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AFTER MARKET UPDATE - TUESDAY, NOVEMBER 1ST, 2022
Previous After Market Report Next After Market Report >>>
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DOW |
-79.75 |
32,653.20 |
-0.24% |
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Volume |
938,363,136 |
-23% |
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Volume |
4,665,902,000 |
+1% |
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NASDAQ |
-97.30 |
10,890.85 |
-0.89% |
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Advancers |
1,805 |
59% |
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Advancers |
2,454 |
53% |
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S&P 500 |
-15.88 |
3,856.10 |
-0.41% |
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Decliners |
1,251 |
41% |
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Decliners |
2,158 |
47% |
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Russell 2000 |
+4.53 |
1,851.39 |
+0.25% |
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52 Wk Highs |
98 |
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52 Wk Highs |
142 |
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S&P 600 |
+5.37 |
1,200.94 |
+0.45% |
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52 Wk Lows |
89 |
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52 Wk Lows |
162 |
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Major Averages Pulled Back Ahead of Latest Fed Decision
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow lost 79 points, while the Nasdaq Composite shed 0.9% amid weakness in technology shares. The S&P 500 fell 0.4%. The volume totals reported were mixed, lighter than the prior session on the NYSE and slightly higher on the Nasdaq exchange. Breadth was positive as advancers led decliners by a 3-2 margin on the NYSE and by an 8-7 margin on the Nasdaq exchange. There were 51 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 61 on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE but new lows still outnumbered new highs on the Nasdaq exchange. The recent follow-through day helped establish a confirmed uptrend (M criteria). Healthy leadership (new 52-week highs totals) will be essential in the near-term for the rally to be productive. Only stocks meeting all key-criteria of the fact-based investment system should be considered as buy candidates.
Chart courtesy of www.stockcharts.com PICTURED: The Nasdaq Composite Index pulled back for a 2nd session. It remains below its 50-day moving average (DMA) line.
U.S. equities finished lower Tuesday as Wall Street digested fresh economic data and turned their attention to the Federal Reserve’s (Fed) interest rate decision due tomorrow. The central back is expected to hike rates by 75 (0.75%) basis points, which would be its fourth-straight hike of that size. Six of 11 S&P 500 sectors finished in negative territory, with Communication Services leading laggards.
On the data front, the Institute of Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) came in higher than in October, while the S&P Global U.S. Manufacturing PMI was upwardly revised out of contractionary territory. Meanwhile, the Job Openings and Labor Turnover Survey (JOLTS) for October showed job openings unexpectedly rose in September, indicating the labor market remains tight. Construction spending unexpectedly climbed 0.2% month-over-month in September. In corporate news, Pfizer Inc’s (PFE +3.14%) third-quarter earnings came in better than expected, and the company boosted its full-year outlook. Meanwhile, Uber Technologies Inc (UBER +11.97%) reported strong revenue and a jump in gross bookings compared to a year ago. ABIOMED Inc (ABMD +48.88%) soared after announcing it has agreed to be acquired by Johnson & Johnson (JNJ -0.51%) .
Treasuries were mixed, with the yield on the benchmark 10-year note dipping one basis point (0.01%) to 4.04%, while the 30-year bond yield slid five basis points (0.05%) to 4.10%. The yield on the Fed sensitive two-year note climbed six basis points (0.06%) to 4.54%. In commodities, West Texas Intermediate (WTI) crude added 2.1% to $88.32/barrel amid a softening U.S. dollar. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail Index Fell; Tech, Financial, and Commodity-Linked Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +0.87%) and Bank Index ($BKX +0.70%) both posted gains but the Retail Index ($RLX -2.74%) slumped and created a drag on the major averages. The tech sector saw unanimous gains from the Biotech Index ($BTK +1.37%), Semiconductor Index ($SOX +0.77%), and the Networking Index ($NWX +0.46%). The Gold & Silver Index ($XAU +2.06%) and Integrated Oil Index ($XOI +1.57%) both posted gains while the Oil Services Index ($OSX -0.07%) finished flat.
PICTURED: The Biotech Index ($BTK +1.37%) recently rebounded above its 50-day and 200-day moving average (DMA) lines toward its August high.
