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AFTER MARKET UPDATE - MONDAY, AUGUST 24TH, 2020
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DOW |
+378.13 |
28,308.46 |
+1.35% |
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Volume |
773,317,809 |
-8% |
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Volume |
3,861,696,600 |
-1% |
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NASDAQ |
+66.20 |
11,378.00 |
+0.59% |
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Advancers |
2,148 |
72% |
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Advancers |
1,840 |
55% |
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S&P 500 |
+34.12 |
3,431.28 |
+1.00% |
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Decliners |
815 |
27% |
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Decliners |
1,476 |
44% |
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Russell 2000 |
+15.99 |
1,568.47 |
+1.03% |
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52 Wk Highs |
97 |
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52 Wk Highs |
143 |
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S&P 600 |
+14.99 |
909.73 |
+1.68% |
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52 Wk Lows |
10 |
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52 Wk Lows |
45 |
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Breadth Improved But Volume Was Lighter as Major Indices Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The S&P 500 reached a fresh record level, rising 1% to close above 3,400 for the first time. The Nasdaq Composite was up 0.6%, also hitting a new all-time high. The Dow climbed 378 points, trimming its year-to-date loss to 0.8%. The reported volume totals were lighter than the prior session totals on the NYSE and on the Nasdaq exchange. Breadth was positive as advancers led decliners by almost an 11-4 margin on the NYSE but by a narrower 9-7 margin on the Nasdaq exchange. Leadership improved as there were 61 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 33 on the prior session. New 52-week highs totals rose and easily outnumbered new 52-week lows totals on both the NYSE and Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria). Any sustainable rally requires a healthy crop of new leaders, so it remains ever-important to see substantial new highs totals.
Charts used courtesy of www.stockcharts.com
PICTURED: The Dow Jones Industrial Average posted a solid gain on Monday to finish -4.3% off its record high. The Blue Chip index is down -0.8% year-to-date.
Stocks Stocks finished firmly higher on Monday as risk sentiment was bolstered by positive COVID-19 treatment and vaccine developments. The U.S. Food and Drug Administration (FDA) authorized a blood plasma treatment for emergency use in the most serious coronavirus patients. Separately, the Trump Administration was reportedly considering expediting an experimental coronavirus vaccine being developed by AstraZeneca (AZN +1.88%) and Oxford University.
Ten of 11 S&P 500 sectors closed in positive territory with Health Care the sole laggard. The more cyclical and value-oriented groups outperformed, with Energy and Financials each climbing more than 2%. Travel-related stocks were also among the standouts, with airline and cruise line operators rallying on improving COVID-19 case counts. In corporate news, Delta Air Lines (DAL +9.28%) rose after adding roughly 50 international flights to its winter schedule. Meanwhile, Apple (AAPL+1.2%) rose ahead of its 4-for-1 stock split this week.
On the data front, the lone update showed the Chicago Fed national activity index declined to 1.18 in July from an upwardly revised record level of 5.33 the prior month. Treasuries declined, with the yield on the 10-year note up two basis points to 0.65%. In commodities, WTI crude added 0.2% to $42.43/barrel, while COMEX gold slipped 0.6% to $1,923.00/ounce.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Financial, Retail, Energy, and Tech Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX +3.64%) and Broker/Dealer Index ($XBD +1.94%) both posted solid gains which helped underpin the major averages' rally on Monday. The Retail Index ($RLX +1.07%) also notched a good gain. The Semiconductor Index ($SOX +0.96%) and Networking Index ($NWX +0.52%) both rose, meanwhile the Biotech Index ($BTK -1.09%) lost ground. Commodity-linked groups were mixed as the Oil Services Index ($OSX +4.80%) and Integrated Oil Index ($XOI +2.83%) both posted standout gains, but the Gold & Silver Index ($XAU -0.77%) edged lower.
PICTURED: The Biotech Index ($BTK -1.09%) is slumping well below its 50-day moving average (DMA) line toward its 200 DMA line.
| Oil Services |
$OSX |
37.33 |
+1.71 |
+4.80% |
-52.32% |
| Integrated Oil |
$XOI |
745.52 |
+20.50 |
+2.83% |
-41.32% |
| Semiconductor |
$SOX |
2,219.37 |
+21.04 |
+0.96% |
+19.99% |
| Networking |
$NWX |
598.07 |
+3.09 |
+0.52% |
+2.51% |
| Broker/Dealer |
$XBD |
294.94 |
+5.63 |
+1.94% |
+1.57% |
| Retail |
$RLX |
3,531.12 |
+37.39 |
+1.07% |
+44.17% |
| Gold & Silver |
$XAU |
146.38 |
-1.13 |
-0.77% |
+36.91% |
| Bank |
$BKX |
76.91 |
+2.70 |
+3.64% |
-32.12% |
| Biotech |
$BTK |
5,334.34 |
-58.70 |
-1.09% |
+5.27% |
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Volume-Driven Loss Tests Support at 50-Day Moving Average
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Chegg Inc (CHGG -$4.33 or -5.57% to $73.46) suffered a big loss on +42% above average volume today testing support at its 50-day moving average (DMA) line ($73.48). It churned heavier volume in recent weeks while pulling back, enduring distributional pressure after getting very extended from any sound base. The 50 DMA line defines important support to watch above its prior high in the $68 area. Any further losses leading to damaging violations would raise greater concerns and trigger technical sell signals.
