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AFTER MARKET UPDATE - FRIDAY, JUNE 10TH, 2011
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Indices NYSE Nasdaq
DOW  -172.45 11,951.91 -1.42% Volume 1,019,319,440 +12% Volume 1,928,083,330 +16%
NASDAQ -41.14 2,643.73 -1.53% Advancers 558 18% Advancers 600 22%
S&P 500 -18.02 1,270.98 -1.40% Decliners 2,475 79% Decliners 2,000 74%
Russell 2000 -13.10 779.54 -1.65% 52 Wk Highs 20   52 Wk Highs 24  
S&P 600 -6.69 418.19 -1.57% 52 Wk Lows 97   52 Wk Lows 163  

Dow Industrials and S&P 500 Finish 6th Consecutive Week Lower

There have now been 6 straight weekly losses for the Dow Jones Industrial Average and the S&P 500 Index.  The Dow fared best with only a -1.6% weekly loss, leaving the blue chip index still up by +3.2% for the year-to-date.  The S&P 500 Index was down -2.2% for the week, meanwhile the Nasdaq Composite Index was down -3.3% for the week with its 4th weekly loss in a row. On Friday's session declining issues swamped advancers by 4-1 on the NYSE and by 3-1 on the Nasdaq exchange. Higher volume totals on the NYSE and on the Nasdaq exchange made it clear that institutional investors were more aggressively selling stocks, adding to the recent patch of damaging distributional losses. New 52-week lows continued to outnumber new 52-week highs on the Nasdaq and on the NYSE. There were 7 high-ranked companies from the CANSLIM.net Leaders List made new 52-week highs and appeared on the CANSLIM.net BreakOuts Page, down from 8 on the prior session.  The was only 1 gainer out of the 19 of the high-ranked leaders currently included on the Featured Stocks Page.

 

Stocks wiped out all of Thursday's gains, and then some, and the Dow closed below 12,000 for the first time since March. Fears of a global slowdown gripped the markets and the sell-off came as surging imports in China raised the prospect of higher Chinese interest rates. Meanwhile, European countries quarreled over the terms of a second Greek rescue.

Bank stocks dropped as the Fed expanded the scope of annual reviews. The Travelers Companies Inc (TRV -3.06%) declined after the company said it will scale back stock repurchases because of the cost of weather catastrophes in April and May.

Oil dropped over $2 per barrel and settled below $100 in New York on the prospect of higher interest rates and as Saudi Arabia promised to proceed with increased production. Energy shares declined as the prospect of higher rates lowered expectations for demand.

Slumping toward its 200-day moving average (DMA) line, Caterpillar Inc (CAT -2.5%) subtracted 18 points from the Dow. Toyota Motor (TM -1.53%) fell as the automaker forecast a surprise drop in profit after the tsunami disrupted production.

Recent weak action was noted as the market (M criteria) correction caused more worrisome technical damage, reminding investors to raise cash and reduce exposure until a new confirmed rally with follow-through day (FTD) occurs. The June 2011 issue of CANSLIM.net News will be released soon! When it is available all upgraded members will receive email notifications and be able to access it via links on the website including via the dynamic archive links on the Premium Membership Homepage.

PICTURED: The Nasdaq Composite Index fell toward its 200-day moving average (DMA) line on higher volume, slumping near its lowest level of the year.


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.


Weakness in Financial, Energy, Tech, and Defensive Groups

Energy-related shares faced pressure and the Oil Services Index ($OSX -2.71%) and Integrated Oil Index ($XOI -1.84%) lost ground on Friday. Defensive groups gave safe haven investors no reward as the Gold & Silver Index ($XAU -1.75%) and Healthcare Index ($HMO -2.22%) lost ground.  The Networking Index ($NWX -2.09%), Biotechnology Index ($BTK -2.04%), Internet Index ($IIX -1.68%), and Semiconductor Index ($SOX -1.66%) tallied unanimous losses for the tech sector.  The influential Retail Index ($RLX -1.74%) and financial groups showed no backbone whatsoever as the the Broker/Dealer Index ($XBD -1.27%) and Bank Index ($BKX -0.40%) continued to wither well below their 200-day moving average lines.

Charts courtesy www.stockcharts.com

PICTURED 1: The Bank Index ($BKX -0.40%) slumped to new 2011 lows.

Charts courtesy www.stockcharts.com

PICTURED 2: The Broker/Dealer Index ($XBD -1.27%) slumped to new 2011 lows.  Regular readers have seen repeated emphasis put on the financial groups as "leading indicators" and may note that the deterioration in financial stocks was evident well before the major averages entered their latest correction.


Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  256.78 -7.14 -2.71% +4.76%
Healthcare $HMO  2,316.43 -52.66 -2.22% +36.91%
Integrated Oil $XOI  1,262.58 -23.64 -1.84% +4.07%
Semiconductor $SOX  402.80 -6.82 -1.66% -2.19%
Networking $NWX  287.18 -6.12 -2.09% +2.36%
Internet $IIX  298.00 -5.08 -1.68% -3.16%
Broker/Dealer $XBD  106.75 -1.37 -1.27% -12.15%
Retail $RLX  496.76 -8.80 -1.74% -2.29%
Gold & Silver $XAU  193.73 -3.46 -1.75% -14.50%
Bank $BKX  46.73 -0.19 -0.40% -10.50%
Biotech $BTK  1,413.22 -29.47 -2.04% +8.91%


Near 50 Day Average While Enduring Distributional Pressure

Opnet Technologies Inc (OPNT -$0.34 or -0.89% to $38.01) has recently been consolidating near its 50-day moving average (DMA) line. Subsequent deterioration under recent lows in the $35-36 area would raise greater concerns and trigger more worrisome technical sell signals. A rally above recent highs near $40 where it met resistance would greatly improve its technical stance. The stock's last appearance in this FSU section on 5/11/11 included an annotated graph under the headline, "Undercut Pivot Point With Loss on Above Average Volume, " as it pulled back right after it was featured in yellow in the mid-day report (read here). It was then noted - "Its close below its pivot point raised concerns while the broader market (M criteria) suffered a damaging distribution day.  Subsequent weakness leading to closes below its prior high closes would raise greater concerns by completely negating its breakout and closing back in the prior base. A violation of its 50-day moving average would trigger a more worrisome sell signal."

Recent quarters showed decent sales revenues growth and earnings above the +25% minimum guideline. Its annual earnings growth rate (A criteria) has been respectable since a previously noted downturn in FY '08 (see red oval). Strength and leadership (L criteria) in the Computer Software - Database group has recently been encouraging. Ownership by top-rated funds rose from 188 in Sep '10 to 228 in Mar '11, a reassuring sign concerning the I criteria.


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
CACC - NASDAQ
Credit Acceptance Corp
FINANCIAL SERVICES - Credit Services  
$75.81 -1.48
-1.91%

$77.37

56,597
150.52% of 50 DAV
50 DAV is 37,600
$82.29
-7.87%
6/2/2011 $76.10 PP = $82.39
MB = $86.51
Most Recent Note - 6/10/2011 4:44:39 PM
G - This high-ranked leader in the Finance - Consumer Loans industry closed the week with a loss on above average volume sending it below its 50 DMA line. Its color code is changed to green while sinking further from its pivot point.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/6/2011. Click here.

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CEVA - NASDAQ
Ceva Inc
ELECTRONICS - Semiconductor - Specialized  
$30.37 -0.63
-2.03%

$31.10

110,495
48.89% of 50 DAV
50 DAV is 226,000
$35.60
-14.69%
5/25/2011 $32.98 PP = $32.05
MB = $33.65
Most Recent Note - 6/10/2011 4:46:25 PM
Y - Today's loss tested support at its 50 DMA line while slumping further below its pivot point and under prior highs. Weak market conditions (M criteria) currently argue against new buying efforts. Further deterioration would raise more serious concerns and trigger technical sell signals.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/25/2011. Click here.

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CMG - NYSE
Chipotle Mexican Grill
LEISURE - Restaurants  
$271.87 -6.00
-2.16%

$279.02

766,812
72.70% of 50 DAV
50 DAV is 1,054,800
$295.99
-8.15%
4/1/2011 $274.00 PP = $275.10
MB = $288.86
Most Recent Note - 6/10/2011 4:51:45 PM
G - Down today with below average volume, slumping to a close below its 50 DMA line, raising concerns. Its lows from early May define the next chart support level to watch.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/17/2011. Click here.

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EZPW - NASDAQ
Ezcorp Inc Cl A
SPECIALTY RETAIL - Specialty Retail, Other  
$31.23 -1.00
-3.10%

$32.22

350,736
100.10% of 50 DAV
50 DAV is 350,400
$33.31
-6.24%
2/18/2011 $27.94 PP = $30.04
MB = $31.54
Most Recent Note - 6/10/2011 4:57:29 PM
G - Consolidating after another test of support at its 50 DMA line this week, building on a choppy new base. Recent lows and its 50 DMA line define important nearby chart support to watch where technical violations would raise more serious concerns.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/10/2011. Click here.

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FCFS - NASDAQ
First Cash Financial Svs
SPECIALTY RETAIL - Specialty Retail, Other  
$39.50 -0.15
-0.38%

$39.84

184,698
94.72% of 50 DAV
50 DAV is 195,000
$42.36
-6.75%
5/31/2011 $42.00 PP = $40.23
MB = $42.24
Most Recent Note - 6/10/2011 5:00:15 PM
G - Recently found support near its 50 DMA line and prior lows. Its color code was changed to green after damaging losses on higher volume negated its latest breakout.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/31/2011. Click here.