| Oil Services |
$OSX |
82.25 |
-0.06 |
-0.07% |
+56.01% |
| Integrated Oil |
$XOI |
1,867.16 |
+28.79 |
+1.57% |
+58.48% |
| Semiconductor |
$SOX |
2,402.75 |
+18.30 |
+0.77% |
-39.11% |
| Networking |
$NWX |
843.23 |
+3.84 |
+0.46% |
-13.17% |
| Broker/Dealer |
$XBD |
468.21 |
+4.03 |
+0.87% |
-3.83% |
| Retail |
$RLX |
2,876.54 |
-81.04 |
-2.74% |
-31.94% |
| Gold & Silver |
$XAU |
105.43 |
+2.12 |
+2.06% |
-20.40% |
| Bank |
$BKX |
104.85 |
+0.73 |
+0.70% |
-20.70% |
| Biotech |
$BTK |
4,967.15 |
+67.00 |
+1.37% |
-9.99% |
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Volume Heavy Behind Technical Breakout After Earnings
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Harmony Biosciences Hldg (HRMY +$7.26 or +13.96% to $59.26) finished strong after it was highlighted in yellow with new pivot point cited based on its 7/07/22 high plus 10 cents in the earlier mid-day report (read here) . Bullish action came after it reported Sep '22 quarterly earnings +132% on +45% sales revenues versus the year ago period. It powered to a new 52-week high with today's considerable gain and strong close above the pivot point backed by at least +200% above average volume triggering a technical buy signal. It recently rebounded above its 200 and 50-day moving average (DMA) lines after sputtering since dropped from the Featured Stocks list on 8/24/22.
Prior quarterly comparisons were strong, well above the +25% minimum earnings guideline (C criteria), and it has an 80 Earnings Per Share Rating. It hails from the Medical-Biomed/Biotech industry group, currently ranked 7th on the 197 Industry Groups list (L criteria). Its annual earnings history (A criteria) is limited.
HRMY completed its $24 IPO on 8/19/20. Its small supply of only 23.1 million shares (S criteria) in the public float 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 208 in Sep '21 to 438 in Sep '22, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 0.7 is an unbiased indication its shares have been under distributional pressure 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 |
CI
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NYSE
Cigna Corp
Medical-Managed Care
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$325.12
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+2.06
0.64% |
$326.32
|
1,556,013
80.33% of 50 DAV
50 DAV is 1,937,000
|
$325.16
-0.01%
|
7/7/2022
|
$276.55
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PP = $273.68
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MB = $287.36
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Most Recent Note - 11/1/2022 6:32:31 PM
G - Posted a gain today with below average volume for yet another new all-time high. Its 50 DMA line ($292.28) defines near-term support to watch above the recent low ($283.79 on 10/10/22). Due to report Sep '22 quarterly results on 11/03/22. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : No Resistance Remains Due to Overhead Supply - 10/4/2022 |
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C
A
S
I |
ESQ
-
NASDAQ
Esquire Financial Hldgs
Finance-Commercial Loans
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$46.05
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+0.87
1.93% |
$46.92
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31,035
114.94% of 50 DAV
50 DAV is 27,000
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$45.20
1.88%
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10/18/2022
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$40.02
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PP = $39.95
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MB = $41.95
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Most Recent Note - 10/31/2022 4:34:16 PM
G - Hit yet another new 52-week high with today's 6th consecutive volume-driven gain, getting extended from the previously noted base. Prior highs in the $41 area define initial support to watch on pullbacks. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : New High With 6th Consecutive Volume-Driven Gain - 10/31/2022 |
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C
A
S
I |
CCRN
-
NASDAQ
Cross Country Healthcare
DIVERSIFIED SERVICES - Staffing and Outsourcing Service
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$37.71
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+0.62
1.67% |
$38.34
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838,014
96.77% of 50 DAV
50 DAV is 866,000
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$38.47
-1.98%
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9/9/2022
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$27.32
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PP = $30.61
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MB = $32.14
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Most Recent Note - 10/31/2022 2:21:20 PM
G - Reversed into the red today after touching a new high following 3 consecutive gains. Extended from the previously noted base. Prior highs in the $30.50 area define important near-term support to watch along with its 50 DMA line.
>>> FEATURED STOCK ARTICLE : Healthcare Staffing Firm Hovering Near All-Time High - 10/17/2022 |
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C
A
S
I |
CMC
-
NYSE
Commercial Metals Co
METALS and MINING - Steel and Iron
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$45.76
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+0.26
0.57% |
$46.40
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879,521
85.22% of 50 DAV
50 DAV is 1,032,000
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$46.68
-1.97%
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10/14/2022
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$41.61
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PP = $44.45
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MB = $46.67
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Most Recent Note - 10/31/2022 2:16:23 PM
Y - Posting a gain today, on track for its second best ever close, approaching its "max buy" level and all-time high. Reported Aug '22 quarterly earnings +94% on +19% sales revenues versus the year ago period and prior quarterly comparisons were well above the +25% minimum earnings guideline (C criteria) of the fact-based investment system. Annual earnings growth has been strong.
>>> FEATURED STOCK ARTICLE : Little Resistance Remains for Strong Steel/Metal Products Firm - 10/14/2022 |
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C
A
S
I |
VRTX
-
NASDAQ
Vertex Pharmaceuticals
Medical-Biomed/Biotech
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$314.20
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+2.20
0.71% |
$316.09
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1,192,410
85.36% of 50 DAV
50 DAV is 1,397,000
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$316.48
-0.72%
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10/24/2022
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$308.47
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PP = $306.05
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MB = $321.35
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Most Recent Note - 10/28/2022 1:43:46 PM
Y - Color code is changed to yellow after quickly rebounding above its 50 DMA line and back above its pivot point with today's big volume-driven gain. Reported Sep '22 quarterly earnings +14% on +18% sales revenues versus the year ago period, below the +25% minimum earnings guideline raising concerns (C criteria). Annual earnings (A criteria) history has been strong.
