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AFTER MARKET UPDATE - FRIDAY, JUNE 24TH, 2011
Previous After Market Report Next After Market Report >>>
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DOW |
-115.42 |
11,934.58 |
-0.96% |
|
Volume |
1,740,435,270 |
+56% |
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Volume |
2,783,736,300 |
+38% |
|
NASDAQ |
-33.86 |
2,652.89 |
-1.26% |
|
Advancers |
1,076 |
34% |
|
Advancers |
1,091 |
40% |
|
S&P 500 |
-15.05 |
1,268.45 |
-1.17% |
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Decliners |
1,922 |
62% |
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Decliners |
1,538 |
57% |
|
Russell 2000 |
-4.89 |
797.79 |
-0.61% |
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52 Wk Highs |
46 |
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|
52 Wk Highs |
61 |
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S&P 600 |
-3.00 |
427.54 |
-0.70% |
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52 Wk Lows |
37 |
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52 Wk Lows |
52 |
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Market Slumps While Debt and Budget Concerns Linger
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
For the week, the Dow Jones Industrial Average was down -0.6%, the S&P 500 Index fell -0.2% and the Nasdaq Composite Index gained +1.4%. The major averages collectively sank on Friday amid concerns about earnings at technology companies and weakness in Italian banks. The volume totals were reported higher on the Nasdaq exchange and the NYSE, a sign of institutional selling pressure termed "distribution" by technical analysts. Declining issues beat advancers by 9-5 on the NYSE and by 4-3 on the Nasdaq. New 52-week highs outnumbered new 52-week lows on both the Nasdaq exchange and the NYSE. There were 28 high-ranked companies from the CANSLIM.net Leaders List that made new 52-week highs and appeared on the CANSLIM.net BreakOuts Page, up from the total of 15 on the prior session. There were 4 gainers out of the 14 of the high-ranked leaders currently included on the Featured Stocks Page.
A steep drop in bank shares in Italy unnerved investors after Moody's Corp (MCO -1.65%) warned that it may downgrade 13 Italian banks. European Union leaders vowed to stave off a Greek default, but the promise depends on whether Greece pushes through a package of budget cuts next week.
Economic reports had little impact, but at least delivered no unpleasant surprises. First quarter U.S. gross domestic product rose 1.9%, in line with expectations, and slightly above the government's previous estimate. May durable goods orders gained 1.9%, above forecasts. Crude oil drifted slightly below $91 per barrel following Thursday's steep drop.
Technology stocks came under pressure after disappointing results at Oracle Corp (ORCL -4.06%) and Micron Technology Inc (MU -14.47%). Oracle posted a decline in hardware revenue. Technology companies are often seen as an early indicator of other corporate earnings.
Merger news boosted gas utility stocks. Southern Union Co (SUG +16.69%) jumped after Williams Companies Inc (WMB -2.33%) offered to buy the firm for $8.7 billion, trumping a bid from Energy Transfer Equity LP (ETE -5.51%).
The S&P 500 Index's +1.34% gain on Tuesday was considered a questionable gain borderline with the minimum gain expected for a follow-through day (FTD). On Tuesday the S&P 400 Mid-Cap Index and S&P 600 Small-Cap Index both posted +1.9% gains on Day 3 and Day 4 of their rally attempts, respectively. The strength in small stocks and expansion in the new 52-week highs list was noted as an encouraging sign for growth-oriented investors who might cautiously look to accumulate ideal buy candidates, however the newspaper summarized the latest action with the conclusion that the broader market (M criteria) still remains in a correction.
A follow-through day (FTD) occurring between Day 4 and Day 7 of a new rally is considered the most ideal confirmation of a new rally attempt. To produce a solid FTD there should be a gain of at least +1.4% or more from at least one of the major averages, and the gain must come with higher volume and an expansion in leadership (new 52-week highs). Meanwhile, any deterioration under the Day 1 lows would officially end the nascent rally attempt and signal that the market's correction is continuing.
Upgraded members will have access to the upcoming Q2 2011 Webcast scheduled for Wednesday, June 29th at 8PM EST and the July 2011 issue of CANSLIM.net News to be released soon afterward.
PICTURED: The Nasdaq Composite Index's rally effort remains intact unless the Day 1 lows are violated. Volume totals on both exchanges on Friday (Day 5) were boosted by the annual rebalancing of Russell indexes.
