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AFTER MARKET UPDATE - MONDAY, AUGUST 7TH, 2023
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DOW |
+407.51 |
35,473.13 |
+1.16% |
|
Volume |
774,129,165 |
-13% |
|
Volume |
4,929,570,300 |
-9% |
NASDAQ |
+85.16 |
13,994.40 |
+0.61% |
|
Advancers |
1,837 |
64% |
|
Advancers |
2,092 |
48% |
S&P 500 |
+40.41 |
4,518.44 |
+0.90% |
|
Decliners |
1,049 |
36% |
|
Decliners |
2,288 |
52% |
Russell 2000 |
+1.47 |
1,958.94 |
+0.08% |
|
52 Wk Highs |
97 |
|
|
52 Wk Highs |
73 |
|
S&P 600 |
+7.25 |
1,266.76 |
+0.58% |
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52 Wk Lows |
33 |
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52 Wk Lows |
177 |
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Major Indices Rose With Dow Industrials Leading
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major indices posted gains on Monday. Volume totals reported were lighter than the prior session totals on the NYSE and on the Nasdaq exchange versus the prior session. Advancers led decliners by almost a 2-1 margin on the NYSE, meanwhile decliners narrowly led advancers on the Nasdaq exchange. There were 54 high-ranked companies from the Leaders List that hit a new 52-week high and were listed on the BreakOuts Page, matching the total of 54 on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE but for a 4th consecutive session new lows outnumbered new highs on the Nasdaq exchange. The major indices are in an uptrend that is under pressure (M criteria), Healthy leadership is crucial to any sustained rally. Appropriate new buying efforts may still be considered under the fact-based investment system. Greater caution may be necessary in the event of a more serious correction.
PICTURED: The Nasdaq Composite Index is consolidating above its 50-day moving averge (DMA) after retreating from its 2023 high with several volume-driven losses.
Six of the 11 S&P 500 sectors finished with a gain of at least 1.0% as Monday's buy-the-dip activity favored blue chip stocks and value plays. The end result produced a day of healthy gains for the Dow Jones Industrial Average, which saw only three of its 30 components end in negative territory, and the S&P 500 closing above 4,500 and settling near its highs for the session.
Apple (AAPL -1.73%) was among the laggards, meanwhile strength in Microsoft (MSFT +0.71%) and NVIDIA (NVDA +1.65%) helped offset Apple's drag. Amazon.com (AMZN +1.90%) also helped. Tesla (TSLA -0.95%) rebounded for a smaller loss after being down as much as -4.4%.
The June Consumer Credit Report showed a $17.9 billion increase in consumer credit driven entirely by an increase in nonrevolving credit. The 2-yr note yield settled the session down one basis point to 4.77% and the 10-yr note yield settled the day up two basis points to 4.08%.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail, Financial, and Semiconductor Indexes Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +1.43%) was a standout gainer on Monday. The Bank Index ($BKX +0.91%) and the Broker/Dealer Index ($XBD +0.95%) each posted smaller gains. The tech sector was led by the Semiconductor Index ($SOX +1.09%) while the Networking Index ($NWX -0.10%) and Biotech Index ($BTK -0.51%) each ended slightly lower. The Gold & Silver Index ($XAU -0.73%) and the Oil Services Index ($OSX -0.90%) both ended lower while the Integrated Oil Index ($XOI +0.27%) posted a small gain.
PICTURED: The Oil Services Index ($OSX -0.90%) recently challenged its 2023 high.
Oil Services |
$OSX |
92.33 |
-0.83 |
-0.90% |
+10.10% |
Integrated Oil |
$XOI |
1,835.61 |
+4.93 |
+0.27% |
+2.71% |
Semiconductor |
$SOX |
3,739.41 |
+40.21 |
+1.09% |
+47.68% |
Networking |
$NWX |
793.97 |
-0.76 |
-0.10% |
+1.36% |
Broker/Dealer |
$XBD |
510.79 |
+4.80 |
+0.95% |
+13.73% |
Retail |
$RLX |
3,680.12 |
+51.72 |
+1.43% |
+33.63% |
Gold & Silver |
$XAU |
118.75 |
-0.88 |
-0.73% |
-1.75% |
Bank |
$BKX |
88.71 |
+0.80 |
+0.91% |
-12.04% |
Biotech |
$BTK |
5,152.21 |
-26.58 |
-0.51% |
-2.44% |
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Consolidating Above 50 DMA After 2nd Subpar Earnings Report
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
NVR Inc (NVR +$66.77 or +1.06% to $6,387.74) posted a 2nd consecutive gain today with below-average volume. It is consolidating above its 50-day moving average (DMA) line ($6,106) which defines near-term support watch above its prior low ($6,009 on 7/06). It recently reported Jun '23 quarterly earnings -6% on -13% sales revenues, a 2nd subpar quarterly comparison, raising greater fundamental concerns. Annual earnings (A criteria) growth has been very strong. However, after the latest subpar quarter it has an 81 Earnings Per Share Rating, just above the 80+ minimum for buy candidates.