>>> FEATURED STOCK ARTICLE : Volume-Driven Gain Triggered Technical Buy Signal - 10/24/2022 |
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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 |
CLFD
-
NASDAQ
Clearfield Inc
TELECOMMUNICATIONS - Cables / Satalite Equipment
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$118.75
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-2.72
-2.24% |
$122.32
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223,567
93.94% of 50 DAV
50 DAV is 238,000
|
$130.01
-8.66%
|
10/25/2022
|
$117.96
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PP = $130.11
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MB = $136.62
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Most Recent Note - 11/1/2022 6:35:21 PM
Y - Pulled back today with near average volume, yet still perched within striking distance of its 52-week high. New pivot point was cited based on its 8/25/22 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Due to report Sep '22 quarterly results on 11/04/22. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Clearfield Perched -8.6% Off High After Recent Rebound - 10/27/2022 |
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C
A
S
I |
GPK
-
NYSE
Graphic Packaging Hldg
CONSUMER NON-DURABLES - Packaging and Containers
|
$22.93
|
-0.03
-0.13% |
$23.26
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2,414,523
85.83% of 50 DAV
50 DAV is 2,813,000
|
$24.07
-4.74%
|
10/25/2022
|
$22.75
|
PP = $24.17
|
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MB = $25.38
|
Most Recent Note - 10/31/2022 2:18:04 PM
Y - Pulling back today for a 3rd consecutive loss after spiking higher last week challenging its 52-week high. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Reported Sep '22 quarterly earnings +79% on +38% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Rebound Above 50-Day Moving Average Helped Outlook Improve - 10/25/2022 |
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C
A
S
I |
CBZ
-
NYSE
C B I Z Inc
Comml Svcs-Consulting
|
$48.80
|
-0.84
-1.69% |
$49.98
|
378,004
150.60% of 50 DAV
50 DAV is 251,000
|
$50.57
-3.50%
|
10/26/2022
|
$47.83
|
PP = $48.57
|
|
MB = $51.00
|
Most Recent Note - 11/1/2022 6:11:52 PM
Y - Pulled back today with above average volume for a 2nd session. Prior high in the $48 area defines initial support to watch above its 50 DMA line ($45). Recently reported Sep '22 quarterly earnings +24% on +28% sales revenues versus the year ago period. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Earnings Report Due for Commercial Services and Consulting Firm - 10/26/2022 |
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C
A
S
I |
ENPH
-
NASDAQ
Enphase Energy Inc
Energy-Solar
|
$299.48
|
-7.52
-2.45% |
$316.87
|
3,008,673
77.11% of 50 DAV
50 DAV is 3,902,000
|
$324.84
-7.81%
|
10/26/2022
|
$301.55
|
PP = $324.94
|
|
MB = $341.19
|
Most Recent Note - 10/28/2022 5:21:59 PM
Y - Paused today after 6 consecutive volume-driven gains. Highlighted in yellow in the 10/26/22 mid-day report with new pivot point cited based on its 9/08/22 high plus 10 cents. Rebound above its 50 DMA line ($281.92) helped its outlook improve. Faces little resistance due to overhead supply up to the $324 level. Reported Sep '22 quarterly earnings +108% on +81% sales revenues versus the year ago period, continuing its strong earnings history above the +25% minimum guideline (C criteria). See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Enphase Energy Rebound Above 50-Day Moving Average Helped Outlook - 10/28/2022 |
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C
A
S
I |
HRMY
-
NASDAQ
Harmony Biosciences Hldg
Medical-Biomed/Biotech
|
$59.26
|
+7.26
13.96% |
$59.27
|
1,356,728
300.16% of 50 DAV
50 DAV is 452,000
|
$57.13
3.73%
|
11/1/2022
|
$55.31
|
PP = $57.23
|
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MB = $60.09
|
Most Recent Note - 11/1/2022 6:07:45 PM
Y - Finished strong after highlighted in yellow with new pivot point cited based on its 7/07/22 high plus 10 cents in the earlier mid-day report. Fundamentals remain strong after it reported Sep '22 quarterly earnings +132% on +45% sales revenues versus the year ago period. Powered to a new 52-week high with a big gain and strong close above the pivot point backed by +200% above average volume triggering a technical buy signal. Rebounded above its 200 and 50-day moving average (DMA) lines after sputtering since dropped from the Featured Stocks list on 8/24/22. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Volume Heavy Behind Technical Breakout After Earnings - 11/1/2022 |
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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 |
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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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