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AFTER MARKET UPDATE - MONDAY, NOVEMBER 16TH, 2020
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DOW |
+470.63 |
29,950.44 |
+1.60% |
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Volume |
1,084,473,485 |
+22% |
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Volume |
4,111,730,900 |
+13% |
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NASDAQ |
+94.84 |
11,924.13 |
+0.80% |
|
Advancers |
2,486 |
82% |
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Advancers |
2,452 |
71% |
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S&P 500 |
+41.76 |
3,626.91 |
+1.16% |
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Decliners |
541 |
18% |
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Decliners |
1,018 |
29% |
|
Russell 2000 |
+41.29 |
1,785.34 |
+2.37% |
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52 Wk Highs |
198 |
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|
52 Wk Highs |
241 |
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S&P 600 |
+29.23 |
1,023.52 |
+2.94% |
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52 Wk Lows |
3 |
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52 Wk Lows |
16 |
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Major Indices Rallied on Higher Volume With Greater Leadership
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow rallied 470 points, while the S&P 500 advanced 1.2%, with both benchmarks closing at fresh all-time highs. The Tech-heavy Nasdaq Composite gained 0.8%, while the small-cap Russell 2000 index climbed more than 2%. The reported volume totals were higher than the prior session on both the NYSE and the Nasdaq exchange, indicative of increasing institutional buying demand. Breadth was positive as advancers led decliners by more than a 4-1 margin on the NYSE and by a 5-3 margin on the Nasdaq exchange. Leadership expanded as there were 80 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, up from the total of 22 on the prior session. New 52-week highs expanded and easily outnumbered new 52-week lows totals. The major indices confirmed a new uptrend (M criteria) with recent follow-through gains backed by higher volume and more leadership. Investors are reminded to always make buying and selling decisions based based on the strict criteria and rules of the fact-based investment system.  X PICTURED: The S&P 500 Index posted a gain for a new record high close.
U.S. stocks finished broadly higher on Monday, as investors digested more positive news on the COVID vaccine front. Preliminary data from a late-stage trial revealed that a vaccine developed by Moderna showed a 94% efficacy rate in preventing COVID-19 among participants. Shares of the biotech company jumped 9.6%, and follows a similar result from Pfizer and BioNTech (BNTX -13.66%) exactly one week ago.
Ten of 11 S&P 500 sectors ended in positive territory, with value- and cyclical-oriented sectors Energy, Industrials, Financials and Materials all adding 2% or more. Health Care stocks bucked the uptrend, with Pfizer (PFE -3.34%) falling on news that Moderna’s (MRNA +9.58%) vaccine candidate may be easier to transport, since it requires storage in normal fridge temperatures compared to Pfizer’s vaccine, which requires ultra cold temperatures. In M&A news, PNC Financial (PNC +2.88%) after agreeing to purchase the U.S. business of Spanish bank Banco Bilbao Viz Arg Adr (BBVA +12.57%) for $11.6 billion. HD Supply Holdings (HDS +24.46%) rallied after Home Depot (HD +0.87%) agreed to acquire the company at a 25% premium over Friday’s closing level.
On the data front, the lone update showed a gauge of manufacturing activity in the New York Fed region unexpectedly declined to 6.3 in November from 10.5 the prior month. Treasuries were mixed, with the yield on the 10-year note adding two basis points to 0.91%. In commodities, WTI crude gained 3% to $41.32/barrel. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Energy-Linked Groups Outpaced Financial and Tech Indexes
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +2.27%) and Bank Index ($BKX +3.25%) both were a positive influence on the major indices while the Retail Index ($RLX +0.60%) posted a smaller gain. The Oil Services Index ($OSX +8.93%) and Integrated Oil Index ($XOI +6.61%) both posted standout gains as energy-liniked stocks clearly had a positive bias. The Semiconductor Index ($SOX +2.48%) and Networking Index ($NWX +2.46%) both led the tech sector higher with big gains, but the Biotech Index ($BTK -0.13%) was unchanged. The Gold & Silver Index ($XAU +0.01%) also was unchanged.