NVR was last shown in this FSU section in detail on 6/30/23 with an annotated graph under the headline, "New High Close for Strong Homebuilder". It was highlighted in yellow in the 4/25/23 mid-day report (read here) with pivot point cited based on its 12/30/21 high plus 10 cents.
The Building - Residential/Commercial industry group is currently ranked 7th on the 197 Industry Groups list (L criteria). The number of top-rated funds owning its shares rose from 1,548 in Dec '22 to 1,769 in Jun '23. Its current Up/Down Volume Ratio of 1.1 is an unbiased indication its shares have been under slight accumulation 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 |
STRL
-
NASDAQ
Sterling Infrastructure
Bldg-Heavy Construction
|
$61.81
|
+0.81
1.33% |
$62.36
|
313,067 91.27% of 50 DAV
50 DAV is 343,000
|
$63.21 -2.21%
|
12/14/2022
|
$32.41
|
PP = $33.72
|
MB = $35.41
|
Most Recent Note - 8/1/2023 1:02:46 PM
G - Posting a 6th consecutive gain today for a new all-time high. It is very extended from any sound base and its 50 DMA line ($54) defines near-term support to watch. Mar '23 quarterly earnings were below the +25% minimum guideline (C criteria) raising fundamental concerns.
>>> FEATURED STOCK ARTICLE : Streak of Gains Lifts Sterling Infrastructure to New Highs - 7/3/2023 |
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C
A
S
I |
FIX
-
NYSE
Comfort Systems USA
Bldg-A/C and Heating Prds
|
$181.15
|
+3.64
2.05% |
$182.12
|
166,453 74.98% of 50 DAV
50 DAV is 222,000
|
$179.95 0.67%
|
4/27/2023
|
$148.85
|
PP = $152.23
|
MB = $159.84
|
Most Recent Note - 8/7/2023 6:30:36 PM
G - Hit another new all-time high with light volume behind today's 4th consecutive gain. Its 50 DMA line ($163) defines important near-term support to watch on pullbacks. Reported Jun '23 quarterly earnings +65% on +27% versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Pulled Back From High With Lighter Volume - 7/19/2023 |
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C
A
S
I |
KOF
-
NYSE
Coca Cola Femsa Sab Ads
FOOD and BEVERAGE - Beverages - Soft Drinks
|
$82.17
|
+1.12
1.38% |
$82.48
|
50,387 31.59% of 50 DAV
50 DAV is 159,500
|
$91.23 -9.93%
|
6/9/2023
|
$88.61
|
PP = $91.33
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MB = $95.90
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Most Recent Note - 8/2/2023 6:01:06 PM
G - Reported Jun '23 quarterly earnings +23% on +26% sales revenues versus the year-ago period, below the +25% minimum guideline (C criteria). Its Relative Strength Rating has slumped to 79 while meeting resistance and lingering below its 50 DMA line. A rebound above the 50 DMA line ($84.76) is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Slumping Below 50-Day Moving Average and Below Prior Low - 7/6/2023 |
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C
A
S
I |
CLH
-
NYSE
Clean Harbors
Pollution Control
|
$168.89
|
+1.76
1.05% |
$170.26
|
503,597 127.49% of 50 DAV
50 DAV is 395,000
|
$174.10 -2.99%
|
3/10/2023
|
$136.89
|
PP = $136.74
|
MB = $143.58
|
Most Recent Note - 8/2/2023 5:59:00 PM
G - Hit a new all-time high today while trading higher volume but ending little changed. Reported earnings for the Jun '23 quarter -13% on +3% sales revenues versus the year ago period, below the +25% minimum earnings guideline (C criteria), raising fundamental concerns. , extended from any sound base. Its 50 DMA line ($159) defines important near-term support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Negative Reversal at High After +26% Rally in 4 Months - 7/18/2023 |