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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
FOSL - NASDAQ
Fossil Inc
CONSUMER DURABLES - Recreational Goods, Other  
$105.48 -0.28
-0.26%

$108.35

1,174,501
159.45% of 50 DAV
50 DAV is 736,600
$107.54
-1.91%
2/1/2011 $73.30 PP = $74.44
MB = $78.16
Most Recent Note - 6/10/2011 5:02:09 PM
G - Touched a new 52-week high today but encountered distributional pressure while completing the 5th week of trading in a tight range forming a "late-stage" base. Prior highs near $96 define initial support to watch coinciding with its 50 DMA line.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/7/2011. Click here.

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HS - NYSE
Healthspring Inc
HEALTH SERVICES - Health Care Plans  
$41.17 -1.11
-2.63%

$42.26

894,515
103.80% of 50 DAV
50 DAV is 861,800
$45.11
-8.73%
3/22/2011 $38.29 PP = $38.85
MB = $40.79
Most Recent Note - 6/10/2011 5:03:51 PM
G - Volume was near average while today's loss continued testing its 50 DMA line. That important short-term average defines chart support to watch where a violation would trigger a technical sell signal.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/20/2011. Click here.

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INFA - NASDAQ
Informatica Corp
COMPUTER SOFTWARE and SERVICES - Business Software and Services  
$54.32 -0.80
-1.45%

$55.22

816,202
67.31% of 50 DAV
50 DAV is 1,212,600
$59.98
-9.44%
3/24/2011 $50.04 PP = $49.86
MB = $52.35
Most Recent Note - 6/10/2011 5:05:03 PM
G - Down today with below average volume, slumping to its 50 DMA line which defines near-term support to watch. It hit a new 52-week high on 6/01/11 and then there was a negative reversal for a loss on above average volume. This high-ranked Computer Software - Database firm did not form a sound new base pattern.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/24/2011. Click here.

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MELI - NASDAQ
Mercadolibre Inc
INTERNET - Internet Software and; Services  
$78.86 -1.06
-1.33%

$79.87

644,038
89.76% of 50 DAV
50 DAV is 717,500
$92.73
-14.96%
6/1/2011 $90.55 PP = $92.83
MB = $97.47
Most Recent Note - 6/10/2011 5:09:52 PM
G - Damaging losses this week violated its 50 DMA line and prior lows triggering technical sell signals. A rebound above its 50 DMA line is needed to improve its outlook. Disciplined investors resisted the urge to get in "early", since it did not confirm a buy signal after featured in the 6/01/11 mid-day report. Losses should always be limited if any stock falls -7% from your purchase price to eliminate the chance of greater losses.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/3/2011. Click here.

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MG - NYSE
Mistras Group Inc
DIVERSIFIED SERVICES - Bulding and Faci;ity Management Services  
$16.15 -0.15
-0.92%

$16.48

69,492
44.21% of 50 DAV
50 DAV is 157,200
$18.46
-12.51%
3/15/2011 $15.48 PP = $15.90
MB = $16.70
Most Recent Note - 6/10/2011 5:16:01 PM
G - Volume was below average today as it finished the session at its lowest close since completing a Public Offering on 5/05/11. Struggling below its 50 DMA line and that important short-term average acted as resistance.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/12/2011. Click here.

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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
MWIV - NASDAQ
M W I Veterinary Supply
HEALTH SERVICES - Medical Instruments and; Supplies  
$80.00 -1.05
-1.30%

$81.37

101,663
112.96% of 50 DAV
50 DAV is 90,000
$86.99
-8.04%
11/4/2010 $61.79 PP = $59.60
MB = $62.58
Most Recent Note - 6/10/2011 5:20:04 PM
G - Pulled back today on above average volume after 3 consecutive gains on lighter volume. Its 50 DMA line acted as resistance. See the latest FSU analysis for more details and a new annotated graph.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/9/2011. Click here.

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OPNT - NASDAQ
Opnet Technologies
INTERNET - Internet Software and Services  
$38.01 -0.34
-0.89%

$38.75

161,746
123.75% of 50 DAV
50 DAV is 130,700
$42.51
-10.59%
5/11/2011 $41.21 PP = $40.50
MB = $42.53
Most Recent Note - 6/10/2011 5:20:52 PM
G - Still consolidating near its 50 DMA line. Subsequent deterioration under recent lows in the $35-36 area would raise greater concerns.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/10/2011. Click here.

