FACTBASEDINVESTING.COM - AFTER MARKET UPDATE - Monday, December 30th, 2019

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AFTER MARKET UPDATE - MONDAY, DECEMBER 30TH, 2019

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Indices				NYSE			Nasdaq
DOW	-183.12	28,462.14	-0.64%	Volume	690,993,070	+12%	Volume	2,047,621,360	+13%
NASDAQ	-60.63	8,945.99	-0.67%	Advancers	1,258	44%	Advancers	1,322	42%
S&P 500	-18.73	3,221.29	-0.58%	Decliners	1,630	56%	Decliners	1,845	58%
Russell 2000	-4.88	1,664.15	-0.29%	52 Wk Highs	97		52 Wk Highs	114
S&P 600	-0.85	1,018.02	-0.08%	52 Wk Lows	15		52 Wk Lows	37

Higher Volume as Indices Pulled Back With Less Leadership
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam

The S&P 500 fell 0.6%, though still remains on pace for its best year since 2013. The Dow lost 183 points, while the Nasdaq Composite slipped 0.7%. Decliners led advancers by a 4-3 margin on the NYSE and nearly 3-2 on the Nasdaq exchange. The volume totals were higher than the prior session's totals on the NYSE and on the Nasdaq exchange. There were 42 high-ranked companies from the Leaders List that hit a new 52-week high and were listed on the BreakOuts Page, versus the total of 61 on the prior session. New 52-week highs totals contracted yet easily outnumbered new 52-week lows totals on the NYSE and on the Nasdaq exchange. The major indices (M criteria) are in a "confirmed uptrend" after enduring distributional pressure in recent weeks. The Featured Stocks Page provides the most timely analysis on high-ranked leaders.

Charts used courtesy of www.stockcharts.com

PICTURED: The S&P 500 Index is perched at its record high.

Stocks dropped from record levels on Monday, with trading volume more than 30% below the 100-day moving average, according to Bloomberg. The recent equity rally paused as investors engaged in profit-taking on the penultimate trading day of the year.

Monday’s losses were despite a report from Beijing indicating that a Chinese trade delegation would visit Washington this weekend to sign the “phase one” accord. However, there was no official confirmation from either side.

Treasuries weakened, with the yield on the benchmark 10-year note up one basis point to 1.88%. The government yield curve steepened, with the spread between two- and 10-year rates widening the most since October 2018. Elsewhere, the U.S. dollar declined to its lowest level since July. In commodities, WTI crude pared an early session gain to add just 0.1% to $61.75/barrel.

All 11 S&P 500 sectors closed in negative territory. The Communication Services group led decliners, while the often cited “FAANG” cohort fell 1%. Technology stocks also lagged, though the sector remains on track for its best annual performance in a decade, up more than 47%.

On the data front, pending home sales rebounded 1.2% in November, while another report showed the advance goods trade deficit unexpectedly narrowed to its smallest since 2016. Separately, Chicago PMI for this month revealed economic activity improved in the Midwest, while the Dallas Fed’s Manufacturing Activity Index weakened in December.

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.

Commodity-Linked Groups Had a Positive Bias
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam

The Bank Index ($BKX -0.38%) and the Broker/Dealer Index ($XBD -0.27%) posted modest losses while the Retail Index ($RLX -0.78%) suffered a larger loss. The tech sector was dragged lower by the Biotech Index ($BTK -1.15%) and the Semiconductor Index ($SOX -0.76%) while the Networking Index ($NWX -0.26%) also edged lower. Commodity-linked groups had a positive bias as the Gold & Silver Index ($XAU +1.94%) and Oil Services Index ($OSX +1.16%) rose, but the Integrated Oil Index ($XOI -0.36%) finished slightly lower.

Charts courtesy of www.stockcharts.com

PICTURED: The Oil Services Index ($OSX +1.16%) has recently rebounded above its 200-day moving average (DMA) line.

