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AFTER MARKET UPDATE - THURSDAY, AUGUST 26TH, 2010
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Indices NYSE Nasdaq
DOW  -74.25 9,985.81 -0.74% Volume 1,045,328,870 -6% Volume 1,766,870,930 -13%
NASDAQ -22.85 2,118.69 -1.07% Advancers 1,067 34% Advancers 873 32%
S&P 500 -8.11 1,047.22 -0.77% Decliners 1,940 62% Decliners 1,772 64%
Russell 2000 -5.11 599.76 -0.84% 52 Wk Highs 113   52 Wk Highs 17  
S&P 600 -2.45 321.67 -0.76% 52 Wk Lows 38   52 Wk Lows 96  

Decliners Lead Advancers Times Two As Market Heads Lower

The major averages traded between positive and negative territory but closed lower after jobless claims fell and concern about Spain’s fiscal stability weighed on the market. Volume reported on the NYSE and the Nasdaq exchange fell on Thursday compared to Wednesday's levels which suggested that large institutions were not aggressively selling stocks. Decliners led advancers by approximately a 2-to-1 ratio on the NYSE and on the Nasdaq exchange. New 52-week highs outnumbered new 52-week lows on the NYSE but trailed new lows on the Nasdaq exchange. There were 10 high-ranked companies from the CANSLIM.net Leaders List made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, higher from the 6 issues that appeared on the prior session.

Before Thursday's open, the Labor Department said applications for jobless benefits slid by 31,000, more than forecast. The report helped allay concern that American employers are not aggressively cutting jobs as the economy slows. The report showed that jobless claims slid to -473,000 in the week ended August 21, 2010. However, shares came under pressure after a Spanish court voided 5.1 billion euros ($6.48 billion) in value-added tax collected in recent years. The move caught many people off guard and sparked concern that the ruling may reignite the European debt crisis. Fed Chairman Ben Bernanke is scheduled to discuss the Fed's outlook on the economy at Friday's annual symposium in Jackson Hole, Wyoming.

Thursday marked Day 2 of a new rally attempt which means that the earliest a possible follow-through day (FTD) could emerge will be Monday. However, if at anytime, Wednesday's lows (Day 1) are breached then the day count will be reset. The technical action in the major averages and the latest round of economic data bodes poorly for the market and the global recovery. Currently, resistance for the the major averages are their 50-day moving average (DMA) lines, then their longer term 200 DMA lines while support remains July's lows. It is also disconcerting to see weakness in the financial group while action in leading stocks has been questionable as evidenced by the dearth of high-ranked leaders breaking out of sound bases. This emphasizes the importance of remaining cautious until the rally is back in a confirmed uptrend. Put simply, we can expect this sideways/choppy action to continue until the market breaks out above resistance or below support. The first scenario will have bullish ramifications while the second will be clearly bearish. Trade accordingly.

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PICTURED: The Nasdaq Composite Index pulled back on lighter volume after a gain on Wednesday marked Day 1 of a new rally attempt.




Amid Widespread Group Weakness, Standout Gainer Was XAU

The Gold & Silver Index ($XAU +1.69%) was a standout gainer on Thursday while losses were otherwise unanimous across the list of industry indexes routinely tracked in this Industry Group Watch section.  The Broker/Dealer Index ($XBD -1.88%) and Bank Index ($BKX -0.71%) were unable to stop their worrisome erosion and the Retail Index ($RLX -0.96%) also was a negative influence.  The Semiconductor Index ($SOX -1.95%), Biotechnology Index ($BTK -1.48%), Internet Index ($IIX -0.56%), and Networking Index ($NWX -0.41%) ended with unanimous losses. The Healthcare Index ($HMO -0.90%) also was weak, and the energy group's Integrated Oil Index ($XOI -0.80%) and Oil Services Index ($OSX -0.97%) both drifted lower.

Charts courtesy www.stockcharts.com

PICTURED: The Semiconductor Index ($SOX -1.95%) is trading near its 2010 low.  The 3-year chart above shows the +141.5% rally from its late 2008 low to its April 2010 peak. The recent 50-day and 200-day moving average "death cross" is an ominous sign that suggests a negative bias for the near term.


Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  169.75 -1.66 -0.97% -12.91%
Healthcare $HMO  1,454.43 -13.26 -0.90% -1.26%
Integrated Oil $XOI  922.70 -7.46 -0.80% -13.62%
Semiconductor $SOX  315.23 -6.27 -1.95% -12.41%
Networking $NWX  225.10 -0.94 -0.41% -2.58%
Internet $IIX  244.75 -1.38 -0.56% +4.66%
Broker/Dealer $XBD  98.66 -1.89 -1.88% -14.25%
Retail $RLX  401.28 -3.90 -0.96% -2.39%
Gold & Silver $XAU  180.38 +2.99 +1.69% +7.21%
Bank $BKX  43.10 -0.31 -0.71% +0.91%
Biotech $BTK  1,050.09 -15.75 -1.48% +11.46%


Sinking Near Support Amid Distributional Pressure

Mercadolibre Inc (+$0.72 or +1.13% and $64.31) has endured distributional pressure, sinking near prior highs in the $62 area and its 50 DMA line defining chart support. The pullback may be offering investors a secondary buy point, however weakened market conditions (M criteria) are a concern now arguing against new buying effort until a new follow-through day occurs.


