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AFTER MARKET UPDATE - MONDAY, NOVEMBER 2ND, 2020
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DOW |
+423.45 |
26,925.05 |
+1.60% |
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Volume |
890,140,511 |
-26% |
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Volume |
3,168,606,400 |
-13% |
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NASDAQ |
+34.63 |
10,946.22 |
+0.32% |
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Advancers |
2,229 |
74% |
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Advancers |
2,290 |
67% |
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S&P 500 |
-28.79 |
3,467.31 |
-0.82% |
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Decliners |
789 |
26% |
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Decliners |
1,131 |
33% |
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Russell 2000 |
+30.11 |
1,568.59 |
+1.96% |
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52 Wk Highs |
32 |
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52 Wk Highs |
30 |
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S&P 600 |
+18.80 |
895.39 |
+2.14% |
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52 Wk Lows |
29 |
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52 Wk Lows |
59 |
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The major indices have clearly seen the latest uptrend come under heavy distributional pressure while leadership has waned. Disciplined investors limit exposure in rough markets and always raise cash by selling individual holdings on a case by case basis as technical weakness is noted.
Today's Big Gainers |
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Major Indices Rose With Lackluster Volume Behind Gains
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow added 423 points while the S&P 500 rebounded 1.2% on the heels of its worst weekly performance since March. The Nasdaq Composite pared an early gain but still finished with a 0.4% advance. The reported volume totals were lighter than the prior session on the NYSE and on the Nasdaq exchange, revealing lackluster institutional buying demand. Breadth was positive as advancers led decliners by almost a 3-1 margin on the NYSE and a 2-1 margin on the Nasdaq exchange. There were 19 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 6 on the prior session. The new 52-week highs outnumbered new 52-week lows on the NYSE but new lows outnumbered new highs and on the Nasdaq exchange. The major indices have seen their uptrend come under heavier pressure (M criteria) with uncertainty raising some concerns of a more serious market correction. Investors are reminded to always make buying and selling decisions based based on the strict criteria and rules of the fact-based investment system.  PICTURED: The Nasdaq Composite Index recently undercut its 50-day moving average (DMA) line slumping toward the September low.
U.S. equities finished higher on Monday, as investors marked time ahead of the 2020 U.S. presidential election. All 11 S&P 500 sectors finished the session higher. The value-oriented Energy and Materials groups each gained more than 3% to pace the gains, while Industrials added 2.7%. An afternoon pullback in mega cap stocks weighed on the Technology and Communication Services sectors, with Apple, Facebook, and Amazon each finishing lower for a second-consecutive session. In earnings, Clorox (CLX +4.24%) rose after reporting a 27% increase in organic sales amid pandemic related purchases. In M&A news, Dunkin’ Brands (DNKN +6.50%) rose after the coffee chain agreed to be taken private by Inspire Brands.
On the data front, an update from the Institute for Supply Management revealed U.S. manufacturing PMI expanded at a 59.3 rate in October, the highest reading since August 2018. The release also revealed that new orders jumped the most since 2004. Treasuries strengthened, with the yield on the benchmark 10-year note falling two basis points to 0.85%. In commodities, WTI crude rebounded 3.7% from a five month low to finish at $37.12/barrel amid news that Russia is in talks to extend production cuts. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Commodity-Linked Groups, Financial, and Tech Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +0.86%) and Bank Index ($BKX +2.61%) both posted gains that had a positive influence on the major averages. The Retail Index ($RLX +0.02%) was unchanged. The tech sector had a slightly positive tilt as the Semiconductor Index ($SOX +0.63%), Networking Index ($NWX +0.54%), and Biotech Index ($BTK +0.24%) each edged higher. Commodity-linked groups had a positive bias as the Oil Services Index ($OSX +5.01%) and Integrated Oil Index ($XOI +3.78%) both outpaced the Gold & Silver Index ($XAU +3.05%).