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C
A
S
I |
SPSC
-
NASDAQ
SPS Commerce
Comp Sftwr-Spec Enterprs
|
$169.44
|
+2.45
1.47% |
$169.71
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124,893 58.91% of 50 DAV
50 DAV is 212,000
|
$196.39 -13.72%
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4/24/2023
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$150.01
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PP = $157.56
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MB = $165.44
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Most Recent Note - 8/2/2023 6:06:42 PM
G - Suffered a damaging loss and slumped further below its 50 DMA line ($177) and its color code is changed to green. A rebound above the 50 DMA line is needed for its outlook to improve. Reported Jun '23 quarterly earnings +30% on +19% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Pulled Back Abruptly to 50-Day Moving Average Line - 7/24/2023 |
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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 |
HUBB
-
NYSE
Hubbell
Electrical-Power/Equipmt
|
$309.73
|
+5.50
1.81% |
$309.80
|
368,100 85.01% of 50 DAV
50 DAV is 433,000
|
$340.06 -8.92%
|
4/25/2023
|
$262.85
|
PP = $257.51
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MB = $270.39
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Most Recent Note - 8/4/2023 6:15:19 PM
G - Slumping further below its 50 DMA line ($315.72) with today's loss raising concerns. Fundamentals remain strong after Jun '23 earnings rose +45%. A rebound above the 50 DMA line is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Pulled Back Undercutting 50 Day Moving Average Line - 7/26/2023 |
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C
A
S
I |
NVR
-
NYSE
N V R Inc
MATERIALS and CONSTRUCTION - Residential Construction
|
$6,387.74
|
+66.77
1.06% |
$6,391.42
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18,577 80.77% of 50 DAV
50 DAV is 23,000
|
$6,474.53 -1.34%
|
4/25/2023
|
$5,882.18
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PP = $5,978.25
|
MB = $6,277.16
|
Most Recent Note - 8/7/2023 6:38:19 PM
G - Posted a 2nd consecutive gain today with below-average volume. Reported Jun '23 quarterly earnings -6% on -13% sales revenues raising greater fundamental concerns. Its 50 DMA line ($6,106) defines near-term support watch. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Consolidating Above 50 DMA After 2nd Subpar Earnings Report - 8/7/2023 |
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C
A
S
I |
PHM
-
NYSE
PulteGroup
Bldg-Resident/Comml
|
$85.63
|
+1.28
1.52% |
$85.76
|
1,752,135 63.69% of 50 DAV
50 DAV is 2,751,000
|
$86.01 -0.44%
|
4/25/2023
|
$65.17
|
PP = $64.01
|
MB = $67.21
|
Most Recent Note - 8/7/2023 6:40:13 PM
G - Posted a gain today with below-average volume for a best-ever close. It is very extended from any sound base. Recently reported earnings +18% for the Jun '23 quarter versus the year-ago period, below the +25% minimum guideline (C criteria) raising concerns. Its 50 DMA line ($76.78) defines important support to watch.
