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AFTER MARKET UPDATE - THURSDAY, NOVEMBER 3RD, 2022
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DOW |
-146.51 |
32,001.25 |
-0.46% |
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Volume |
954,925,186 |
-10% |
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Volume |
5,041,522,200 |
-7% |
NASDAQ |
-181.86 |
10,342.94 |
-1.73% |
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Advancers |
1,229 |
40% |
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Advancers |
1,883 |
41% |
S&P 500 |
-39.80 |
3,719.89 |
-1.06% |
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Decliners |
1,833 |
60% |
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Decliners |
2,706 |
59% |
Russell 2000 |
-9.41 |
1,779.73 |
-0.53% |
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52 Wk Highs |
52 |
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52 Wk Highs |
73 |
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S&P 600 |
-6.43 |
1,153.58 |
-0.55% |
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52 Wk Lows |
264 |
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52 Wk Lows |
373 |
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Major Indices Sputter Again With Lighter Volume Totals
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow lost 146 points, while the Nasdaq Composite shed 1.7% amid weakness in shares of technology mega-caps. The S&P 500 slid 1.1%, with six sectors finishing in negative territory. The volume totals reported were lighter than the prior session on the NYSE and on the Nasdaq exchange, indicative of less distributional pressure. Breadth was negative as decliners led advancers by a 3-2 margin on the NYSE and on the Nasdaq exchange. There were 23 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 36 on the prior session. New 52-week lows totals again expanded and outnumbered shrinking new 52-week highs on the NYSE and on the Nasdaq exchange. The market is in a confirmed uptrend (M criteria) but encountering some new pressure. Healthy leadership (new 52-week highs totals) will be essential in the near-term for the rally to be productive. Only stocks meeting all key-criteria of the fact-based investment system should be considered as buy candidates.
Chart courtesy of www.stockcharts.comPICTURED: The S&P 500 Index pulled back with lighter volume for a 4th consecutive loss, slumping back below its 50-day moving average (DMA) line. Strength to get and stay back above the 50 DMA line would be a reassuring sign of a healthier market, while more deterioration could be a worrisome sign.
U.S. equities finished lower Thursday ahead of tomorrow’s jobs data as investors continued to digest the Federal Reserve’s (Fed) decision to raise rates by 75 basis points (0.75%). In his press conference following the announcement, Fed Chairman Jerome Powell reaffirmed the central bank’s commitment to continue hiking rates until they see clear evidence of cooling inflation. He also noted the terminal rate will likely be higher than originally forecasted, and the probability of a “soft landing” has narrowed.
On the data front, third-quarter nonfarm productivity grew less than expected, while unit labor costs climbed 3.5%, decelerating from the prior quarter’s 8.9% print. The Institute of Supply Management’s (ISM) Services Index for October fell to its lowest level since May 2020. Final October readings for the S&P Global U.S. Services Purchasing Managers’ Index (PMI) and Composite PMI were upwardly revised, but remain in contractionary territory.
Treasuries weakened, with the yield on the benchmark 10-year note climbing six basis points (0.06%) to 4.14%, while the 30-year bond yield advanced six basis points (0.06%) to 4.18%. The more Fed-sensitive two-year note yield increased 11 basis points (0.11%) to 4.71%. In commodities, West Texas Intermediate (WTI) crude fell 2.1% to $88.12/barrel amid heightened concerns over the global demand outlook. The U.S. Dollar Index jumped 1.4% against a basket of major currencies as investors flocked to the perceived safe-haven asset.
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Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail, Bank, Tech, and Gold & Silver Indexes Fell
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX -1.80%) and Bank Index ($BKX -1.42%) both lost ground and created a drag on the major averages while the Broker/Dealer Index ($XBD +0.32%) eked out a small gain. The tech sector had a negative bias as the Networking Index ($NWX -2.45%) led the way lower as the Semiconductor Index ($SOX -1.53%) and Biotech Index ($BTK -0.71%) each suffered smaller losses. Commodity-linked groups were mixed as the Oil Services Index ($OSX +3.18%) and Integrated Oil Index ($XOI +2.00%) both notched solid gains while the Gold & Silver Index ($XAU -2.28%) lost ground.
PICTURED: The Oil Services Index ($OSX +3.18%) has recently been hovering within striking distance of its June high.
Oil Services |
$OSX |
83.27 |
+2.57 |
+3.18% |
+57.95% |
Integrated Oil |
$XOI |
1,864.15 |
+36.57 |
+2.00% |
+58.22% |
Semiconductor |
$SOX |
2,292.85 |
-35.62 |
-1.53% |
-41.90% |
Networking |
$NWX |
795.70 |
-19.96 |
-2.45% |
-18.06% |
Broker/Dealer |
$XBD |
463.02 |
+1.49 |
+0.32% |
-4.90% |
Retail |
$RLX |
2,719.75 |
-49.73 |
-1.80% |
-35.65% |
Gold & Silver |
$XAU |
96.97 |
-2.26 |
-2.28% |
-26.78% |
Bank |
$BKX |
101.32 |
-1.46 |
-1.42% |
-23.37% |
Biotech |
$BTK |
4,892.38 |
-34.84 |
-0.71% |
-11.34% |
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Cigna Reported Earnings Perched at High
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Cigna Corp (CI +$3.38 or +1.05% to $324.24) posted a gain today with near average volume, hovering this week at its all-time high. Its prior high ($296.29 on 9/12/22) and 50-day moving average (DMA) line ($293.68) define near-term support to watch on pullbacks. After the close it reported Sep '22 quarterly earnings +5% on +2% sales revenues versus the year ago period. Volume and volatility often increase near earnings news.