PICTURED: The Biotech Index ($BTK +0.24%) has been sputtering below its 50-day and 200-day moving average (DMA) lines near the prior low.
| Oil Services |
$OSX |
29.12 |
+1.39 |
+5.01% |
-62.80% |
| Integrated Oil |
$XOI |
586.05 |
+21.36 |
+3.78% |
-53.87% |
| Semiconductor |
$SOX |
2,260.37 |
+14.22 |
+0.63% |
+22.21% |
| Networking |
$NWX |
532.03 |
+2.87 |
+0.54% |
-8.81% |
| Broker/Dealer |
$XBD |
299.39 |
+2.56 |
+0.86% |
+3.10% |
| Retail |
$RLX |
3,279.68 |
+0.66 |
+0.02% |
+33.90% |
| Gold & Silver |
$XAU |
144.61 |
+4.29 |
+3.05% |
+35.25% |
| Bank |
$BKX |
78.94 |
+2.01 |
+2.61% |
-30.37% |
| Biotech |
$BTK |
5,225.51 |
+12.62 |
+0.24% |
+3.12% |
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Weak Technical Action Followed Disappointing Fundamental News
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Atlassian Corp (TEAM -$7.33 or -3.83% to $184.29) gapped down on the prior session slumping into the prior base and today's loss undercut its 50-day moving average (DMA) line ($187.43) raising even greater concerns an dtriggeriing a technical sell signal. Weak action came after it reported earnings +7% on +26% sales revenues for the Sep '20 quarter versus the year ago period, well below the +25% minimum earnings guideline (C criteria), raising fundamental concerns.
TEAM was highlighted in yellow with new pivot point cited based on its 9/01/20 high plus 10 cents in the 10/12/20 earlier mid-day report (read here). An annotated graph was shown in that evening's report under the headline, "TEAM Perched Within Close Striking Distance of New Highs". It made limited headway after subsequent gains with above average volume triggered a new technical buy signal.
TEAM has a 94 Earnings Per Share rating. This Australia - based software developer's annual earnings (A criteria) history has been strong since its $21 IPO on 12/10/15. Its Relative Strength Rating is 84, above the 80+ minimum guideline for buy candidates. It was dropped from the Featured Stocks list on 8/07/20 and found support well above its 200 DMA line during recent consolidations.
The number of top-rated funds owning its shares rose from 266 in Sep '17 to 837 in Jun '20, a reassuring sign concerning the I criteria. It has a Timeliness Rating of A and Sponsorship Rating of A. Its current Up/Down Volume Ratio of 0.8 is an unbiased indication its shares have been under some 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 |
CRL
-
NYSE
Charles River Labs Intl
DRUGS - Biotechnology
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$232.82
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+5.12
2.25% |
$234.98
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458,637
141.12% of 50 DAV
50 DAV is 325,000
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$250.29
-6.98%
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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 - 11/2/2020 5:35:45 PM
G - Found prompt support near its 50 DMA line ($224.91) and posted volume-driven gains. Reported Sep '20 quarterly earnings +38% on +11% sales revenues versus the year ago period, above the +25% minimum earnings guideline (C criteria). Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Earnings Due; Consolidating Near Prior High and Above 50 DMA Line - 10/27/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
AMD
-
NASDAQ
Advanced Micro Devices
ELECTRONICS - Semiconductor - Broad Line
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$74.70
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-0.59
-0.78% |
$76.34
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45,600,605
84.25% of 50 DAV
50 DAV is 54,123,000
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$94.28
-20.77%
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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 - 10/30/2020 2:23:59 PM
G - Damaging losses with heavy volume raised concerns while slumping toward the prior low ($73.85 on 9/18/20) . Weak action came after it reported earnings +128% on +56% sales revenues for the Sep '20 quarter versus the year ago period and announced it will acquire Xilinx Inc (XLNX). A violation of the recent low ($73.85 on 9/18/20) would raise greater concerns and trigger a more worrisome technical sell signal. Faces near-term resistance due to overhead supply up to the $94 level.
>>> FEATURED STOCK ARTICLE : Consolidating Just Above 50-Day Moving Average - 10/14/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
TER
-
NASDAQ
Teradyne Inc
ELECTRONICS - Semiconductor Equipment and Mate
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$89.70
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+1.85
2.11% |
$90.51
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1,832,333
78.24% of 50 DAV
50 DAV is 2,342,000
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$93.44
-4.00%
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10/21/2020
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$92.22
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PP = $93.54
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MB = $98.22
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Most Recent Note - 10/29/2020 6:10:25 PM
Y - Posted a gain today with light volume. It remains perched within striking distance of its all-time high. A subsequent gain above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Reported earnings +53% on +41% sales revenues for the Sep '20 quarter versus the year ago period, its 4th consecutive quarterly comparison with earnings above the +25% minimum earnings guideline (C criteria). Sequential comparisons show encouraging acceleration in its sales revenues growth rate. Its annual earnings (A criteria) history has been strong.