Industry Index	Symbol	Close	Change	% Change	YTD % Change
Oil Services	$OSX	79.45	+0.91	+1.16%	-1.43%
Integrated Oil	$XOI	1,259.26	-4.52	-0.36%	+8.64%
Semiconductor	$SOX	1,844.39	-14.20	-0.76%	+59.66%
Networking	$NWX	582.04	-1.51	-0.26%	+19.11%
Broker/Dealer	$XBD	290.21	-0.79	-0.27%	+22.28%
Retail	$RLX	2,446.83	-19.25	-0.78%	+25.39%
Gold & Silver	$XAU	107.17	+2.04	+1.94%	+51.67%
Bank	$BKX	113.09	-0.43	-0.38%	+31.82%
Biotech	$BTK	5,048.91	-58.54	-1.15%	+19.62%

Touched a New HIgh With Gains Backed by Light Volume
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam

Churchill Downs Inc (CHDN +$1.08 or +0.79% to $137.26) posted a 3rd consecutive gain today with below average volume and managed its best-ever close after touching a new 52-week high. Its 50-day moving average (DMA) line ($130.63) defines near-term support. The Jun and Sep '19 quarterly earnings versus the year ago periods were both below the +25% minimum guideline (C criteria) and raised fundamental concerns.

It has shown resilience following damaging volume-driven losses after it reported Sep '19 earnings +4% on +38% sales revenues versus the year ago period, its 2nd consecutive quarterly comparison below the +25% minimum earnings guideline (C criteria). Fundamental concerns have been noted, yet it still has an Earnings Per Share Rating of 87. Annual earnings (A criteria) growth has been strong since a downturn in FY '14.

The L criteria of the fact-based investment system guides investors toward buying leading stocks that are in leading industry groups. The Leisure - Gaming/Equipment industry group has a Group Relative Strength Rating of B+.

CHDN was highlighted in yellow in the 10/08/19 mid-day report (read here) and it was last shown in this FSU section on 12/09/19 with an annotated graph under the headline, "Met Resistance After Rebounding Near Prior High".

The number of top-rated funds owning its shares rose from 333 in Jun '17 to 457 in Sep '19, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.3 is an unbiased indication its shares have been under accumulation over the past 50 days. It has a small supply of 39.8 million shares (S criteria) outstanding following a 3:1 split effective 1/28/19, and this small supply can contribute to greater price volatility in the event of institutional buying or selling.