CI now has an 89 Earnings Per Share Rating. Earnings for the Jun '22 quarter rose +19% on +5% sales revenues versus the year ago period, breaking a streak of 3 quarterly earnings increases above the +25% minimum guideline (C criteria), raising fundamental concerns. Annual earnings growth (A criteria) has been strong. The Medical - Managed Care group is currently ranked 15th on the 197 Industry Groups list and has a Group Relative Strength Rating of 92 (A+), a reassuring sign concerning the L criteria.
Cigna has rallied +17.2% since highlighted in yellow with new pivot point based on its 5/31/22 high plus 10 cents in the 7/07/22 mid-day report (read here). It stubbornly held its ground and made steady progress since last shown in this FSU section on 10/04/22 with an annotated graph under the headline, "No Resistance Remains Due to Overhead Supply".
The number of top-rated funds owning its shares rose from 2,628 in Dec '21 to 2,851 in Sep '22, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.1 is an unbiased indication its shares have been under 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 |
CI
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NYSE
Cigna Corp
Medical-Managed Care
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$324.24
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+3.38
1.05% |
$328.51
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2,234,306 114.93% of 50 DAV
50 DAV is 1,944,000
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$328.60 -1.33%
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7/7/2022
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$276.55
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PP = $273.68
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MB = $287.36
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Most Recent Note - 11/3/2022 5:08:22 PM
G - Reported Sep '22 quarterly earnings +5% after the close. Perched at its all-time high. Its 50 DMA line ($292.28) defines near-term support to watch. Volume and volatility often increase near earnings news. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Cigna Reported Earnings Perched at High - 11/3/2022 |
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C
A
S
I |
ESQ
-
NASDAQ
Esquire Financial Hldgs
Finance-Commercial Loans
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$45.75
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+0.85
1.89% |
$45.98
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21,579 79.92% of 50 DAV
50 DAV is 27,000
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$46.25 -1.08%
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10/18/2022
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$40.02
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PP = $39.95
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MB = $41.95
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Most Recent Note - 11/3/2022 5:13:04 PM
G - Hovering near its 52-week high, extended from the previously noted base. Prior highs in the $41 area define initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : New High With 6th Consecutive Volume-Driven Gain - 10/31/2022 |
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C
A
S
I |
CCRN
-
NASDAQ
Cross Country Healthcare
DIVERSIFIED SERVICES - Staffing and Outsourcing Service
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$36.78
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+1.71
4.88% |
$40.12
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1,556,775 179.15% of 50 DAV
50 DAV is 869,000
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$38.68 -4.91%
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9/9/2022
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$27.32
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PP = $30.61
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MB = $32.14
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Most Recent Note - 11/3/2022 12:08:29 PM
G - Hit a new all-time high with today's early volume-driven gain after reporting Sep '22 quarterly earnings +75% on +70% sales revenues versus the year ago period. It is extended from any sound base. Prior highs in the $30.50 area define important near-term support to watch along with its 50 DMA line ($30.69).
>>> FEATURED STOCK ARTICLE : Healthcare Staffing Firm Hovering Near All-Time High - 10/17/2022 |
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C
A
S
I |
CMC
-
NYSE
Commercial Metals Co
METALS and MINING - Steel and Iron
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$43.96
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+0.63
1.45% |
$44.32
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731,888 70.78% of 50 DAV
50 DAV is 1,034,000
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$46.68 -5.83%
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10/14/2022
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$41.61
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PP = $44.45
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MB = $46.67
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Most Recent Note - 11/2/2022 6:13:49 PM
Y - Suffered a big loss today with higher (near average) volume and slumped back below the pivot point raising concerns. Reported Aug '22 quarterly earnings +94% on +19% sales revenues versus the year ago period and prior quarterly comparisons were well above the +25% minimum earnings guideline (C criteria) of the fact-based investment system. Annual earnings growth has been strong.
>>> FEATURED STOCK ARTICLE : Little Resistance Remains for Strong Steel/Metal Products Firm - 10/14/2022 |
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C
A
S
I |
VRTX
-
NASDAQ
Vertex Pharmaceuticals
Medical-Biomed/Biotech
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$311.30
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+1.29
0.42% |
$313.64
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931,543 66.63% of 50 DAV
50 DAV is 1,398,000
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$318.38 -2.22%
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10/24/2022
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$308.47
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PP = $306.05
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MB = $321.35
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Most Recent Note - 11/3/2022 11:31:09 AM
Y - Holding its ground today, it touched a new all-time high on the prior session but ended with a small loss. Its 50 DMA line ($293) defines near-term support . Reported Sep '22 quarterly earnings +14% on +18% sales revenues versus the year ago period, below the +25% minimum earnings guideline raising concerns (C criteria). Annual earnings (A criteria) history has been strong.