PICTURED: The Retail Index ($RLX +0.60%) is consolidating near its 50 DMA line after finding support above the September low. is consolidating above the 50-day and 200-day moving average (DMA) lines after halting its slide above the September lows.
| Oil Services |
$OSX |
36.77 |
+3.02 |
+8.93% |
-53.03% |
| Integrated Oil |
$XOI |
736.80 |
+45.70 |
+6.61% |
-42.01% |
| Semiconductor |
$SOX |
2,570.98 |
+62.16 |
+2.48% |
+39.00% |
| Networking |
$NWX |
625.75 |
+15.05 |
+2.46% |
+7.26% |
| Broker/Dealer |
$XBD |
338.22 |
+7.51 |
+2.27% |
+16.48% |
| Retail |
$RLX |
3,461.88 |
+20.68 |
+0.60% |
+41.34% |
| Gold & Silver |
$XAU |
143.40 |
+0.02 |
+0.01% |
+34.12% |
| Bank |
$BKX |
90.38 |
+2.85 |
+3.25% |
-20.27% |
| Biotech |
$BTK |
5,548.08 |
-7.08 |
-0.13% |
+9.48% |
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Weak Technical Action Raised Recent Concerns
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Veeva Systems Inc Cl A (VEEV -$0.30 or -0.11% to $264.62) slumped again today with above average volume indicative of more damaging distributional pressure. Recent volume-driven losses violated its 50-day moving average (DMA) line ($281.74) and undercut the prior low ($263) triggered technical sell signals. Only a prompt rebound above the 50 DMA line would help its outlook improve. Fundamentals remain strong. VEEV was highlighted in yellow with new pivot point cited based on its 9/02/20 high plus 10 cents in the 10/06/20 mid-day report (read here). It was shown in this FSU section on 10/26/20 with an annotated graph under the headline, "Recently Slumped Back Below Prior Highs" . It had not spent much time base building since it first began wedging into new high territory back in April.
Veeva still has the highest possible 99 Earnings Per Share (EPS) rank and it has an 88 Relative Strength (RS) rating. Both of those ratings must be above 80 for a stock to meet the guidelines for consideration. It 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). Its annual earnings (A criteria) history has been strong.
There are 134.4 million shares (S criteria) in the publicly traded float. The number of top-rated funds owning its shares rose from 814 in Jun '18 to 1,572 in Sep '20, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.0 is an unbiased indication its shares have been neutral concerning accumulation/distribution 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
|
$238.00
|
-1.01
-0.42% |
$242.00
|
260,620
73.83% of 50 DAV
50 DAV is 353,000
|
$257.88
-7.71%
|
7/15/2020
|
$192.66
|
PP = $189.95
|
|
MB = $199.45
|
Most Recent Note - 11/11/2020 5:58:04 PM
G - After a "negative reversal" at a new new all-time high it pulled back and tested support at an upward trendline and its 50 DMA line ($228) which again acted as support. More damaging losses would raise greater concerns and may trigger a worrisome technical sell signal. Reported Sep '20 quarterly earnings +38% on +11% sales revenues versus the year ago period, above the +25% minimum earnings guideline (C criteria).