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
ABV - NYSE
Comp De Bebidas Adr
FOOD and BEVERAGE - Beverages - Brewers  
$106.61 -0.66
-0.62%

$108.04

508,540
77.04% of 50 DAV
50 DAV is 660,100
$112.60
-5.32%
6/29/2010 $104.74 PP = $109.33
MB = $114.80
Most Recent Note - 8/23/2010 12:32:25 PM
G - This Brazil-based beverage firm is perched near its all-time high. Color code was changed to green despite its recent resilience, as fundamental concerns were raised as for the quarter ended June 30, 2010 it reported +19% earnings on +16% sales revenues, below the +25% guidelines.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/18/2010. Click here.

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BIDU - NASDAQ
Baidu Inc Ads
INTERNET - Internet Information Providers  
$76.60 -1.70
-2.17%

$79.43

6,330,174
56.73% of 50 DAV
50 DAV is 11,159,400
$88.32
-13.27%
7/14/2010 $75.03 PP = $78.59
MB = $82.52
Most Recent Note - 8/26/2010 6:20:35 PM
G - Loss today on below average volume, yet slumping under prior highs and its 50 DMA line, raising concerns.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/13/2010. Click here.

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CACC - NASDAQ
Credit Acceptance Corp
FINANCIAL SERVICES - Credit Services  
$59.03 -0.36
-0.61%

$59.74

14,584
26.96% of 50 DAV
50 DAV is 54,100
$61.41
-3.88%
7/29/2010 $52.04 PP = $54.07
MB = $56.77
Most Recent Note - 8/24/2010 7:23:32 PM
G - Rebounded and closed in the upper half of its intra-day range again today. Extended from its prior base, previous resistance near $54 defines initial chart support to watch.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/2/2010. Click here.

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CRM - NYSE
Salesforce.Com Inc
INTERNET - Internet Software and Services  
$109.84 -2.35
-2.09%

$113.22

3,396,707
134.03% of 50 DAV
50 DAV is 2,534,200
$114.15
-3.78%
6/2/2010 $88.44 PP = $89.60
MB = $94.08
Most Recent Note - 8/26/2010 12:30:07 PM
G - It is extended from any sound base, still holding its ground stubbornly since gapping up on 8/20/10 for a considerable gain and new all-time high.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/16/2010. Click here.

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EGO - NYSE
Eldorado Gold Corp
METALS and MINING - Gold  
$19.22 +0.24
1.26%

$19.48

6,834,002
164.79% of 50 DAV
50 DAV is 4,147,100
$19.07
0.79%
8/19/2010 $18.25 PP = $19.17
MB = $20.13
Most Recent Note - 8/26/2010 12:32:37 PM
Y - Gapped up today and rallied above its pivot point after a solid gain with +48% above average volume on the prior session for this Canada-based mining firm. EGO was featured in the 8/19/10 mid-day report with a pivot point based on its 52-week high plus ten cents.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/19/2010. 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
FFIV - NASDAQ
F 5 Networks Inc
INTERNET - Internet Software and Services  
$87.66 +0.77
0.89%

$89.51

1,217,029
71.54% of 50 DAV
50 DAV is 1,701,200
$92.70
-5.44%
6/16/2010 $74.50 PP = $74.10
MB = $77.81
Most Recent Note - 8/25/2010 5:39:58 PM
G - After a small gap down today it managed a positive reversal. Recently noted as -"extended from any sound base after recent volume-driven gains, it could go on to produce more climactic gains."
>>> The latest Featured Stock Update with an annotated graph appeared on 8/4/2010. Click here.

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FOSL - NASDAQ
Fossil Inc
CONSUMER DURABLES - Recreational Goods, Other  
$44.85 +0.14
0.31%

$45.10

845,446
99.92% of 50 DAV
50 DAV is 846,100
$46.30
-3.13%
8/10/2010 $45.54 PP = $42.69
MB = $44.82
Most Recent Note - 8/24/2010 7:27:20 PM
Y - Holding its ground in a very tight trading range since its considerable "breakaway gap" on 8/10/10 for a new 52-week high and all-time high.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/11/2010. Click here.