>>> FEATURED STOCK ARTICLE : Reversed After Reaching a New All-Time High - 7/27/2023 |
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C
A
S
I |
AMPH
-
NASDAQ
Amphastar Pharm
Medical-Biomed/Biotech
|
$63.08
|
+0.27
0.43% |
$63.28
|
313,956 73.53% of 50 DAV
50 DAV is 427,000
|
$63.72 -1.00%
|
5/15/2023
|
$43.56
|
PP = $44.15
|
MB = $46.36
|
Most Recent Note - 8/2/2023 6:02:40 PM
G - Still hovering near its all-time high with volume totals cooling. It has not formed a sound new base of sufficient length. Its 50 DMA line ($53.75) defines important support to watch. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : 6th Straight Gain for Amphastar - 7/20/2023 |
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C
A
S
I |
ANET
-
NYSE
Arista Networks
Computer-Networking
|
$179.27
|
-0.33
-0.18% |
$181.10
|
2,265,892 60.47% of 50 DAV
50 DAV is 3,747,000
|
$190.65 -5.97%
|
8/1/2023
|
$188.84
|
PP = $178.46
|
MB = $187.38
|
Most Recent Note - 8/2/2023 6:04:28 PM
Y - Gapped down today negating a portion of the considerable volume-driven gain on the prior session and slumping near the prior high and pivot point. Color code was changed to yellow with new pivot point cited based on its 5/30/23 high plus 10 cents. Bullish action came after it reported Jun '23 quarterly earnings +40% on +39% sales revenues versus the year-ago period. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Wedging Higher After Rebounding Above 50-Day Moving Average - 7/12/2023 |
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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 |
PANW
-
NASDAQ
Palo Alto Networks
Computer Sftwr-Security
|
$215.24
|
-3.08
-1.41% |
$219.45
|
8,777,677 132.67% of 50 DAV
50 DAV is 6,616,000
|
$258.88 -16.86%
|
6/5/2023
|
$228.35
|
PP = $213.73
|
MB = $224.42
|
Most Recent Note - 8/4/2023 6:12:42 PM
G - Gapped down today violating its 50 DMA line ($237.84) and undercutting the prior low ($131) triggering a technical sell signal. Fundamentals remain strong after it reported Jun '23 quarterly earnings +83% on +24% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Volume Cooling While Hovering Near High - 7/31/2023 |
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C
A
S
I |
LSCC
-
NASDAQ
Lattice Semiconductor
Elec-Semicondctor Fablss
|
$93.17
|
+0.49
0.53% |
$93.98
|
1,063,153 47.85% of 50 DAV
50 DAV is 2,222,000
|
$98.18 -5.10%
|
6/13/2023
|
$91.73
|
PP = $96.92
|
MB = $101.77
|
Most Recent Note - 8/7/2023 6:35:22 PM
Y - Still consolidating above its 50 DMA line ($88.82). More damaging losses would raise concerns and trigger a technical sell signal. Reported Jun '23 quarterly earnings +24% on +18% sales revenues versus the year-ago period, just below the +25% minimum earnings guideline (C criteria).
>>> FEATURED STOCK ARTICLE : Perched Near Pivot Point After Best-Ever Close - 7/17/2023 |
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C
A
S
I |
XPEL
-
NASDAQ
XPEL
Auto/Truck-Replace Parts
|
$81.45
|
-0.27
-0.33% |
$82.30
|
79,479 61.61% of 50 DAV
50 DAV is 129,000
|
$87.46 -6.87%
|
6/28/2023
|
$83.14
|
PP = $87.11
|
MB = $91.47
|
Most Recent Note - 8/7/2023 6:43:31 PM
Y - Consolidating above its 50 DMA line ($79.50) with volume totals cooling. Stalled after recently hitting a new 52-week high. Due to report Jun '23 quarterly results on 8/09/23. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Consolidating After Rebounding Above 50-Day Moving Average - 8/2/2023 |
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C
A
S
I |
FTNT
-
NASDAQ
Fortinet Inc
Computer Sftwr-Security
|
$57.70
|
+0.93
1.64% |
$58.18
|
14,355,570 239.94% of 50 DAV
50 DAV is 5,983,000
|
$81.24 -28.98%
|
7/10/2023
|
$78.29
|
PP = $74.45
|
MB = $78.17
|
Most Recent Note - 8/7/2023 6:32:46 PM
It will be dropped from the Featured Stocks list tonight. A gap down and damaging volume-driven loss on 8/04/23 triggered a technical sell signal. Reported Jun '23 quarterly earnings +58% on +26% sales revenues versus the year-ago period.
>>> FEATURED STOCK ARTICLE : Fortinet Powered to New All-Time High - 7/10/2023 |
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C
A
S
I |
PII
-
NYSE
Polaris
Leisure-Products
|
$128.82
|
-1.48
-1.14% |
$130.78
|
594,524 96.99% of 50 DAV
50 DAV is 613,000
|
$138.49 -6.98%
|
7/11/2023
|
$126.92
|
PP = $123.97
|
MB = $130.17
|
Most Recent Note - 8/7/2023 6:41:36 PM
G - Pulled back today for a 3rd consecutive loss with near average volume. Reported Jun '23 quarterly earnings +0% versus the year-ago period, below the +25% minimum earnings guideline (C criteria). Prior highs define initial support to watch coinciding with its 50 DMA line ($123).