Reported Jun '20 quarterly earnings +61% on +63% sales revenues versus the year ago period, maintaining its long streak of earnings increases well above the +25% minimum earnings guideline (C criteria). Annual earnings (A criteria) have been growing at a strong pace since turning profitable in FY '16 following years of losses.
It completed its $13 IPO in November of 2013 and another new Public Offering in August of 2017. It has 124.3 million shares outstanding. The number of high-ranked funds owning its shares rose from 360 in Sep '18 to 626 in Jun '20, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.5 is an unbiased indication its shares have been under accumulation over the past 50 days. It has earned a Timeliness Rating of A and Sponsorship Rating of C. |
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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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$215.41
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-0.96
-0.44% |
$218.98
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217,311
59.87% of 50 DAV
50 DAV is 363,000
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$221.97
-2.96%
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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 - 8/21/2020 5:36:04 PM
G - Volume totals have been cooling while still hovering near its all-time high. The 50 DMA line ($194.20) defines initial support to watch above the prior high ($189.85 on 6/03/20). Recently reported Jun '20 quarterly earnings -3% on +4% sales revenues, below the +25% minimum guideline (C criteria), but better than expected while the company also raised its guidance.
>>> FEATURED STOCK ARTICLE : Hit New Highs Again; EPS Rating Dropped Yet Remains High at 92 - 8/7/2020 |
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C
A
S
I |
EBS
-
NYSE
Emergent Biosolutions
DRUGS - Biotechnology
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$125.55
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-2.49
-1.94% |
$131.82
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450,137
45.65% of 50 DAV
50 DAV is 986,000
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$137.61
-8.76%
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7/7/2020
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$89.47
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PP = $93.68
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MB = $98.36
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Most Recent Note - 8/21/2020 5:32:31 PM
G - Volume totals have been cooling while it remains perched near its all-time high, very extended from any sound base. Bullish action came after it reported Jun '20 quarterly earnings +890% on +62% sales revenue for the Jun '20 quarter versus the year ago period. Its 50 DMA line ($99.18) defines support to watch above prior highs in the $93 area. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : High Ranked Biomed Leader is Extended From Prior Base - 8/21/2020 |
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C
A
S
I |
AMD
-
NASDAQ
Advanced Micro Devices
ELECTRONICS - Semiconductor - Broad Line
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$83.08
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-0.73
-0.87% |
$85.33
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37,538,532
59.61% of 50 DAV
50 DAV is 62,973,000
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$87.29
-4.82%
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7/22/2020
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$61.73
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PP = $59.10
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MB = $62.06
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Most Recent Note - 8/24/2020 4:55:11 PM
G - Volume totals have been cooling while stubbornly holding its ground perched near its all-time high, very extended from the previously noted base. The recent low ($76.10 on 8/11/20) defines near-term support above its 50 DMA line ($65.64). Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : AMD Rose +46% Since First Featured on June 9th - 8/14/2020 |
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C
A
S
I |
TREX
-
NYSE
Trex Company Inc
MATERIALS and CONSTRUCTION - General Building Materials
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$150.91
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+1.23
0.82% |
$153.16
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372,676
45.12% of 50 DAV
50 DAV is 826,000
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$150.26
0.43%
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6/26/2020
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$109.05
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PP = $132.94
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MB = $139.59
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Most Recent Note - 8/24/2020 4:56:08 PM
G - Wedged further into new all-time high territory with today's gain backed by light volume. It is extended from any sound base. Reported Jun '20 quarterly earnings +27% on +7% sales revenues versus the year ago period. Important near-term support is at its 50 DMA line ($133).