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GMCR - NASDAQ
Green Mtn Coffee Roastrs
FOOD and BEVERAGE - Processed and Packaged Goods  
$30.44 -0.67
-2.15%

$31.20

2,408,227
103.40% of 50 DAV
50 DAV is 2,329,000
$33.98
-10.42%
8/17/2010 $33.62 PP = $33.30
MB = $34.97
Most Recent Note - 8/26/2010 6:25:46 PM
G - Down again on average volume today, pulling back near its 50 DMA line, forming a possible "handle" after the previously noted cup shaped pattern.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/17/2010. Click here.

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MELI - NASDAQ
Mercadolibre Inc
INTERNET - Internet Software and; Services  
$64.31 +0.72
1.13%

$65.76

884,740
86.01% of 50 DAV
50 DAV is 1,028,600
$70.95
-9.36%
5/13/2010 $54.21 PP = $55.85
MB = $58.64
Most Recent Note - 8/25/2010 2:17:11 PM
G - Considerable loss today with above average volume, sinking near prior highs in the $62 area and its 50 DMA line defining chart support. The pullback may be offering investors a secondary buy point, however weakened market conditions (M criteria) are a concern now arguing against new buying effort until a new follow-through day occurs.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/26/2010. Click here.

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MRX - NYSE
Medicis Pharmaceut Cl A
DRUGS - Biotechnology  
$26.37 -0.13
-0.49%

$26.86

986,769
88.16% of 50 DAV
50 DAV is 1,119,300
$28.15
-6.32%
8/12/2010 $26.88 PP = $26.71
MB = $28.05
Most Recent Note - 8/25/2010 6:02:46 PM
Y - Small gain today with above average volume. The high-ranked Medical - Ethical Drugs firm is consolidating near prior chart highs.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/12/2010. 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  
$53.07 -1.31
-2.41%

$55.08

84,766
107.57% of 50 DAV
50 DAV is 78,800
$55.46
-4.31%
7/29/2010 $52.05 PP = $52.09
MB = $54.69
Most Recent Note - 8/26/2010 6:28:26 PM
Y - Reversed from its all-time high and closed near today's session low. Recent lows in the $46 area define an important chart support level.
>>> The latest Featured Stock Update with an annotated graph appeared on 7/30/2010. Click here.

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NEM - NYSE
Newmont Mining Corp
METALS and MINING - Gold  
$59.44 +0.70
1.19%

$59.63

5,589,342
72.74% of 50 DAV
50 DAV is 7,684,200
$63.38
-6.22%
6/22/2010 $59.60 PP = $59.67
MB = $62.65
Most Recent Note - 8/25/2010 5:59:09 PM
G - Gain today with near average volume helped it rally to close just above its 50 DMA line again. Leadership in the Mining - Gold/Silver/Gems group (L criteria) is a nice reassurance.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/6/2010. Click here.

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NEOG - NASDAQ
Neogen Corp
DRUGS - Diagnostic Substances  
$28.65 -0.33
-1.14%

$29.07

59,289
72.04% of 50 DAV
50 DAV is 82,300
$30.39
-5.73%
7/22/2010 $27.19 PP = $27.87
MB = $29.26
Most Recent Note - 8/25/2010 5:09:49 PM
Y- Solid gain today and strong close near session high on average volume, rallying up from its 50 DMA line and prior highs in the $27 area defining important technical support.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/20/2010. Click here.

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NFLX - NASDAQ
Netflix Inc
SPECIALTY RETAIL - Music and Video Stores  
$125.84 +1.59
1.28%

$127.71

4,071,224
91.98% of 50 DAV
50 DAV is 4,426,000
$140.90
-10.69%
8/10/2010 $124.05 PP = $124.00
MB = $130.20
Most Recent Note - 8/25/2010 5:12:36 PM
G- Small gain today on light volume, bouncing back near its prior high of $124 noted as an important support level to watch. Color code was changed to green based on recent distributional action and its slump below its pivot point.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/10/2010. Click here.

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PAY - NYSE
Verifone Systems Inc
COMPUTER HARDWARE - Transaction Automation Systems  
$24.15 -0.17
-0.70%

$24.73

2,178,511
199.75% of 50 DAV
50 DAV is 1,090,600
$25.04
-3.54%
8/25/2010 $24.30 PP = $23.74
MB = $24.93
Most Recent Note - 8/26/2010 12:45:59 PM
Y - Pulling back to today after a gap up gain for a new 52-week high on the prior session following better than expected results. For the quarter ended July 31, 2010 its earnings per share rose +38% on +24% sales revenues versus the year ago period. Recent quarters showed strong earnings and sales revenues accelerating after a streak of negative comparisons. As noted in the 8/25/10 mid-day report (read here) when rising from a cup-with-handle base - "Long ago, based on disappointing fundamental news and very weak technical action, it was dropped from the Featured Stocks list on 12/3/2007 as it gapped down for a considerable loss after the company said it would restate its earnings for the past three quarters, with the added warning that revelations of deeper problems may follow. It has rebounded impressively and is now clear of overhead supply after a powerful technical breakout with 6 times average volume, however the M criteria is now arguing against new buying efforts until a new follow-through day occurs from at least one of the major averages."
>>> The latest Featured Stock Update with an annotated graph appeared on 12/18/2008. 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
ROVI - NASDAQ
Rovi Corp
COMPUTER SOFTWARE andamp; SERVICES - Security Software andamp; Services  
$42.05 -0.19
-0.45%