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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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Leading Indicators Still Leading Market Lower
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Semiconductor Index ($SOX -2.50%) led the tech sector lower while the Networking Index ($NWX -1.54%), Internet Index ($IIX -1.46%), and Biotechnology Index ($BTK -1.21%) finished unanimously lower. The major averages were also dragged lower by the Retail Index ($RLX -1.43%) and losses in influential financial shares as the Broker/Dealer Index ($XBD -1.47%) and Bank Index ($BKX -1.00%) fell. Defensive groups gave no reward to safe haven investors as the Gold & Silver Index ($XAU -2.33%) and Healthcare Index ($HMO -1.17%) both lost ground. Energy-related shares also fell as the Oil Services Index ($OSX -2.36%) and Integrated Oil Index ($XOI -1.77%) both traded near their longer-term 200-day moving average (DMA) lines.
Charts courtesy www.stockcharts.com
PICTURED 1: The Broker/Dealer Index ($XBD -1.47%) sank to its lowest close of 2011.
Charts courtesy www.stockcharts.com
PICTURED 2: The Bank Index ($BKX -1.00%) fell to its lowest close of 2011. Regular readers have seen these "leading indicators" repeatedly noted in this section, Poor action in the financial groups has been bad news for the broader market once again.
| Oil Services |
$OSX |
248.73 |
-6.00 |
-2.36% |
+1.47% |
| Healthcare |
$HMO |
2,350.04 |
-27.75 |
-1.17% |
+38.89% |
| Integrated Oil |
$XOI |
1,228.18 |
-22.15 |
-1.77% |
+1.24% |
| Semiconductor |
$SOX |
392.50 |
-10.06 |
-2.50% |
-4.69% |
| Networking |
$NWX |
287.35 |
-4.50 |
-1.54% |
+2.42% |
| Internet |
$IIX |
295.61 |
-4.38 |
-1.46% |
-3.94% |
| Broker/Dealer |
$XBD |
103.99 |
-1.56 |
-1.47% |
-14.42% |
| Retail |
$RLX |
513.12 |
-7.45 |
-1.43% |
+0.93% |
| Gold & Silver |
$XAU |
191.89 |
-4.58 |
-2.33% |
-15.31% |
| Bank |
$BKX |
46.32 |
-0.47 |
-1.00% |
-11.28% |
| Biotech |
$BTK |
1,412.98 |
-17.27 |
-1.21% |
+8.89% |
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50-Day Average Acting as Resistance
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
Open Text Corp's (OTEX -$0.92 or -1.50% to $60.43) short-term average, the 50-day moving average (DMA) line, has acted as resistance recently. It faces overhead supply up through $66 after trading at higher levels in recent months. Gains above its 50 DMA line are needed for its outlook to improve, technically. Any deterioration under recent lows near $58 would trigger more worrisome sell signals. Its last appearance in the FSU section was on 6/02/11 with an annotated graph under the headline, "Fresh Proof of Demand is Needed to Confirm Technical Buy Signal". That analysis mentioned, "Higher than average volume without great price progress may be a sign it is encountering distributional pressure near prior resistance in the $66-67 area", and also added, "Disciplined investors will resist the urge to get in early, knowing that proof of heavy institutional buying demand driving prices to new highs is the critical technical 'buy signal' to wait for before taking action." It failed to break out, then slumped below its 50 DMA line.
The number of top-rated funds owning its shares rose from 542 in Sep '10 to 581 in Mar '11, a reassuring sign concerning the I criteria. It has a very good annual earnings (the A criteria) history. The 4 latest quarterly earnings increases have been reported above the +25% guideline of the investment system. This Ontario, Canada-based Computer Software - Database firm's sales revenues increased by +24% in the quarter ended March 31, 2011 versus the year ago period. Sales revenues were previously noted at only in the +3-8% range in the Sep '10 and Dec '10 quarters."
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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
|
$77.98
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-2.09
-2.61% |
$80.30
|
221,988
575.10% of 50 DAV
50 DAV is 38,600
|
$82.29
-5.24%
|
6/2/2011
|
$76.10
|
PP = $82.39
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MB = $86.51
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Most Recent Note - 6/24/2011 4:08:50 PM
Y - Down today with heavy volume, this high-ranked leader in the Finance - Consumer Loans industry is consolidating just above its 50 DMA line. It faces little resistance due to overhead supply while now perched -5.2% off its 52-week high. Its color code was changed back to yellow after its recent resilience. Disciplined investors may watch for gains above its recent highs and wait for a follow-through day to confirm a new rally. Meanwhile, recent lows near $75 define important support to watch.