Charts courtesy of www.stockcharts.com

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
MLR - NYSE Miller Industries Inc AUTOMOTIVE - Auto Parts	$37.39	+0.20 0.54%	$37.52	43,549 92.66% of 50 DAV 50 DAV is 47,000	$38.18 -2.07%	9/24/2019	$34.00	PP = $35.36
								MB = $37.13
Most Recent Note - 12/27/2019 5:34:15 PM G - Still hovering near its 52-week high and just above its "max buy" level. Prior highs in the $35 area define initial support along with its 50 DMA line ($35.74). Resilient after reporting Sep '19 earnings which were below the fundamental guidelines of the fact-based investment system. See the latest FSU analysis for more details and a new annotated graph. >>> FEATURED STOCK ARTICLE : Towing/Recovery Equipment Firm Remains Perched Near Record High - 12/27/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note C A S I
CCBG - NASDAQ Capital City Bk Gp BANKING - Regional - Mid-Atlantic Banks	$30.57	+0.22 0.72%	$30.95	33,210 75.48% of 50 DAV 50 DAV is 44,000	$30.88 -1.00%	12/16/2019	$30.07	PP = $30.95
								MB = $32.50
Most Recent Note - 12/26/2019 11:53:30 AM Y - Perched within close striking distance of its 52-week high, recently meeting resistance. Subsequent gains and a strong close above the new pivot point cited based on its 11/06/19 high plus 10 cents may trigger a new (or add-on) technical buy signal. Found support at its 50 DMA line ($29.20) during its orderly consolidation. >>> FEATURED STOCK ARTICLE : Found Support at 50-Day Moving Average - 12/10/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note C A S I
FTNT - NASDAQ Fortinet Inc Computer Sftwr-Security	$106.95	-0.50 -0.47%	$107.89	594,859 43.33% of 50 DAV 50 DAV is 1,373,000	$110.28 -3.02%	12/9/2019	$103.85	PP = $106.10
								MB = $111.41
Most Recent Note - 12/30/2019 6:27:03 PM Y - Volume totals have been cooling while stubbornly holding its ground near its 52-week high. Confirming gains above the pivot point backed by at least +40% above average volume are needed to trigger a convincing technical buy signal. Its 50 DMA line ($98.09) and prior high in the $97 area define important near-term support to watch. >>> FEATURED STOCK ARTICLE : Endured Distributional Pressure While Perched at High - 12/23/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note C A S I
SPSC - NASDAQ S P S Commerce Inc COMPUTER SOFTWARE and SERVICES - Application Software	$55.34	-0.77 -1.37%	$56.25	216,623 108.31% of 50 DAV 50 DAV is 200,000	$59.14 -6.43%	11/29/2019	$56.59	PP = $59.24
								MB = $62.20
Most Recent Note - 12/26/2019 5:25:46 PM Y - Still perched -4.5% off its all-time high. Subsequent gains above its pivot point backed by at least +40% above average volume are needed to trigger a new technical buy signal. Fundamentals remain strong. >>> FEATURED STOCK ARTICLE : Perched Within Close Striking Distance of 52-Week High - 12/20/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note C A S I
AUDC - NASDAQ Audiocodes Ltd ELECTRONICS - Scientific and Technical Instrum	$25.08	-0.09 -0.36%	$25.38	165,454 61.74% of 50 DAV 50 DAV is 268,000	$26.00 -3.54%	9/13/2019	$19.68	PP = $19.84
								MB = $20.83
Most Recent Note - 12/30/2019 6:21:42 PM G - Perched at its all-time high, stubbornly holding its ground very extended from the previously noted base. Prior highs in the $22 area define support along with its 50 DMA line ($22.78). Fundamentals remain strong. >>> FEATURED STOCK ARTICLE : Reversed Into Red After Hitting Yet Another New High - 12/13/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note 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
CHDN - NASDAQ Churchill Downs Inc LEISURE - Gaming Activities	$137.26	+1.08 0.79%	$137.47	174,961 63.62% of 50 DAV 50 DAV is 275,000	$137.42 -0.12%	10/8/2019	$129.77	PP = $132.83
								MB = $139.47
Most Recent Note - 12/30/2019 6:23:21 PM G - Posted a 3rd consecutive gain today with light volume while hitting a new 52-week high. Its 50 DMA line ($130.63) defines near-term support above the prior low ($121.81 on 11/07/19) The Jun and Sep '19 quarterly earnings versus the year ago periods were both below the +25% minimum guideline (C criteria) and raised fundamental concerns. See the latest FSU analysis for more details and a new annotated graph. >>> FEATURED STOCK ARTICLE : Touched a New HIgh With Gains Backed by Light Volume - 12/30/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note C A S I