>>> FEATURED STOCK ARTICLE : Volume-Driven Breakout for Polaris - 7/11/2023 |
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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 |
ALGM
-
NASDAQ
Allegro MicroSystems
Elec-Semicondctor Fablss
|
$42.04
|
-0.47
-1.11% |
$42.51
|
1,547,202 99.63% of 50 DAV
50 DAV is 1,553,000
|
$53.05 -20.75%
|
7/13/2023
|
$49.86
|
PP = $48.82
|
MB = $51.26
|
Most Recent Note - 8/1/2023 12:40:58 PM
G - Gapped down today undercutting the prior low with a big volume-driven loss raising concerns and its color code is changed to green. Reported Jun '23 quarterly earnings +63% versus the year-ago period. Volume and volatility often increase near earnings news. Disciplined investors always limit losses by selling any stock that falls more than -8% from their purchase price.
>>> FEATURED STOCK ARTICLE : Volume Heavy Behind Considerable Breakout Gain - 7/13/2023 |
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C
A
S
I |
ESQ
-
NASDAQ
Esquire Finl Hldgs
Finance-Commercial Loans
|
$51.67
|
+0.89
1.75% |
$52.01
|
22,593 77.91% of 50 DAV
50 DAV is 29,000
|
$54.03 -4.37%
|
7/14/2023
|
$45.80
|
PP = $48.23
|
MB = $50.64
|
Most Recent Note - 8/7/2023 6:28:29 PM
G - Color code is changed to green after rising above its "max buy" level with 4 consecutive gains. Prior highs in the $47 define initial support above its 50 DMA line.
>>> FEATURED STOCK ARTICLE : Esquire Perched Near Prior Highs - 7/14/2023 |
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C
A
S
I |
MEDP
-
NASDAQ
Medpace Holdings
Medical-Research Eqp/Svc
|
$260.39
|
+1.64
0.63% |
$264.15
|
224,065 57.75% of 50 DAV
50 DAV is 388,000
|
$264.19 -1.44%
|
7/25/2023
|
$196.32
|
PP = $241.57
|
MB = $253.65
|
Most Recent Note - 8/7/2023 6:36:54 PM
Y - Posted a small gain with below-average volume today for a 3rd consecutive session, wedging to a new all-time high. Prior highs in the $241 area define support to watch on pullbacks. Reported earnings increases above the +25% minimum earnings guideline (C criteria) in the past 5 quarterly comparisons through Jun '23.
>>> FEATURED STOCK ARTICLE : Medpace Posted a Solid Volume-Driven Gain for a New High - 7/25/2023 |
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C
A
S
I |
COKE
-
NASDAQ
Coca-Cola Consolidated
Beverages-Non-Alcoholic
|
$713.16
|
+18.11
2.61% |
$719.86
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34,761 82.76% of 50 DAV
50 DAV is 42,000
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$731.90 -2.56%
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8/3/2023
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$718.56
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PP = $694.30
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MB = $729.02
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Most Recent Note - 8/3/2023 6:04:46 PM
Y - Finished strong after highlighted in yellow with pivot point cited based on its 5/04/23 high plus 10 cents in the earlier mid-day report. Reported Jun '23 quarterly earnings +54% on +9% sales revenues versus the year-ago period, continuing its strong track record. Hitting a new 52-week high with today's big volume-driven gain triggering a technical buy signal, rebounding from below its 50 DMA line ($650). See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Powerful Breakout for COKE - 8/3/2023 |
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C
A
S
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ACLS
-
NASDAQ
Axcelis Technologies
Elec-Semiconductor Equip
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$180.84
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+5.10
2.90% |
$181.26
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514,193 92.31% of 50 DAV
50 DAV is 557,000
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$201.00 -10.03%
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8/4/2023
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$181.59
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PP = $201.10
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MB = $211.16
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Most Recent Note - 8/7/2023 6:45:59 PM
Y - Posted a gain today with lighter volume, finding support at its 50 DMA line ($175). Pivot point cited is based on its 8/01/23 high plus 10 cents after it formed an advanced "ascending base" pattern. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Reported Jun '23 quarterly earnings +41% on +24% sales revenues versus the year-ago period, and 3 of the past 4 quarterly comparisons were above the +25% minimum earnings guideline (C criteria). There was a downturn in FY '19 annual earnings (A criteria) history followed by strong growth.
>>> FEATURED STOCK ARTICLE : Formed Ascending Base and Now Testing 50-Day Moving Average - 8/4/2023 |
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C
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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!
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