>>> FEATURED STOCK ARTICLE : Challenging All-Time High With Volume-Drive Gain - 10/21/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
C
A
S
I |
TREX
-
NYSE
Trex Company Inc
MATERIALS and CONSTRUCTION - General Building Materials
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$71.74
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+2.20
3.16% |
$72.64
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1,379,652
180.11% of 50 DAV
50 DAV is 766,000
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$81.23
-11.68%
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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 - 11/2/2020 12:57:43 PM
G - Slumped below its 50 DMA line ($73) with recently noted losses. Prior low ($63.32 on 9/21/20) defines the next near-term support. Due to report Sep '20 quarterly results after today's close. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Recently Wedged Into New High Territory - 10/16/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
LGIH
-
NASDAQ
L G I Homes Inc
Bldg-Resident/Comml
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$111.95
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+5.07
4.74% |
$112.86
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307,641
120.64% of 50 DAV
50 DAV is 255,000
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$132.98
-15.81%
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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 - 11/2/2020 5:36:59 PM
G - Posted a gain today with higher volume breaking a streak of 5 consecutive losses. A rebound above the 50 DMA line ($116) is needed for its outlook to improve. Members were cautioned with recent notes - "Recent gains above the new pivot point lacked the +40% above average volume needed to clinch a proper new (or add-on) technical buy signal."
>>> FEATURED STOCK ARTICLE : Hovering Near High But Recent Gains Lacked Great Volume - 10/19/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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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 |
NOW
-
NYSE
Servicenow Inc
Computer Sftwr-Enterprse
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$476.00
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-21.57
-4.34% |
$507.58
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1,973,788
147.96% of 50 DAV
50 DAV is 1,334,000
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$533.37
-10.76%
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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 - 11/2/2020 5:40:28 PM
G - Violated its 50 DMA line ($485) with today's volume-driven loss triggering a technical sell signal. Only a prompt rebound above the 50 DMA line would help its outlook improve. Prior low ($432.85 on 9/08/20) defines the next important support where any violation would raise greater concerns. Recently reported Sep '20 quarterly earnings +22% on +30% sales revenues versus the year ago period, below the +25% minimum guideline (C criteria) of the fact-based investment system.
>>> FEATURED STOCK ARTICLE : Found Prompt Support at 50 DMA Line After Earnings News - 10/29/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
VEEV
-
NYSE
Veeva Systems Inc Cl A
Computer Sftwr-Medical
|
$268.04
|
-2.01
-0.74% |
$275.05
|
949,957
114.18% of 50 DAV
50 DAV is 832,000
|
$313.99
-14.63%
|
10/6/2020
|
$287.71
|
PP = $298.86
|
|
MB = $313.80
|
Most Recent Note - 10/30/2020 1:06:34 PM
G - Color code is changed to green as it gapped down today for a big loss on higher volume violating its 50 DMA line ($281) and triggering a technical sell signal. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Recently Slumped Back Below Prior Highs - 10/26/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
TEAM
-
NASDAQ
Atlassian Corp Plc Cl A
Comp Sftwr-Spec Enterprs
|
$184.29
|
-7.33
-3.83% |
$192.41
|
3,088,083
183.60% of 50 DAV
50 DAV is 1,682,000
|
$216.30
-14.80%
|
10/12/2020
|
$193.77
|
PP = $199.60
|
|
MB = $209.58
|
Most Recent Note - 11/2/2020 5:33:58 PM
G - Weak action negated the prior breakout and violated its 50 DMA line ($187.43) triggering a technical sell signal. Reported earnings +7% on +26% sales revenues for the Sep '20 quarter versus the year ago period, well below the +25% minimum earnings guideline (C criteria), raising concerns. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Weak Technical Action Followed Disappointing Fundamental News - 11/2/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
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.
This report is a service available
only to active Paid Premium Members.
You may opt-out of receiving report notifications
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by writing to Premium Membership Services 665 S.E. 10 Street, Suite 201 Deerfield Beach, FL 33441-5634 or by calling 1-800-965-8307
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