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AFTER MARKET UPDATE - FRIDAY, SEPTEMBER 4TH, 2020
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DOW |
-159.42 |
28,133.31 |
-0.56% |
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Volume |
959,731,955 |
-3% |
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Volume |
4,266,028,900 |
-4% |
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NASDAQ |
-144.97 |
11,313.13 |
-1.27% |
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Advancers |
1,162 |
39% |
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Advancers |
1,249 |
38% |
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S&P 500 |
-28.10 |
3,426.96 |
-0.81% |
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Decliners |
1,779 |
60% |
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Decliners |
2,007 |
62% |
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Russell 2000 |
-9.38 |
1,535.30 |
-0.61% |
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52 Wk Highs |
31 |
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52 Wk Highs |
31 |
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S&P 600 |
-4.36 |
891.81 |
-0.49% |
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52 Wk Lows |
20 |
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52 Wk Lows |
87 |
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Tech Sector Pared Losses After Steep Selloff Before Labor Day
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow lost 159 points, climbing back from a 600 point decline earlier in the session. The S&P 500 slipped 0.8%, while the Nasdaq Composite lost 1.3%. For the week, the Dow fell 1.8%, while the S&P 500 dipped 2.3%. The Nasdaq Composite tumbled 3.3% during the five day stretch and snapped a five week winning streak. The reported volume totals were lighter than the prior session totals on the NYSE and on the Nasdaq exchange as traders exited for the long Labor Day Weekend. Breadth was negative as decliners led advancers by a 3-2 margin on the NYSE and 5-3 on the Nasdaq exchange. Leadership contracted abruptly as there were only 7 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 12 on the prior session and down from 102 on Wednesday. New 52-week highs totals contracted yet still outnumbered new 52-week lows on the NYSE, but for a second consecutive session the new lows outnumbered new highs on the Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria). Any sustainable rally requires a healthy crop of new leaders, so it will be very important to soon see substantial improvement in the new highs totals.
PICTURED: The S&P 500 Index suffered a 2nd consecutive volume-driven loss on Friday, undercutting its February high.
Stocks finished lower Friday, as a steep selloff in Technology stocks pared losses towards the end of the trading session. Eight of 11 S&P 500 sectors ended the day in negative territory with the Communication Services group leading declines. Financials outperformed on a relative basis with JP Morgan Chase & Co (JPM +2.16%) and Goldman Sachs (GS +1.63%) both advancing. In corporate news, the oft cited “FAANG” group pared mid-day losses of more than 5.0%, to end the day lower by 1.9%. In fact, Apple (AAPL +0.07%) was the lone member of the group to end in positive territory. Elsewhere, Broadcom (AVGO +3.08%) rose after reporting a second quarter profit and revenue beat, while also issuing strong forward guidance.
Investors also focused on economic data, with the Labor Department revealing that 1.37 million jobs were added to the U.S. economy in August, slightly above expectations of a 1.35 million increase, but easing from July’s downwardly revised 1.73 million uptick. The unemployment rate fell to 8.4%, versus estimates of 9.8% and the previous 10.2% figure. Meanwhile, average hourly earnings came in at a 4.7% annualized growth rate, just under consensus estimates of 4.8%. Treasuries weakened with the yield on the benchmark 10-year note rising nine basis points to 0.72%. In commodities, WTI crude slipped 4.5% to $39.52/barrel to finish the week lower. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Financial Indexes and Oil Services Index Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Bank Index ($BKX +2.18%) was a standout gainer on Friday and the Broker/Dealer Index ($XBD +0.25%) also edged. The Retail Index ($RLX -1.80%) lost ground and the tech sector had a negative bias as the Semiconductor Index ($SOX -0.96%), Networking Index ($NWX -0.96%), and the Biotech Index ($BTK -0.72%) suffered unanimous losses. The Gold & Silver Index ($XAU -0.89%) also fell. Energy-related shares were mixed as the Oil Services Index ($OSX +0.86%) posted a gain while the Integrated Oil Index ($XOI -0.53%) lost ground.
PICTURED: The Biotech Index ($BTK -0.72%) undercut and closed at its 200-day moving average (DMA) line.