>>> 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
|
CMG
-
NYSE
Chipotle Mexican Grill
LEISURE - Restaurants
|
$293.25
|
+2.47
0.85% |
$297.00
|
1,088,090
105.27% of 50 DAV
50 DAV is 1,033,600
|
$295.99
-0.93%
|
4/1/2011
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$274.00
|
PP = $275.10
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MB = $288.86
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Most Recent Note - 6/24/2011 12:38:51 PM
G - It hit a new all-time high today and is clear of all resistance, but it has not formed a sound new base pattern. The upward trendline connecting its July 2010 and May 2011 lows defines an initial technical support level to watch.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/15/2011. Click here.
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C
A N
S L
I M
|
EZPW
-
NASDAQ
Ezcorp Inc Cl A
SPECIALTY RETAIL - Specialty Retail, Other
|
$32.07
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+0.20
0.63% |
$32.30
|
512,691
152.36% of 50 DAV
50 DAV is 336,500
|
$33.31
-3.72%
|
6/13/2011
|
$31.18
|
PP = $33.41
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MB = $35.08
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Most Recent Note - 6/23/2011 5:02:30 PM
Y - Managed a positive reversal today after a small gap down, finishing at the session high and only -4.3% from its all-time high. Finding support near its 50 DMA line, and its recent lows also help define important near-term chart support in the $29 area.
>>> 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
|
$38.91
|
-0.11
-0.28% |
$39.31
|
194,827
102.76% of 50 DAV
50 DAV is 189,600
|
$42.36
-8.14%
|
5/31/2011
|
$42.00
|
PP = $40.23
|
|
MB = $42.24
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Most Recent Note - 6/22/2011 6:46:46 PM
G - Lost ground today on lighter than average volume. Its 50 DMA line and prior lows in the $37 area define support to watch. See the latest FSU analysis for more details and a new annotated graph.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/22/2011. Click here.
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C
A N
S L
I M
|
FOSL
-
NASDAQ
Fossil Inc
CONSUMER DURABLES - Recreational Goods, Other
|
$113.41
|
-1.36
-1.18% |
$115.50
|
462,537
62.21% of 50 DAV
50 DAV is 743,500
|
$115.00
-1.38%
|
2/1/2011
|
$73.30
|
PP = $74.44
|
|
MB = $78.16
|
Most Recent Note - 6/23/2011 5:06:21 PM
G - Hit another new all-time high after a positive reversal today. Inching higher after 5 weeks of trading in a very tight range forming a "late-stage" base. Recent lows near $99 define important support to watch just below 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
|
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 |
HS
-
NYSE
Healthspring Inc
HEALTH SERVICES - Health Care Plans
|
$45.04
|
-0.88
-1.92% |
$46.33
|
1,411,566
160.97% of 50 DAV
50 DAV is 876,900
|
$47.78
-5.73%
|
6/16/2011
|
$42.44
|
PP = $45.21
|
|
MB = $47.47
|
Most Recent Note - 6/24/2011 4:22:30 PM
Y - Quietly consolidating above prior resistance after a streak of gains with above average volume to new all-time highs. Any deterioration leading to a close under prior high closes would raise concerns.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/16/2011. 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
|
$56.81
|
-0.60
-1.05% |
$57.85
|
1,492,986
116.17% of 50 DAV
50 DAV is 1,285,200
|
$59.98
-5.29%
|
3/24/2011
|
$50.04
|
PP = $49.86
|
|
MB = $52.35
|
Most Recent Note - 6/23/2011 4:55:46 PM
G - Managed a positive reversal today after a small gap down. Recently found support near its 50 DMA line. This high-ranked Computer Software - Database firm has not formed a sound new base pattern.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/17/2011. Click here.