>>> FEATURED STOCK ARTICLE : Wedging Into New High Territory After Latest Earnings Report - 8/19/2020 |
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C
A
S
I |
NFLX
-
NASDAQ
Netflix Inc
SPECIALTY RETAIL - Music and Video Stores
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$488.81
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-3.50
-0.71% |
$501.00
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4,480,570
60.65% of 50 DAV
50 DAV is 7,388,000
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$575.37
-15.04%
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5/14/2020
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$441.95
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PP = $449.62
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MB = $472.10
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Most Recent Note - 8/20/2020 5:30:30 PM
G - Posted a solid gain today with light volume. Found prompt support last week after briefly undercutting its 50 DMA line ($482). Volume behind recent gains has been very light. Fundamentals remain strong. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : 50-Day Moving Average Acted As Support Level - 8/18/2020 |
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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 |
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Max Buy |
CHGG
-
NYSE
Chegg Inc
Consumer Svcs-Education
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$73.46
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-4.33
-5.57% |
$78.67
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5,299,032
142.22% of 50 DAV
50 DAV is 3,726,000
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$89.82
-18.21%
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6/17/2020
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$63.71
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PP = $68.08
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MB = $71.48
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Most Recent Note - 8/24/2020 4:53:01 PM
G - Suffered a big loss today with volume +42% above average, testing support near its 50 DMA line ($73.48). Its 50 DMA line defines important support to watch above its prior high in the $68 area. Any damaging losses leading to violations would raise concerns and trigger technical sell signals. Reported Jun '20 quarterly earnings +61% on +63% sales revenues versus the year ago period. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Volume-Driven Loss Tests Support at 50-Day Moving Average - 8/24/2020 |
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C
A
S
I |
LGIH
-
NASDAQ
L G I Homes Inc
Bldg-Resident/Comml
|
$119.00
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+1.95
1.67% |
$119.16
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255,464
78.60% of 50 DAV
50 DAV is 325,000
|
$123.94
-3.99%
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7/7/2020
|
$99.19
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PP = $95.82
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MB = $100.61
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Most Recent Note - 8/20/2020 5:28:17 PM
G - Recently rebounding toward its 52-week high, showing resilience after its latest earnings report. It is extended from the previously noted base. Its 50 DMA line ($102.88) defines near-term support to watch above prior highs in the $95 area. Reported Jun '20 quarterly earnings +21% on +4% sales revenues, breaking a streak of 4 comparisons above the +25% minimum guideline (C criteria). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Leadership in Building - Residential/Commercial Group Improving - 8/20/2020 |
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C
A
S
I |
NOW
-
NYSE
Servicenow Inc
Computer Sftwr-Enterprse
|
$448.10
|
-1.32
-0.29% |
$458.64
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2,139,548
124.75% of 50 DAV
50 DAV is 1,715,000
|
$454.73
-1.46%
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8/20/2020
|
$453.34
|
PP = $454.79
|
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MB = $477.53
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Most Recent Note - 8/20/2020 5:35:07 PM
Y - Hit a new high and managed a best-ever close with today's gain backed by +41% above average volume. Color code is changed to yellow with new pivot point cited based on its 7/20/20 high plus 10 cents. Confirming gains above the pivot point backed by at least +40% above average volume may trigger a proper new (or add-on) technical buy signal. Its 50 DMA line ($420) defines important near-term support to watch. Subsequent losses leading to a violation may trigger a technical sell signal. Reported Jun '20 quarterly earnings +73% on +28% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Consolidating Above 50-Day Average After Another Strong Quarter - 8/13/2020 |
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C
A
S
I |
TTD
-
NASDAQ
The Trade Desk Inc Cl A
Comml Svcs-Advertising
|
$466.66
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+4.88
1.06% |
$474.75
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836,541
59.29% of 50 DAV
50 DAV is 1,411,000
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$510.00
-8.50%
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6/3/2020
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$340.61
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PP = $327.35
|
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MB = $343.72
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Most Recent Note - 8/21/2020 5:38:43 PM
G - Volume totals have been very quiet while still holding its ground perched near its all-time high. Recently reported Jun '20 quarterly earnings -3% on -13% sales revenues versus the year ago period, raising fundamental concerns. It is extended from any sound base of sufficient length. Its 50 DMA line ($437) defines near-term support above the prior low ($404 on 7/24/20) where violations may trigger technical sell signals.
>>> FEATURED STOCK ARTICLE : Hovering Near High After Latest Quarterly Report Raised Concerns - 8/12/2020 |
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C
A
S
I |
DOCU
-
NASDAQ
Docusign Inc
Computer Sftwr-Enterprse
|
$204.49
|
-5.69
-2.71% |
$213.44
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3,014,007
60.75% of 50 DAV
50 DAV is 4,961,000
|
$229.83
-11.03%
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6/10/2020
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$149.73
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PP = $152.10
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MB = $159.71
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Most Recent Note - 8/24/2020 4:53:59 PM
G - Volume totals have been cooling while consolidating above its 50 DMA line ($194) and prior low ($189.12 on 8/12/20) which define important near-term support to watch. It is extended from any sound base.
>>> FEATURED STOCK ARTICLE : Consolidating Above 50-Day Moving Average Line and Recent Low - 8/17/2020 |
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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 |
PING
-
NYSE
Ping Identity Holdings Corp
Computer Sftwr-Security
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$33.54
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+0.41
1.24% |
$34.39
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934,553
70.91% of 50 DAV
50 DAV is 1,317,900
|
$37.80
-11.27%
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6/1/2020
|
$29.24
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PP = $29.90
|
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MB = $31.40
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Most Recent Note - 8/21/2020 5:29:46 PM
G - Pulled back today with lighter volume. Rebound above its 50 DMA line ($33.03) on the prior session helped its technical stance improve. Recently reported Jun '20 quarterly earnings -27% on -6% sales revenues versus the year ago period, below the +25% minimum earnings guideline, raising fundamental concerns. The next important near-term support below the 50 DMA line is the prior highs in the $29 area. It has not formed a sound base of sufficient length. Completed Secondary Offerings on 7/09/20 and 5/15/20.
>>> FEATURED STOCK ARTICLE : Perched Near High With Earnings News Due Wednesday Evening - 8/10/2020 |
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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.
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