| Oil Services |
$OSX |
35.56 |
+0.30 |
+0.86% |
-54.58% |
| Integrated Oil |
$XOI |
701.98 |
-3.76 |
-0.53% |
-44.75% |
| Semiconductor |
$SOX |
2,212.73 |
-21.51 |
-0.96% |
+19.63% |
| Networking |
$NWX |
553.76 |
-5.36 |
-0.96% |
-5.08% |
| Broker/Dealer |
$XBD |
295.53 |
+0.73 |
+0.25% |
+1.77% |
| Retail |
$RLX |
3,477.89 |
-63.86 |
-1.80% |
+42.00% |
| Gold & Silver |
$XAU |
149.58 |
-1.35 |
-0.89% |
+39.90% |
| Bank |
$BKX |
79.23 |
+1.69 |
+2.18% |
-30.11% |
| Biotech |
$BTK |
5,240.17 |
-38.18 |
-0.72% |
+3.41% |
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Fall Below "Max Buy" Level Also Undercut 50-Day Moving Average
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Trex Company Inc's (TREX -$4.37 or -3.09% to $136.94) abruptly retreated from its all-time high with today's 3rd consecutive loss backed by below average volume. Its color code is changed to yellow after retreating below its "max buy" level, however concerns were raised as it has violated important near-term support at its 50 DMA line ($137.93). Only a prompt rebound above the 50 DMA line might help its outlook improve.
Recently it reported Jun '20 quarterly earnings +27% on +7% sales revenues versus the year ago period, its 4th consecutive quarterly comparison above the +25% minimum earnings guideline (C criteria). It was last shown in this FSU section on 8/19/20 with an annotated graph under the headline, "Wedging Into New High Territory After Latest Earnings Report". It has earned the highest possible 99 Earnings Per Share Rating. Annual earnings (A criteria) growth has been strong. The company hails from the General Building Materials industry group which currently has a Group Relative Strength Rating of A-
The company has a new CEO as of 4/29/20. It has a small supply (S criteria) of only 57.9 million shares outstanding. The number of top-rated funds owning its shares rose from 540 in Jun '19 to 715 in Jun '20, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.8 is an unbiased indication its shares have been under accumulation over the past 50 days. It has a Timeliness rating of A and a 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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$204.64
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-3.27
-1.57% |
$210.12
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440,424
128.40% of 50 DAV
50 DAV is 343,000
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$221.97
-7.81%
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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 - 9/3/2020 6:15:05 PM
G - Volume was higher (near average) behind today's big loss while retreating from its all-time high. The 50 DMA line ($201) defines important near-term support to watch. 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 : Volume Totals Cooling While Hovering in Tight Range Near Record High - 8/25/2020 |
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C
A
S
I |
EBS
-
NYSE
Emergent Biosolutions
DRUGS - Biotechnology
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$104.78
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-2.19
-2.05% |
$107.45
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589,484
60.09% of 50 DAV
50 DAV is 981,000
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$137.61
-23.86%
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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 - 9/3/2020 6:25:24 PM
G - Undercut both its prior high $107.16 on 7/20/20) and its 50 DMA line ($107.37) with today's loss on light volume raising concerns. Fundamentals remain strong.
>>> 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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$82.01
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-0.53
-0.64% |
$84.39
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82,191,141
128.95% of 50 DAV
50 DAV is 63,741,000
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$94.28
-13.01%
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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 - 9/3/2020 6:09:20 PM
Y - Abruptly pulling back from its all-time high with a big volume-driven loss today negating the recent breakout after it rose from an advanced "3-weeks tight" base this week. The recent low ($76.10 on 8/11/20) defines near-term support above its 50 DMA line ($70.93). Fundamentals remain strong. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Perched at All-Time High After Another Bullish Breakout - 9/2/2020 |
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C
A
S
I |
TREX
-
NYSE
Trex Company Inc
MATERIALS and CONSTRUCTION - General Building Materials
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$136.94
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-4.37
-3.09% |
$143.06
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627,141
81.34% of 50 DAV
50 DAV is 771,000
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$156.63
-12.57%
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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 - 9/4/2020 6:07:36 PM
Y - Color code is changed to yellow after retreating below its "max buy" level with today's 3rd consecutive loss backed by below average volume. Violated its 50 DMA line ($137.93) raising concerns, and only a prompt rebound may help its outlook improve. Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Fall Below "Max Buy" Level Also Undercut 50-Day Moving Average - 9/4/2020 |
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C
A
S
I |
NFLX
-
NASDAQ
Netflix Inc
SPECIALTY RETAIL - Music and Video Stores
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$516.05
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-9.70
-1.84% |
$527.36
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8,256,244
105.04% of 50 DAV
50 DAV is 7,860,000
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$575.37
-10.31%
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9/1/2020
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$547.45
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PP = $575.47
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MB = $604.24
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Most Recent Note - 9/3/2020 6:28:34 PM
Y - Pulled back today on +15% above average volume after a best-ever close on Tuesday. A new pivot point was cited based on its 7/13/20 high plus 10 cents. Subsequent volume-driven gains above the pivot point may trigger a new (or add-on) technical buy signal. Found support near its 50 DMA line ($498) on consolidations during its ongoing ascent. Fundamentals remain strong. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Pulling Back After Best Ever Close on Tuesday - 9/3/2020 |
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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 |
LGIH
-
NASDAQ
L G I Homes Inc
Bldg-Resident/Comml
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$108.10
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-6.75
-5.88% |
$115.80
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473,361
144.76% of 50 DAV
50 DAV is 327,000
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$123.94
-12.78%
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7/7/2020
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$99.19
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PP = $95.82
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MB = $100.61
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Most Recent Note - 9/4/2020 6:17:31 PM
G - Pulled back abruptly from its 52-week high and undercut its 50 DMA line ($108.87) triggering a technical sell signal with today's 2nd consecutive volume-driven loss. Raised concerns while also briefly undercutting the prior low ($104.24 on 8/11/20). Reported Jun '20 quarterly earnings +21% on +4% sales revenues, breaking a streak of 4 comparisons above the +25% minimum guideline (C criteria).
