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AFTER MARKET UPDATE - TUESDAY, JUNE 14TH, 2011
Previous After Market Report Next After Market Report >>>
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|
|
|
DOW |
+123.14 |
12,076.11 |
+1.03% |
|
Volume |
915,430,460 |
+1% |
|
Volume |
1,671,978,630 |
-8% |
|
NASDAQ |
+39.03 |
2,678.72 |
+1.48% |
|
Advancers |
2,506 |
80% |
|
Advancers |
2,041 |
75% |
|
S&P 500 |
+16.04 |
1,287.87 |
+1.26% |
|
Decliners |
530 |
17% |
|
Decliners |
599 |
22% |
|
Russell 2000 |
+16.79 |
793.99 |
+2.16% |
|
52 Wk Highs |
30 |
|
|
52 Wk Highs |
30 |
|
|
S&P 600 |
+8.94 |
426.26 |
+2.14% |
|
52 Wk Lows |
28 |
|
|
52 Wk Lows |
68 |
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Major Averages Show Better Conviction on Day 2 of Rally Effort
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The major stock averages showed better conviction behind Tuesday's gains as advancing issues beat decliners by more than 4-1 on the NYSE and by more than 3-1 on the Nasdaq exchange. The volume total reported on the NYSE was higher, but lower volume reported on the Nasdaq exchange made it clear that institutional investors were still not aggressively buying stocks after the recent patch of damaging distributional losses. New 52-week highs outnumbered new 52-week lows on the NYSE for the first time in 8 sessions, but on the Nasdaq new lows still easily outnumbered new highs. There were 11 high-ranked companies from the CANSLIM.net Leaders List made new 52-week highs and appeared on the CANSLIM.net BreakOuts Page, up a notch from 10 on the prior session. There were 15 gainers out of the 17 of the high-ranked leaders currently included on the Featured Stocks Page.
U.S. retail sales declined for the first time in 11 months but less than expected in May and China's industrial production surpassed forecasts. May retail sales fell 0.2%, less than expectations for a decline of 0.5%. Excluding autos, retail sales gained 0.3%. A separate report showed wholesale costs in the U.S. rose more than forecast in May, led by higher prices for fuel and the fastest rise in 30 years for apparel and textiles.
A private survey of small business sentiment released earlier this morning was not encouraging. The index hit an eight month low. More small businesses view economic conditions as worse in the next six months, indicating sentiment may stay low as an economic slowdown unfolds.
Chevron Corp (CVX +1.69%) and other energy shares rose as oil jumped more than $2 a barrel. Industrial stocks like Caterpillar Inc (CAT +2.54%) also led a broad-based advance. Apple Inc (AAPL +1.79%) climbed as the company agreed to pay an undisclosed sum to Nokia (NOK +2.45%) to settle all patent claims. Best Buy Co Inc (BBY +4.55%) jumped after posting profits that beat expectations. JC Penney Company Inc (JCP +17.5%) rallied after naming the retail head at Apple as its new chief executive.
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 Dow Jones Industrial Average rallied back above 12,000 as the market welcomed favorable economic reports. Remember that a proper follow-through day (FTD) is considered most ideal (based on historic studies) if it occurs between Day 4 and Day 7 of a new rally attempt. There should be an expansion in leadership (stocks hitting new highs) coupled with a solid gain from at least one of the major averages on higher volume than the prior session.
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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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Tech, Energy, Retail, and Defensive Groups Bounce
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Broker/Dealer Index ($XBD +1.40%) outpaced the Bank Index ($BKX +0.57%), and the Retail Index ($RLX +2.28%) was also among Tuesday's standout gainers. The Networking Index ($NWX +2.27%) and Semiconductor Index ($SOX +1.92%) led a rebound in the tech sector while the Internet Index ($IIX +1.28%) and Biotechnology Index ($BTK +0.64%) followed with smaller gains. Energy-related shares rose and gave the Integrated Oil Index ($XOI +2.10%) and Oil Services Index ($OSX +2.53%) both a boost, Strength in defensive shares also led to solid gains for the Healthcare Index ($HMO +2.62%) and the Gold & Silver Index ($XAU +1.66%).