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OTEX - NASDAQ
Open Text Corp
INTERNET - Internet Software and Services  
$59.19 -2.64
-4.27%

$61.83

441,527
123.78% of 50 DAV
50 DAV is 356,700
$67.08
-11.76%
6/1/2011 $65.86 PP = $67.18
MB = $70.54
Most Recent Note - 6/10/2011 5:22:24 PM
G - Down considerably today with above average volume, closing near old highs prior to its 3/29/11 breakout. It faces resistance now due to the overhead supply created while trading at higher levels in recent months. Color code was changed to green based on damaging technical deterioration.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/2/2011. Click here.

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PCLN - NASDAQ
Priceline.Com Inc
INTERNET - Internet Software and Services  
$493.18 -9.99
-1.99%

$502.90

856,434
81.20% of 50 DAV
50 DAV is 1,054,700
$561.88
-12.23%
1/3/2011 $399.55 PP = $428.20
MB = $449.61
Most Recent Note - 6/10/2011 5:26:21 PM
G - Volume totals still have been below average while lingering below its 50 DMA line. A rebound above that short-term average would be a meaningful technical improvement, meanwhile its recent chart low ($487.70 on 5/25/11) defines an important near-term support level where further deterioration would raise even greater concerns.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/19/2011. Click here.

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RAX - NYSE
Rackspace Hosting Inc
INTERNET - Internet Software and; Services  
$40.58 -0.24
-0.59%

$41.29

1,762,830
94.42% of 50 DAV
50 DAV is 1,867,100
$46.50
-12.72%
6/3/2011 $43.36 PP = $46.59
MB = $48.92
Most Recent Note - 6/10/2011 5:28:30 PM
G - Color code was changed to green based on recent deterioration. A rebound above its 50 DMA line would be an encouraging sign, meanwhile a breach of its recent chart low ($38.84 on 5/12/11) would trigger a more worrisome technical sell signal.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/13/2011. Click here.

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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
SWI - NYSE
Solarwinds Inc
COMPUTER SOFTWARE and SERVICES - Application Software  
$23.89 -0.59
-2.41%

$24.50

552,754
96.69% of 50 DAV
50 DAV is 571,700
$24.95
-4.25%
6/7/2011 $24.22 PP = $25.05
MB = $26.30
Most Recent Note - 6/10/2011 5:30:18 PM
Y - Perched -4.3% off its all-time high after today's loss on average volume. Minimal overhead supply remains to hinder its progress. To trigger a buy signal it needs a gain above its pivot point with sufficient volume and a follow-through day to confirm the broader market (M criteria) is favorable.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/8/2011. Click here.

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TIBX - NASDAQ
Tibco Software Inc
COMPUTER SOFTWARE and SERVICES - Business Software and Services  
$25.51 -0.42
-1.62%

$25.84

2,377,237
87.92% of 50 DAV
50 DAV is 2,703,800
$30.75
-17.04%
3/18/2011 $23.88 PP = $26.04
MB = $27.34
Most Recent Note - 6/6/2011 6:35:10 PM
G - Down further today on light volume, closing near the session low. Serious concerns were raised last week after it technically triggered sell signals with losses and slumped below its 50 DMA line. Overhead supply up through the $30 area may now act as resistance.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/18/2011. Click here.

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ULTA - NASDAQ
Ulta Salon Cosm & Frag
SPECIALTY RETAIL - Specialty Retail, Other  
$56.16 -0.89
-1.56%

$57.19

943,829
148.54% of 50 DAV
50 DAV is 635,400
$57.25
-1.90%
1/6/2011 $36.12 PP = $37.34
MB = $39.21
Most Recent Note - 6/10/2011 12:31:07 PM
G - Holding its ground today near its all-time high following 2 consecutive volume-driven gains. It may produce more climactic gains, however recent wider than usual intra-day price swings are a worrisome sign of uncertainty and it has not formed a sound base pattern. After reporting earnings +61% on +21% sales revenues for the quarter ended April 30, 2011 versus the year ago period, its 6/08/11 gap up repaired a brief 50 DMA violation and quickly challenged its 52-week high.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/26/2011. Click here.

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ZAGG - NASDAQ
Zagg Inc
SPECIALTY RETAIL - Specialty Retail, Other  
$11.63 +0.77
7.09%

$11.98

3,060,057
267.65% of 50 DAV
50 DAV is 1,143,300
$11.53
0.87%
6/1/2011 $10.92 PP = $10.59
MB = $11.12
Most Recent Note - 6/10/2011 12:44:21 PM
G - Solid gain today with above average volume matched its recently hit 52-week high and helped it rally above its "max buy" level. Color code is changed to green after getting extended from the previously noted cup-with-handle type base pattern. Its recent low ($10.15 on 6/07/11) now defines an important near-term chart support level to watch on pullbacks.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/1/2011. Click here.

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