>>> 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
|
$450.35
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-18.49
-3.94% |
$470.00
|
2,676,377
156.33% of 50 DAV
50 DAV is 1,712,000
|
$501.82
-10.26%
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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 - 9/3/2020 6:31:40 PM
Y - Pulled back on higher volume today retreating below its "max buy" level and its color code changed to yellow. The prior high ($454) defines initial support to watch above its 50 DMA line ($436). Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Quiet Gain to New High for Computer Software Firm - 8/28/2020 |
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C
A
S
I |
TTD
-
NASDAQ
The Trade Desk Inc Cl A
Comml Svcs-Advertising
|
$441.26
|
-23.39
-5.03% |
$467.62
|
2,338,804
182.15% of 50 DAV
50 DAV is 1,284,000
|
$515.20
-14.35%
|
6/3/2020
|
$340.61
|
PP = $327.35
|
|
MB = $343.72
|
Most Recent Note - 9/4/2020 6:10:28 PM
Violated its 50 DMA line ($455) with today's big loss on higher volume triggering a technical sell signal, abruptly retreating after wedging to a new all-time high this week. Recently reported Jun '20 quarterly earnings -3% on -13% sales revenues versus the year ago period, raising fundamental concerns. It will be dropped from the Featured Stocks list tonight.
>>> FEATURED STOCK ARTICLE : Volume Totals Cooling While Still Hovering Near Record High - 8/27/2020 |
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C
A
S
I |
DOCU
-
NASDAQ
Docusign Inc
Computer Sftwr-Enterprse
|
$216.26
|
-25.75
-10.64% |
$234.94
|
26,912,133
475.06% of 50 DAV
50 DAV is 5,665,000
|
$290.23
-25.49%
|
6/10/2020
|
$149.73
|
PP = $152.10
|
|
MB = $159.71
|
Most Recent Note - 9/4/2020 6:12:08 PM
G - Suffered a 3rd consecutive volume-driven loss today, abruptly retreating from its all-time high. Testing its 50 DMA line ($206) while the prior low ($189.12 on 8/12/20) defines the next important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Perched Near All-Time High After Finding Support Above 50 DMA - 8/31/2020 |
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C
A
S
I |
PING
-
NYSE
Ping Identity Holdings Corp
Computer Sftwr-Security
|
$31.12
|
-1.17
-3.62% |
$32.38
|
1,472,335
121.13% of 50 DAV
50 DAV is 1,215,500
|
$37.80
-17.67%
|
6/1/2020
|
$29.24
|
PP = $29.90
|
|
MB = $31.40
|
Most Recent Note - 9/3/2020 6:34:03 PM
G - Violated its 50 DMA line ($33.55) with today's big volume-driven loss raising concerns and triggering a technical sell signal. The prior low ($30.50 on 8/13/20) defines the next important support to watch. Sputtering in recent weeks after it reported Jun '20 quarterly earnings -27% on -6% sales revenues versus the year ago period, below the +25% minimum earnings guideline, raising fundamental concerns. Completed Secondary Offerings on 7/09/20 and 5/15/20.
>>> FEATURED STOCK ARTICLE : Found Support Near 50 DMA Line But Latest Earnings Were Sub Par - 8/26/2020 |
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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 |
DT
-
NYSE
Dynatrace Inc
Computer Sftwr-Enterprse
|
$39.99
|
-1.75
-4.19% |
$41.75
|
3,586,061
111.68% of 50 DAV
50 DAV is 3,211,000
|
$48.85
-18.14%
|
9/1/2020
|
$46.37
|
PP = $44.75
|
|
MB = $46.99
|
Most Recent Note - 9/4/2020 6:14:39 PM
G - Color code is changed to green after violating its 50 DMA line ($41.25) triggering a technical sell signal with today's 3rd consecutive loss. Completely negated the recent breakout. Only a prompt rebound above the 50 DMA line would help its outlook improve.
>>> FEATURED STOCK ARTICLE : Volume-Driven Gain for New High Triggered Technical Buy Signal - 9/1/2020 |
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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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