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C
A N
S L
I M
|
LULU
-
NASDAQ
Lululemon Athletica
MANUFACTURING - Textile Manufacturing
|
$104.38
|
-2.32
-2.17% |
$106.48
|
2,230,758
109.53% of 50 DAV
50 DAV is 2,036,700
|
$106.75
-2.22%
|
6/21/2011
|
$102.95
|
PP = $101.14
|
|
MB = $106.20
|
Most Recent Note - 6/24/2011 12:53:47 PM
Y - Holding its ground today after a strong finish on the prior session with a volume-driven gain to new 52-week and all-time highs. It was featured again in the 6/21/11 mid-day report highlighted in yellow with new pivot point cited based on a "double bottom" base formed over the past 9 weeks. See the latest FSU analysis for more details and a new annotated graph.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/21/2011. 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
|
$80.21
|
-1.39
-1.70% |
$81.85
|
66,752
79.66% of 50 DAV
50 DAV is 83,800
|
$86.99
-7.79%
|
11/4/2010
|
$61.79
|
PP = $59.60
|
|
MB = $62.58
|
Most Recent Note - 6/22/2011 5:48:53 PM
G - It may be forming a new base, however gains have lacked volume conviction following its 50 DMA line violation, and that short-term average is now acting as a resistance level. A gain above it is needed for its outlook to improve.
>>> 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
|
OPNT
-
NASDAQ
Opnet Technologies
INTERNET - Internet Software and Services
|
$39.09
|
+0.15
0.39% |
$39.25
|
270,812
228.15% of 50 DAV
50 DAV is 118,700
|
$42.51
-8.05%
|
5/11/2011
|
$41.21
|
PP = $40.50
|
|
MB = $42.53
|
Most Recent Note - 6/24/2011 4:12:29 PM
G - Gains this week without great volume conviction helped it rise back above its 50 DMA line. Its recent lows near $36 define important near-term chart support.
>>> 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
|
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 |
OTEX
-
NASDAQ
Open Text Corp
INTERNET - Internet Software and Services
|
$60.43
|
-0.92
-1.50% |
$61.31
|
181,660
57.23% of 50 DAV
50 DAV is 317,400
|
$67.08
-9.91%
|
6/1/2011
|
$65.86
|
PP = $67.18
|
|
MB = $70.54
|
Most Recent Note - 6/24/2011 3:42:29 PM
G - Gains above its 50 DMA line are needed for its outlook to improve, technically. Its 50 DMA line has acted as resistance recently, and it faces overhead supply up through $66 after trading at higher levels in recent months.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/24/2011. Click here.
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C
A N
S L
I M
|
SWI
-
NYSE
Solarwinds Inc
COMPUTER SOFTWARE and SERVICES - Application Software
|
$24.80
|
-0.54
-2.13% |
$25.59
|
2,778,632
369.55% of 50 DAV
50 DAV is 751,900
|
$26.68
-7.05%
|
6/7/2011
|
$24.22
|
PP = $25.05
|
|
MB = $26.30
|
Most Recent Note - 6/24/2011 3:39:09 PM
Y - Consolidating back under its pivot point today with a loss on light volume. Prior resistance in the $24-25 area defines support. A close under its old high close ($24.77 on 4/25/11) would raise concerns by negating its recent breakout.
>>> 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
|
ULTA
-
NASDAQ
Ulta Salon Cosm & Frag
SPECIALTY RETAIL - Specialty Retail, Other
|
$62.82
|
+0.24
0.38% |
$63.05
|
4,003,358
535.28% of 50 DAV
50 DAV is 747,900
|
$62.83
-0.02%
|
1/6/2011
|
$36.12
|
PP = $37.34
|
|
MB = $39.21
|
Most Recent Note - 6/24/2011 4:14:12 PM
G - Perched at its all-time high, extended from any sound base pattern after a 3rd consecutive weekly gain. It may produce more climactic gains, but disciplined investors avoid chasing extended stocks.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/20/2011. Click here.
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A N
S L
I M
|
ZAGG
-
NASDAQ
Zagg Inc
SPECIALTY RETAIL - Specialty Retail, Other
|
$14.32
|
-0.70
-4.66% |
$15.55
|
5,413,222
366.58% of 50 DAV
50 DAV is 1,476,700
|
$15.85
-9.65%
|
6/1/2011
|
$10.92
|
PP = $10.59
|
|
MB = $11.12
|
Most Recent Note - 6/24/2011 3:32:08 PM
G - Pulling back today from the new all-time high hit on the prior session. It is extended from a sound base. Prior highs define initial support to watch on pullbacks. See the latest FSU analysis for more details and a new annotated graph.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/23/2011. Click here.
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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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You may opt-out of receiving report notifications
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