>>> FEATURED STOCK ARTICLE : Volume-Driven Gain Triggered Technical Buy Signal - 10/24/2022 |
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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 |
CLFD
-
NASDAQ
Clearfield Inc
TELECOMMUNICATIONS - Cables / Satalite Equipment
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$110.69
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-5.17
-4.46% |
$115.45
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221,864 93.61% of 50 DAV
50 DAV is 237,000
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$130.01 -14.86%
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10/25/2022
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$117.96
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PP = $130.11
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MB = $136.62
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Most Recent Note - 11/3/2022 5:09:51 PM
Y - Pulled back today for a 4th consecutive loss with near average volume. New pivot point was cited based on its 8/25/22 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Due to report Sep '22 quarterly results on 11/04/22. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Clearfield Perched -8.6% Off High After Recent Rebound - 10/27/2022 |
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C
A
S
I |
GPK
-
NYSE
Graphic Packaging Hldg
CONSUMER NON-DURABLES - Packaging and Containers
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$22.41
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+0.08
0.36% |
$22.76
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2,018,144 72.13% of 50 DAV
50 DAV is 2,798,000
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$24.07 -6.90%
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10/25/2022
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$22.75
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PP = $24.17
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MB = $25.38
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Most Recent Note - 11/3/2022 5:13:54 PM
Y - Halted its slide today with a small gain on lighter volume after 5 consecutive losses. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Reported Sep '22 quarterly earnings +79% on +38% sales revenues versus the year ago period.
>>> FEATURED STOCK ARTICLE : Rebound Above 50-Day Moving Average Helped Outlook Improve - 10/25/2022 |
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C
A
S
I |
CBZ
-
NYSE
C B I Z Inc
Comml Svcs-Consulting
|
$46.77
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-0.49
-1.04% |
$47.50
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237,013 92.22% of 50 DAV
50 DAV is 257,000
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$50.57 -7.51%
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10/26/2022
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$47.83
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PP = $48.57
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MB = $51.00
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Most Recent Note - 11/1/2022 6:11:52 PM
Y - Pulled back today with above average volume for a 2nd session. Prior high in the $48 area defines initial support to watch above its 50 DMA line ($45). Recently reported Sep '22 quarterly earnings +24% on +28% sales revenues versus the year ago period. Volume and volatility often increase near earnings news.
>>> FEATURED STOCK ARTICLE : Earnings Report Due for Commercial Services and Consulting Firm - 10/26/2022 |
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C
A
S
I |
ENPH
-
NASDAQ
Enphase Energy Inc
Energy-Solar
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$296.11
|
+6.61
2.28% |
$302.35
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2,510,152 64.10% of 50 DAV
50 DAV is 3,916,000
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$324.84 -8.84%
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10/26/2022
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$301.55
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PP = $324.94
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MB = $341.19
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Most Recent Note - 11/2/2022 6:15:36 PM
Y - Consolidating since highlighted in yellow in the 10/26/22 mid-day report with new pivot point cited based on its 9/08/22 high plus 10 cents. Rebound above its 50 DMA line ($282.84) helped its outlook improve. Still faces some resistance due to overhead supply up to the $324 level. Reported Sep '22 quarterly earnings +108% on +81% sales revenues versus the year ago period, continuing its strong earnings history above the +25% minimum guideline (C criteria).
>>> FEATURED STOCK ARTICLE : Enphase Energy Rebound Above 50-Day Moving Average Helped Outlook - 10/28/2022 |
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C
A
S
I |
HRMY
-
NASDAQ
Harmony Biosciences Hldg
Medical-Biomed/Biotech
|
$59.94
|
+1.45
2.48% |
$60.62
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875,826 185.95% of 50 DAV
50 DAV is 471,000
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$59.84 0.18%
|
11/1/2022
|
$55.31
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PP = $57.23
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MB = $60.09
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Most Recent Note - 11/3/2022 5:12:18 PM
Y - Posted a gain today with +81% above average volume for another new high while challenging its "max buy" level. Prior highs in the $57 area define initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Volume Heavy Behind Technical Breakout After Earnings - 11/1/2022 |
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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 |
CLH
-
NYSE
Clean Harbors Inc
Pollution Control
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$111.73
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-7.49
-6.28% |
$117.49
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882,548 212.15% of 50 DAV
50 DAV is 416,000
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$124.49 -10.25%
|
11/2/2022
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$121.59
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PP = $124.59
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MB = $130.82
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Most Recent Note - 11/3/2022 11:24:32 AM
G - Violated its 50 DMA line ($116.93) with today's 4th consecutive loss raising concerns and its color code is changed to green. A rebound above the 50 DMA line is needed for its outlook to improve. Showed resilience since dropped from the Featured Stocks list on 9/26/22. Fundamentals remain strong after reporting Sep '22 quarterly earnings +113% on +43% sales revenues versus the year ago period. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Testing 50 Day Moving Average Line After Forming New Base - 11/2/2022 |
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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,
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