base of sufficient length. Fundamentals remain strong. Any losses below the 50 DMA line and prior low ($432.85 on 9/08/20) would raise concerns and trigger technical sell signals.
>>> FEATURED STOCK ARTICLE : Record High With Light Volume Behind 3rd Consecutive Gain - 10/13/2020 |
View all notes |
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Company Profile |
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C
A
S
I |
VEEV
-
NYSE
Veeva Systems Inc Cl A
Computer Sftwr-Medical
|
$303.65
|
+1.46
0.48% |
$308.78
|
618,448
76.64% of 50 DAV
50 DAV is 807,000
|
$313.99
-3.29%
|
10/6/2020
|
$287.71
|
PP = $298.86
|
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MB = $313.80
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Most Recent Note - 10/19/2020 5:38:24 PM
Y - Reversed to close with a loss on light volume today after touching a new all-time high. Found support at its 50 DMA line ($276) while forming a 6-week flat base. Any losses below the 50 DMA line and recent lows would raise concerns and trigger technical sell signals. Reported earnings +31% on +33% sales revenues for the Jul '20 quarter versus the year ago period. Three of the past 4 quarterly comparisons were above the +25% minimum earnings guideline (C criteria)."
>>> FEATURED STOCK ARTICLE : First Sound Base Being Built After Considerable Rally - 10/6/2020 |
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C
A
S
I |
TEAM
-
NASDAQ
Atlassian Corp Plc Cl A
Comp Sftwr-Spec Enterprs
|
$210.97
|
-1.97
-0.93% |
$216.30
|
1,644,152
102.18% of 50 DAV
50 DAV is 1,609,000
|
$215.84
-2.26%
|
10/12/2020
|
$193.77
|
PP = $199.60
|
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MB = $209.58
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Most Recent Note - 10/19/2020 12:48:35 PM
G - Powering to new 52-week highs with today's 2nd consecutive volume-driven gain. Color code is changed to green after quickly getting extended more than +5% above the prior high. Disciplined investors avoid chasing extended stocks. Its big gain above the pivot point on the prior session was backed +226% above average volume triggering a new technical buy signal. Its Relative Strength Rating has improved to 89.
>>> FEATURED STOCK ARTICLE : TEAM Perched Within Close Striking Distance of New Highs - 10/12/2020 |
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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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