Charts courtesy www.stockcharts.com
PICTURED: The Oil Services Index's ($OSX +2.53%) recent losses nearly tested its 200-day moving average (DMA) line.
| Oil Services |
$OSX |
258.12 |
+6.38 |
+2.53% |
+5.30% |
| Healthcare |
$HMO |
2,373.44 |
+60.59 |
+2.62% |
+40.27% |
| Integrated Oil |
$XOI |
1,276.69 |
+26.24 |
+2.10% |
+5.24% |
| Semiconductor |
$SOX |
406.75 |
+7.67 |
+1.92% |
-1.23% |
| Networking |
$NWX |
290.45 |
+6.45 |
+2.27% |
+3.53% |
| Internet |
$IIX |
300.06 |
+3.80 |
+1.28% |
-2.49% |
| Broker/Dealer |
$XBD |
108.26 |
+1.50 |
+1.40% |
-10.91% |
| Retail |
$RLX |
507.73 |
+11.33 |
+2.28% |
-0.13% |
| Gold & Silver |
$XAU |
194.64 |
+3.17 |
+1.66% |
-14.10% |
| Bank |
$BKX |
47.45 |
+0.27 |
+0.57% |
-9.12% |
| Biotech |
$BTK |
1,416.56 |
+9.07 |
+0.64% |
+9.17% |
|
|
|
 |
Gains Lacking Volume Following 50 DMA Violation
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Rackspace Hosting Inc (RAX +$0.84 or +2.08% to $41.14) has posted small gains that have lacked volume conviction following last week's 50-day moving average (DMA) line violation. A subsequent breach of its recent chart low ($38.84 on 5/12/11) would trigger a more worrisome technical sell signal. Since its last appearance in this FSU section on 5/13/11 under the headline, "Positive Reversal Indicated Prompt Support Near Prior Resistance", it found support and continued to make a stand after briefly undercutting prior highs near $40. However, volume was slightly above average as damaging losses sent it below its 50-day moving average (DMA) line again last week. The M criteria also is a concern for now while the market is in a correction, however RAX still may be worthy of remaining on investors watch lists. Subsequent gains above its 50 DMA line would help its outlook improve, and a follow-through-day from at least one of the major averages could eventually signal that another meaningful leg up is more likely.
More damaging losses would raise greater concerns, meanwhile it has not formed a sound new base. The past 4 quarterly earnings comparisons showed better than +25% increases. Its annual earnings history (A criteria) since trading began in 2008 has been good. Increasing institutional ownership (I criteria) is a reassuring sign, as the number of top-rated funds owning its shares rose from 317 in Mar '10 to 480 in Mar '11. RAX traded up as much as +103.5% within 8 months of when it was featured in yellow in the 9/21/10 mid-day report (read here) when noted - "Trading pennies from its 52-week high, with no overhead supply remaining to hinder its progress. A solid gain on the prior session reconfirmed a recent technical breakout above prior chart highs. Subsequent gains into new high territory with volume conviction could signal the beginning of a meaningful price advance."
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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 |
CACC
-
NASDAQ
Credit Acceptance Corp
FINANCIAL SERVICES - Credit Services
|
$78.02
|
+2.27
3.00% |
$78.21
|
42,828
113.90% of 50 DAV
50 DAV is 37,600
|
$82.29
-5.19%
|
6/2/2011
|
$76.10
|
PP = $82.39
|
|
MB = $86.51
|
Most Recent Note - 6/14/2011 12:23:14 PM
G - This high-ranked leader in the Finance - Consumer Loans industry has been consolidating in a tight range near its 50 DMA line. It faces some resistance up through the $82 level due to overhead supply
>>> The latest Featured Stock Update with an annotated graph appeared on 6/6/2011. Click here.
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C
A N
S L
I M
|
CEVA
-
NASDAQ
Ceva Inc
ELECTRONICS - Semiconductor - Specialized
|
$31.24
|
+1.47
4.94% |
$31.71
|
200,487
89.86% of 50 DAV
50 DAV is 223,100
|
$35.60
-12.25%
|
5/25/2011
|
$32.98
|
PP = $32.05
|
|
MB = $33.65
|
Most Recent Note - 6/14/2011 12:03:44 PM
G - Small gap up today, finding support near its 50 DMA line, however it has not formed a sound base pattern. Its prior low ($27.82 on 5/17/11) defines the next important chart support level to watch.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/25/2011. Click here.
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C
A N
S L
I M
|
CMG
-
NYSE
Chipotle Mexican Grill
LEISURE - Restaurants
|
$276.77
|
+5.87
2.17% |
$277.94
|
530,745
50.75% of 50 DAV
50 DAV is 1,045,900
|
$295.99
-6.49%
|
4/1/2011
|
$274.00
|
PP = $275.10
|
|
MB = $288.86
|
Most Recent Note - 6/14/2011 12:09:08 PM
G - Small gap up today, rising near its 50 DMA line, but it has not formed a sound base pattern. An upward trendline connecting its July 2010 and May 2011 lows defines a technical support level to watch.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/17/2011. Click here.