LULU - NASDAQ Lululemon Athletica MANUFACTURING - Textile Manufacturing	$230.83	+0.81 0.35%	$231.75	1,204,126 58.91% of 50 DAV 50 DAV is 2,044,000	$235.50 -1.98%	9/6/2019	$201.25	PP = $194.35
								MB = $204.07
Most Recent Note - 12/30/2019 6:28:24 PM G - Extended from any sound base, and its 50 DMA line ($217) defines near-term support above the prior high ($209). Recently reported earnings +28% on +23% sales revenues for the Oct '19 quarter. >>> FEATURED STOCK ARTICLE : Retreated From High After Another Strong Earnings Report - 12/17/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note C A S I
CPRT - NASDAQ Copart Inc SPECIALTY RETAIL - Auto Dealerships	$90.86	+0.04 0.04%	$91.29	1,204,487 64.62% of 50 DAV 50 DAV is 1,864,000	$92.41 -1.68%	9/5/2019	$79.13	PP = $79.84
								MB = $83.83
Most Recent Note - 12/26/2019 11:43:54 AM G - Consolidating in a tight range well above its 50 DMA line ($86.17) which defines near-term support. Fundamentals remain strong. >>> FEATURED STOCK ARTICLE : Extended From Prior Base and Hovering Near Record High - 12/12/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note C A S I
NMIH - NASDAQ N M I Holdings Inc Cl A Finance-MrtgandRel Svc	$32.99	-0.58 -1.73%	$33.79	471,791 93.42% of 50 DAV 50 DAV is 505,000	$35.79 -7.82%	11/8/2019	$32.89	PP = $31.44
								MB = $33.01
Most Recent Note - 12/26/2019 11:42:29 AM G - Consolidating above its "max buy" level. Its 50 DMA line ($32.09) and prior highs in the $30-31 area define important near-term support. Fundamentals remain strong. >>> FEATURED STOCK ARTICLE : Hit New High But Encountered Distributional Pressure - 12/19/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note C A S I
SPLK - NASDAQ Splunk Inc Computer Sftwr-Database	$148.95	-2.56 -1.69%	$151.30	1,008,127 49.35% of 50 DAV 50 DAV is 2,043,000	$153.66 -3.07%	11/25/2019	$147.79	PP = $142.16
								MB = $149.27
Most Recent Note - 12/30/2019 6:30:50 PM Y - Color code is changed to yellow while consolidating just below its "max buy" level with losses on light volume. Prior highs in the $142-143 area define initial support to watch on pullbacks. >>> FEATURED STOCK ARTICLE : Consolidating Above Prior Highs Following Impressive Rally - 12/16/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note 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
PAYC - NYSE Paycom Software Inc COMPUTER SOFTWARE and SERVICES - Application Software	$262.42	-6.47 -2.41%	$268.79	483,277 87.08% of 50 DAV 50 DAV is 555,000	$279.95 -6.26%	11/20/2019	$252.97	PP = $259.81
								MB = $272.80
Most Recent Note - 12/30/2019 6:29:35 PM Y - Still consolidating above its pivot point and below its "max buy" level. Fundamentals remain strong. >>> FEATURED STOCK ARTICLE : Consolidating Near Prior Highs Which Define Initial Support - 12/11/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note C A S I
BLD - NYSE Topbuild Corp Bldg-Constr Prds/Misc	$102.75	-0.09 -0.09%	$102.87	176,981 59.59% of 50 DAV 50 DAV is 297,000	$113.74 -9.66%	12/9/2019	$109.71	PP = $113.84
								MB = $119.53
Most Recent Note - 12/30/2019 6:32:22 PM G - A rebound above its 50 DMA line ($105.87) still is needed for its outlook to improve. >>> FEATURED STOCK ARTICLE : Recent Slump Below 50-Day Moving Average Did Technical Damage - 12/24/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note C A S I
GLOB - NYSE Globant SA Computer-Tech Services	$106.10	-1.84 -1.70%	$107.19	122,381 44.02% of 50 DAV 50 DAV is 278,000	$112.33 -5.55%	11/14/2019	$106.87	PP = $112.43
								MB = $118.05
Most Recent Note - 12/27/2019 5:39:03 PM G - Perched only -3.9% off its 52-week high. Subsequent gains above the pivot point backed by at least +40% above average volume are needed to trigger a technical buy signal. Its 50 DMA line ($100) defines important near-term support to watch on pullbacks. Fundamentals remain strong. See the latest FSU analysis for more details and an annotated graph. >>> FEATURED STOCK ARTICLE : Rebound Has Globant Perched Within Striking Distance of High - 12/26/2019 \| View all notes \| Set NEW NOTE alert \| Company Profile \| SEC News \| Chart \| Request a new note 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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