>>> FEATURED STOCK ARTICLE : Earnings Due; Consolidating Near Prior High and Above 50 DMA Line - 10/27/2020 |
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C
A
S
I |
AMD
-
NASDAQ
Advanced Micro Devices
ELECTRONICS - Semiconductor - Broad Line
|
$83.73
|
+2.30
2.82% |
$83.78
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38,473,623
72.65% of 50 DAV
50 DAV is 52,959,000
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$94.28
-11.19%
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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 - 11/11/2020 5:56:21 PM
G - Rebounded back above its 50 DMA line ($80.71) with light volume behind today's big gain. Prior lows in the $73 area define important near term support. On 11/06 and 11/09 prior notes repeatedly cautioned members - "It has not formed a sound base pattern. Subsequent losses and deterioration below the recent low 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 : Weak Action Raised Concern While Testing Recent Low - 11/3/2020 |
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C
A
S
I |
TER
-
NASDAQ
Teradyne Inc
ELECTRONICS - Semiconductor Equipment and Mate
|
$107.18
|
+4.89
4.78% |
$107.24
|
1,755,249
73.91% of 50 DAV
50 DAV is 2,375,000
|
$105.62
1.48%
|
10/21/2020
|
$92.22
|
PP = $93.54
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|
MB = $98.22
|
Most Recent Note - 11/16/2020 5:45:03 PM
G - Posted a big gain today with below average (but higher) volume for a new all-time high. 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 : Recent Gains for New Highs Lacked Great Volume Conviction - 11/11/2020 |
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C
A
S
I |
TREX
-
NYSE
Trex Company Inc
MATERIALS and CONSTRUCTION - General Building Materials
|
$73.02
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+0.69
0.95% |
$73.35
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824,811
97.61% of 50 DAV
50 DAV is 845,000
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$81.23
-10.11%
|
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 - 11/13/2020 5:48:04 PM
G - Rebounded near its 50 DMA line ($72.51) with today's gain. Found support when testing the prior low ($63.32 on 9/21/20). Recently noted that it reported Sep '20 quarterly earnings +14% on +19% sales revenues versus the year ago period, below the +25% minimum guideline (C criteria) raising fundamental concerns.
>>> FEATURED STOCK ARTICLE : Rebound Above 50-Day Moving Average Helped Technical Stance - 11/4/2020 |
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C
A
S
I |
LGIH
-
NASDAQ
L G I Homes Inc
Bldg-Resident/Comml
|
$109.33
|
-2.59
-2.31% |
$113.37
|
509,201
194.35% of 50 DAV
50 DAV is 262,000
|
$132.98
-17.78%
|
10/1/2020
|
$123.17
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PP = $124.04
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MB = $130.24
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Most Recent Note - 11/16/2020 5:43:31 PM
G - Encountered more distributional pressure today while sputtering below its 50 DMA line ($116) which may act as resistance after a damaging volume-driven loss on the prior session. A rebound above the 50 DMA line is needed for its outlook to improve. Reported Sep '20 quarterly earnings +27% on +11% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Rebound Toward 50-Day Average Which May Act as Resistance - 11/10/2020 |
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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 |
NOW
-
NYSE
Servicenow Inc
Computer Sftwr-Enterprse
|
$502.28
|
-5.73
-1.13% |
$505.75
|
1,554,307
115.48% of 50 DAV
50 DAV is 1,346,000
|
$537.53
-6.56%
|
8/20/2020
|
$453.34
|
PP = $454.79
|
|
MB = $477.53
|
Most Recent Note - 11/11/2020 12:33:45 PM
G - Promptly rebounding above its 50 DMA line ($489) with today's gap up gain following 2 consecutive big volume-driven losses off of its all-time high. Tested the prior low ($472 on 11/03/20) noted as important support where a damaging violation raises 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 |
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C
A
S
I |
VEEV
-
NYSE
Veeva Systems Inc Cl A
Computer Sftwr-Medical
|
$264.62
|
-0.30
-0.11% |
$268.68
|
1,074,280
133.29% of 50 DAV
50 DAV is 806,000
|
$313.99
-15.72%
|
10/6/2020
|
$287.71
|
PP = $298.86
|
|
MB = $313.80
|
Most Recent Note - 11/16/2020 5:39:53 PM
G - Slumped again today with higher volume indicative of more damaging distributional pressure after volume-driven losses violating its 50 DMA line ($281.74) and undercutting the prior low ($263). Only a prompt rebound above the 50 DMA line would help its outlook improve. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Weak Technical Action Raised Recent Concerns - 11/16/2020 |
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C
A
S
I |
ALRM
-
NASDAQ
Alarm.com Holdings Inc
Security/Sfty
|
$70.24
|
+0.22
0.31% |
$71.73
|
449,085
128.31% of 50 DAV
50 DAV is 350,000
|
$79.38
-11.51%
|
11/6/2020
|
$71.88
|
PP = $74.76
|
|
MB = $78.50
|
Most Recent Note - 11/16/2020 5:42:07 PM
Y - After reaching a new all-time high it has been encountering distributional pressure. Previously noted - "Subsequent gains above the pivot point may help clinch a convincing technical buy signal. Reported earnings +32% on +24% sales revenues for the Sep '20 quarter versus the year ago period, an improvement after +3% earnings in the Jun quarter. Prior quarterly comparisons were near or above the +25% minimum earnings guideline (C criteria). Annual earnings (A criteria) growth has been strong, a good match with the fact-based investment system."