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C
A N
S L
I M
|
EZPW
-
NASDAQ
Ezcorp Inc Cl A
SPECIALTY RETAIL - Specialty Retail, Other
|
$31.53
|
+0.35
1.12% |
$32.12
|
423,166
120.25% of 50 DAV
50 DAV is 351,900
|
$33.31
-5.34%
|
6/13/2011
|
$31.18
|
PP = $33.41
|
|
MB = $35.08
|
Most Recent Note - 6/13/2011 6:50:20 PM
Y - Consolidating -6.4% off its 52-week high. Color code is changed to yellow with new pivot point cited following a choppy cup-with-handle base. Recent lows and its 50 DMA line define important nearby chart support. The M criteria argues against new buying efforts without a FTD from at least one of the major averages as confirmation of a new rally. See the latest FSU analysis for more details and a new annotated graph.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/13/2011. Click here.
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C
A N
S L
I M
|
FCFS
-
NASDAQ
First Cash Financial Svs
SPECIALTY RETAIL - Specialty Retail, Other
|
$39.86
|
+0.28
0.71% |
$39.97
|
164,207
85.13% of 50 DAV
50 DAV is 192,900
|
$42.36
-5.90%
|
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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C
A N
S L
I M
|
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
|
$107.72
|
+0.82
0.77% |
$110.61
|
617,940
83.12% of 50 DAV
50 DAV is 743,400
|
$108.81
-1.00%
|
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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C
A N
S L
I M
|
HS
-
NYSE
Healthspring Inc
HEALTH SERVICES - Health Care Plans
|
$42.82
|
+1.87
4.57% |
$42.94
|
742,627
86.09% of 50 DAV
50 DAV is 862,600
|
$45.11
-5.08%
|
3/22/2011
|
$38.29
|
PP = $38.85
|
|
MB = $40.79
|
Most Recent Note - 6/14/2011 1:04:14 PM
G - Small gap up today after losses on higher (near average) while consolidating near its 50 DMA line. That important short-term average and recent lows define chart support to watch where violations would trigger technical sell signals.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/20/2011. Click here.
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C
A N
S L
I M
|
INFA
-
NASDAQ
Informatica Corp
COMPUTER SOFTWARE and SERVICES - Business Software and Services
|
$54.60
|
+0.74
1.37% |
$54.79
|
675,005
56.03% of 50 DAV
50 DAV is 1,204,700
|
$59.98
-8.98%
|
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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C
A N
S L
I M
|
MG
-
NYSE
Mistras Group Inc
DIVERSIFIED SERVICES - Bulding and Faci;ity Management Services
|
$16.14
|
+0.17
1.06% |
$16.36
|
102,161
65.53% of 50 DAV
50 DAV is 155,900
|
$18.46
-12.57%
|
3/15/2011
|
$15.48
|
PP = $15.90
|
|
MB = $16.70
|
Most Recent Note - 6/14/2011 1:17:33 PM
Volume has been light behind recent gains. Since completing a Public Offering on 5/05/11 it stalled and slumped below its 50 DMA line. Gains above that important short-term average would help its outlook. Based on weakness it will be dropped from the Featured Stocks list tonight.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/12/2011. Click here.
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C
A N
S L
I M
|
MWIV
-
NASDAQ
M W I Veterinary Supply
HEALTH SERVICES - Medical Instruments and; Supplies
|
$80.92
|
+1.36
1.71% |
$81.47
|
40,549
45.00% of 50 DAV
50 DAV is 90,100
|
$86.99
-6.98%
|
11/4/2010
|
$61.79
|
PP = $59.60
|
|
MB = $62.58
|
Most Recent Note - 6/14/2011 1:12:42 PM
G - Gains have lacked volume conviction following its 50 DMA line violation, and that important short-term average has now been acting as resistance.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/9/2011. Click here.
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C
A N
S L
I M
|
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 |
OPNT
-
NASDAQ
Opnet Technologies
INTERNET - Internet Software and Services
|
$37.58
|
-0.42
-1.11% |
$38.29
|
274,602
213.86% of 50 DAV
50 DAV is 128,400
|
$42.51
-11.60%
|
5/11/2011
|
$41.21
|
PP = $40.50
|
|
MB = $42.53
|
Most Recent Note - 6/14/2011 4:36:42 PM
G - Traded more than 2 times average volume today and closed near the session low, slumping below 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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C
A N
S L
I M
|
OTEX
-
NASDAQ
Open Text Corp
INTERNET - Internet Software and Services
|
$60.16
|
+1.74
2.98% |
$60.75
|
247,133
71.65% of 50 DAV
50 DAV is 344,900
|
$67.08
-10.32%
|
6/1/2011
|
$65.86
|
PP = $67.18
|
|
MB = $70.54
|
Most Recent Note - 6/14/2011 1:06:22 PM
G - Quiet gain today halted its losing streak near 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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C
A N
S L
I M
|
PCLN
-
NASDAQ
Priceline.Com Inc
INTERNET - Internet Software and Services
|
$480.72
|
-1.41
-0.29% |
$489.33
|
1,105,162
105.39% of 50 DAV
50 DAV is 1,048,600
|
$561.88
-14.44%
|
1/3/2011
|
$399.55
|
PP = $428.20
|
|
MB = $449.61
|
Most Recent Note - 6/13/2011 6:11:10 PM
G - Volume today was above average as it slumped below the recently noted chart low ($487.70 on 5/25/11) raising even greater concerns with its technical deterioration.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/19/2011. Click here.