$42.66

457,790
39.86% of 50 DAV
50 DAV is 1,148,600
$44.96
-6.47%
6/3/2010 $38.70 PP = $40.16
MB = $42.17
Most Recent Note - 8/25/2010 5:21:34 PM
G - Positively reversed today and closed near the session high with a gain on light volume after initially gapping down under its 50 DMA line following the prior session's damaging loss with nearly 2 times average volume. Prior highs in the $40 area and its 50 DMA line define chart support.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/24/2010. Click here.

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SHOO - NASDAQ
Steven Madden Limited
CONSUMER NON-DURABLES - Textile - Apparel Footwear  
$35.05 -0.45
-1.27%

$35.73

310,133
72.24% of 50 DAV
50 DAV is 429,300
$40.98
-14.47%
8/5/2010 $39.55 PP = $41.08
MB = $43.13
Most Recent Note - 8/25/2010 5:44:38 PM
G - Posted a gain today on lighter volume to close just above its 50 DMA line. The next support is at its 200 DMA line and prior chart lows in the $30 area.
>>> The latest Featured Stock Update with an annotated graph appeared on 8/5/2010. Click here.

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SLW - NYSE
Silver Wheaton Corp
METALS and; MINING - Silver  
$22.06 +0.57
2.65%

$22.46

7,654,252
169.26% of 50 DAV
50 DAV is 4,522,200
$21.89
0.78%
8/25/2010 $21.40 PP = $21.99
MB = $23.09
Most Recent Note - 8/26/2010 1:01:47 PM

Y - Gapped up today, rallying to a new all-time high above the pivot point cited in the 8/25/10 mid-day report. Detailed analysis was included in the Featured Stock Update section of yesterday's After Market Update. It was noted - "No overhead supply remains to hinder its upward progress, yet the $21 area has been a stubborn resistance level. This Canada-based firm in the Mining - Gold/Silver/Gems industry had a downward turn in FY '08 earnings (A criteria has been noted as a concern). Current leadership in the group (L criteria) is helping most firms in the group show strength. Its 3 latest quarterly comparisons showed solid sales and earnings increases (good criteria) after 4 prior reports with negative comparisons versus the year ago period."

Silver Wheaton Corp (SLW) graph annotated by Kenneth J. Gruneisen  CANSLIM Certified


>>> The latest Featured Stock Update with an annotated graph appeared on 8/25/2010. Click here.

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VIT - NYSE
Vanceinfo Tech Inc Ads
COMPUTER SOFTWARE and SERVICES - Business Software and Services  
$27.44 +0.69
2.58%

$27.61

479,249
87.66% of 50 DAV
50 DAV is 546,700
$28.12
-2.42%
7/8/2010 $25.20 PP = $26.58
MB = $27.91
Most Recent Note - 8/26/2010 6:31:05 PM
Y - Gain today on light volume time after enduring recent distributional pressure. Still perched near all-time highs with no resistance remaining due to overhead supply. Found support near its 50 DMA line last week after enduring distributional pressure.
>>> The latest Featured Stock Update with an annotated graph appeared on 7/26/2010. Click here.

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WCRX - NASDAQ
Warner Chilcott Plc
DRUGS - Drug Manufacturers - Other  
$28.22 -0.38
-1.33%

$28.96

1,670,791
104.13% of 50 DAV
50 DAV is 1,604,600
$30.57
-7.69%
8/23/2010 $29.54 PP = $29.34
MB = $30.81
Most Recent Note - 8/25/2010 5:55:27 PM
Y - Loss today with above average volume led to a close below its pivot point. It was featured in yellow in the mid-day report on 8/23/10 (read here), rising from a cup shaped base formed since it was noted in the 5/06/10 mid-day report - "Earnings and sales revenues history has been below guidelines of the fact-based system, yet showed drastic increases in the quarter ended Dec 31, 2009. It encountered stubborn resistance in the $29 area since the high-ranked firm hailing from the Medical - Ethical Drugs industry was noted in a handful of Q4 2009 mid-day reports after announcing plans to buy Procter & Gamble Co's prescription drug business in a deal first announced 8/24/09." (Correction notice: Dec '10 references in prior notes should have been Dec '09)
>>> The latest Featured Stock Update with an annotated graph appeared on 8/23/2010. 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

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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