>>> FEATURED STOCK ARTICLE : Encountered Distributional Pressure as it Hit a New High - 11/9/2020 |
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C
A
S
I |
TEAM
-
NASDAQ
Atlassian Corp Plc Cl A
Comp Sftwr-Spec Enterprs
|
$189.46
|
-3.36
-1.74% |
$194.90
|
2,178,321
127.16% of 50 DAV
50 DAV is 1,713,000
|
$216.30
-12.41%
|
10/12/2020
|
$193.77
|
PP = $199.60
|
|
MB = $209.58
|
Most Recent Note - 11/11/2020 5:54:54 PM
G - Rebounded back above its 50 DMA line ($188) with today's gain on average volume after undercutting the prior low ($180) and finding prompt support. 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.
>>> FEATURED STOCK ARTICLE : Weak Technical Action Followed Disappointing Fundamental News - 11/2/2020 |
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C
A
S
I |
YETI
-
NYSE
Yeti Holdings Inc
Leisure-Products
|
$57.32
|
+0.19
0.33% |
$57.89
|
1,955,405
155.56% of 50 DAV
50 DAV is 1,257,000
|
$62.72
-8.61%
|
11/5/2020
|
$57.25
|
PP = $55.14
|
|
MB = $57.90
|
Most Recent Note - 11/13/2020 5:51:08 PM
Y - Rebounded impressively after an abrupt pulllback. Its 50 DMA line ($50.02) defines near-term support above prior lows
>>> FEATURED STOCK ARTICLE : Finished Strong After Breakout Gain Was Noted in Mid-Day Report - 11/5/2020 |
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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 |
AAXN
-
NASDAQ
Axon Enterprise Inc
Security/Sfty
|
$119.33
|
-1.65
-1.36% |
$122.10
|
501,435
82.47% of 50 DAV
50 DAV is 608,000
|
$128.39
-7.06%
|
11/6/2020
|
$122.75
|
PP = $113.00
|
|
MB = $118.65
|
Most Recent Note - 11/16/2020 5:41:17 PM
G - Volume totals have been cooling while stubbornly holding its ground near its all-time high. Bullish action came after reporting Sep '20 quarterly earnings +43% on +27% sales revenues versus the year ago period. It broke out of a cup-with-high-handle base with volume drying up during the handle.
>>> FEATURED STOCK ARTICLE : Breakaway Gap From Cup-With-High-Handle Pattern - 11/6/2020 |
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C
A
S
I |
QTWO
-
NYSE
Q2 Holdings Inc
Computer Sftwr-Financial
|
$106.21
|
+1.62
1.55% |
$108.30
|
381,395
96.80% of 50 DAV
50 DAV is 394,000
|
$109.27
-2.80%
|
11/12/2020
|
$105.14
|
PP = $106.54
|
|
MB = $111.87
|
Most Recent Note - 11/13/2020 12:29:43 PM
Y - Pulling back today yet still hovering near its high. Encountered distributional pressure on the prior sessoion as it churned heavy volme and ended lower after highlighted in yellow with new pivot point cited based on its 8/06/20 high plus 10 cents. Subsequent confirming gains above the pivot point backed by at least +40% above average volume may help clinch a convincing technical buy signal. Showed great earning increases with strong underlying sales revenues growth for the Jun and Sep '20 quarters versus the year ago periods. Annual earnings growth has been strong. Completed new Public Offerings on 6/06/19 and 5/13/20. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Churning Action Near Prior High Indicative of Distributional Pressure - 11/12/2020 |
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C
A
S
I |
|
|
|
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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