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C
A N
S L
I M
|
RAX
-
NYSE
Rackspace Hosting Inc
INTERNET - Internet Software and; Services
|
$41.14
|
+0.84
2.08% |
$41.59
|
1,283,472
70.69% of 50 DAV
50 DAV is 1,815,600
|
$46.50
-11.52%
|
6/3/2011
|
$43.36
|
PP = $46.59
|
|
MB = $48.92
|
Most Recent Note - 6/14/2011 1:09:33 PM
G - Small gains have lacked conviction following its 50 DMA line violation. A subsequent 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 6/14/2011. Click here.
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C
A N
S L
I M
|
SWI
-
NYSE
Solarwinds Inc
COMPUTER SOFTWARE and SERVICES - Application Software
|
$26.16
|
+1.71
6.99% |
$26.42
|
2,799,878
484.24% of 50 DAV
50 DAV is 578,200
|
$24.95
4.85%
|
6/7/2011
|
$24.22
|
PP = $25.05
|
|
MB = $26.30
|
Most Recent Note - 6/14/2011 12:37:34 PM
Y - Gapped up today, posting a considerable gain with heavy volume above its pivot point for a new all-time high. It has quickly spiked near its "max buy" level. Concerns remain until a follow-through day confirms 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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C
A N
S L
I M
|
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 |
ULTA
-
NASDAQ
Ulta Salon Cosm & Frag
SPECIALTY RETAIL - Specialty Retail, Other
|
$59.31
|
+1.56
2.70% |
$59.35
|
1,232,982
184.50% of 50 DAV
50 DAV is 668,300
|
$58.22
1.87%
|
1/6/2011
|
$36.12
|
PP = $37.34
|
|
MB = $39.21
|
Most Recent Note - 6/14/2011 12:47:26 PM
G - Hit yet another new 52-week high and all-time high today, adding to recent volume-driven gains. It has not formed a sound base pattern. The M criteria argues against new buying efforts in stocks until a new confirmed rally with follow-through day from at least one of the major averages.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/26/2011. Click here.
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C
A N
S L
I M
|
ZAGG
-
NASDAQ
Zagg Inc
SPECIALTY RETAIL - Specialty Retail, Other
|
$12.55
|
+0.27
2.20% |
$13.05
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2,368,721
193.57% of 50 DAV
50 DAV is 1,223,700
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$12.50
0.40%
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6/1/2011
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$10.92
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PP = $10.59
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MB = $11.12
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Most Recent Note - 6/14/2011 12:49:43 PM
G - Hitting new all-time highs for a 3rd consecutive session with gains backed by above average volume. It is 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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| Subscriber Questions: |
June 8, 2011 |
Dear Ken,
Is the 50 DMA that is referenced in your notes based on the daily chart? e.g. HS "Today's loss has it testing its 50 DMA line. That important short-term average defines chart support to watch where a violation would trigger a technical sell signal".
Enjoy your service, thanks!
Robert |
| Ken's Response: |
June 14, 2011 |
Dear Robert,
Thanks for the feedback concerning the service. Yes, the 50-day moving average (DMA) line is the red line on the individual stocks' annotated daily graphs, whereas the weekly charts actually show a red line for the 10-week moving average. There is a slight difference between adding up the past 50 days' closing prices and dividing the sum by 50, versus adding up the past 10 weeks' closes and dividing the sum by 10. Either way, a stock is considered to be in healthy shape when trading above those short-term averages, and the averages are on the rise. When a stock is below those short-term averages it is considered to be more vulnerable to greater losses, and by the time the short term averages are sloping downward the stock has usually been struggling for a while.
I hope this answer is helpful to you. Feel free get in touch with me directly if there are any other questions or concerns regarding the service.
Best regards,
Kenneth J. Gruneisen
Founder & Contributing Writer for CANSLIM.net
www.canslim.net |
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