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AFTER MARKET UPDATE - WEDNESDAY, OCTOBER 7TH, 2020
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DOW |
+530.70 |
28,303.46 |
+1.91% |
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Volume |
878,971,575 |
-11% |
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Volume |
3,880,563,900 |
-11% |
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NASDAQ |
+209.19 |
11,363.79 |
+1.88% |
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Advancers |
2,171 |
73% |
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Advancers |
2,543 |
76% |
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S&P 500 |
+58.49 |
3,419.44 |
+1.74% |
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Decliners |
819 |
27% |
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Decliners |
800 |
24% |
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Russell 2000 |
+33.75 |
1,611.04 |
+2.14% |
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52 Wk Highs |
137 |
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52 Wk Highs |
152 |
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S&P 600 |
+13.23 |
908.49 |
+1.48% |
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52 Wk Lows |
23 |
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52 Wk Lows |
23 |
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The major indices have shown improvement and have resumed a market uptrend as leadership has improved. Disciplined investors carefully may buy leading stocks on a case-by-case basis. Always remain ready to reduce market exposure in the event of any more substantial market downdrafts.Today's Big Gainers
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Major Indices Rose But With Less Volume Conviction
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Dow jumped 530 points, while the S&P 500 rallied 1.7%. The Nasdaq Composite advanced 1.9%. The reported volume totals were lighter than the prior session on the NYSE and on the Nasdaq exchange, revealing less enthusiastic institutional buying. Breadth was positive as advancers led decliners by a 11-4 margin on the NYSE and more than 3-1 on the Nasdaq exchange. There were 79 high-ranked companies from the Leaders List that hit new 52-week highs and were listed on the BreakOuts Page, versus the total of 80 on the prior session. New 52-week highs totals expanded and easily outnumbered new 52-week lows totals on the NYSE and on the Nasdaq exchange. The major indices are in a confirmed uptrend (M criteria). New buying efforts may be justified in leading stocks on a case-by-case basis.
 PICTURED: The S&P 500 Index is consolidating just above its 50-day moving average (DMA) line. Recent technical improvement was coupled with an expansion in leadership (stocks hitting new 52-week highs).
Stocks ended firmly higher on Wednesday amid renewed hopes for additional fiscal stimulus. After halting talks for a broad bipartisan coronavirus relief bill on Tuesday, President Trump called for a piecemeal-style approach in providing additional government funding. The president signaled support for stand-alone bills that offered help to small businesses, the airline industry, and another round of stimulus checks.
In central bank news, the minutes from the September FOMC meeting showed policy makers debated on how to implement their new policy framework, which allows inflation to run above the 2% threshold. Fed officials noted that economic activity remained below pre-pandemic levels, but was better than their projections in June. The minutes also cautioned that the pace of the economic recovery could slow if fiscal stimulus was delayed. Treasuries weakened, with the yield on the 10-year note up five basis points to 0.79%. In commodities, WTI crude fell 1.7% to $40.00/barrel amid a surprise uptick in U.S. stockpiles. COMEX gold slipped 0.9% to $1883.60/ounce.
All 11 S&P 500 sectors finished in positive territory, with eight groups rising more than 1%. The Industrials sector was a notable outperformer, with American Airlines (AAL +4.31%) and United Airlines (UAL +4.30%) both gaining following President Trump’s call for aid. In corporate news, Boeing (BA +3.18%) rose after the Federal Aviation Administration unveiled their proposal for pilot-training requirements for the grounded 737 MAX jets. Netflix (NFLX +5.69%) rose after an analyst lifted their price target to a street high of $650. |
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.
Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities. |
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Retail, Financial, Tech and Commodity-Linked Groups Rose
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
The Retail Index ($RLX +2.66%) posted a solid gain and the Bank Index ($BKX +2.96%) and Broker/Dealer Index ($XBD +1.41%) both helped to boost the major indices. The Biotech Index ($BTK +2.64%) and Semiconductor Index ($SOX +2.13%) led the tech sector higher, followed by the Networking Index ($NWX +1.59%). Commodity-linked groups had a positive bias as the Oil Services Index ($OSX +0.98%) and Integrated Oil Index ($XOI +1.05%) both outpaced the Gold & Silver Index ($XAU +0.74%). PICTURED: The Broker/Dealer Index ($XBD +1.41%) found support near its 200-day moving average (DMA) line and rebounded above its 50 DMA line.
| Oil Services |
$OSX |
28.53 |
+0.28 |
+0.98% |
-63.55% |
| Integrated Oil |
$XOI |
607.00 |
+6.28 |
+1.05% |
-52.23% |
| Semiconductor |
$SOX |
2,329.61 |
+48.53 |
+2.13% |
+25.95% |
| Networking |
$NWX |
552.98 |
+8.66 |
+1.59% |
-5.22% |
| Broker/Dealer |
$XBD |
292.14 |
+4.07 |
+1.41% |
+0.61% |
| Retail |
$RLX |
3,463.66 |
+89.88 |
+2.66% |
+41.42% |
| Gold & Silver |
$XAU |
140.85 |
+1.04 |
+0.74% |
+31.73% |
| Bank |
$BKX |
78.57 |
+2.26 |
+2.96% |
-30.69% |
| Biotech |
$BTK |
5,554.37 |
+142.84 |
+2.64% |
+9.61% |
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Featured Stocks
Kenneth J. Gruneisen - Passed the CAN SLIM® Master's Exam
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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 |
ADBE
-
NASDAQ
Adobe Inc
COMPUTER SOFTWARE and SERVICES - Application Software
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$493.15
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+14.17
2.96% |
$493.98
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2,023,751
65.37% of 50 DAV
50 DAV is 3,096,000
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$536.88
-8.15%
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9/10/2020
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$488.46
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PP = $536.88
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MB = $563.72
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Most Recent Note - 10/5/2020 5:25:30 PM
G - Volume totals have been cooling while consolidating above its 50 DMA line ($473.85). More damaging losses below the 50 DMA would raise greater concerns. Faces near-term resistance due to overhead supply up to the $536 level. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Light Volume Loss Falling Near 50-Day Moving Average Line Again - 9/23/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
CRL
-
NYSE
Charles River Labs Intl
DRUGS - Biotechnology
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$237.35
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+3.97
1.70% |
$237.73
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302,341
94.78% of 50 DAV
50 DAV is 319,000
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$236.35
0.42%
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7/15/2020
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$192.66
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PP = $189.95
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MB = $199.45
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Most Recent Note - 10/5/2020 5:14:42 PM
G - Posted a big gain with -34% below average volume today for a new all-time high. Found prompt support at its 50 DMA line ($215.51) where any subsequent violation would raise concerns and trigger a technical sell signal. Raised fundamental concerns when it recently reported Jun '20 quarterly earnings -3% on +4% sales revenues, below the +25% minimum guideline (C criteria).
>>> FEATURED STOCK ARTICLE : Showed Resilience When Testing 50-Day Moving Average Line Again - 9/24/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
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C
A
S
I |
AMD
-
NASDAQ
Advanced Micro Devices
ELECTRONICS - Semiconductor - Broad Line
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$86.69
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+2.21
2.62% |
$87.79
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42,912,544
72.17% of 50 DAV
50 DAV is 59,462,000
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$94.28
-8.05%
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8/31/2020
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$90.42
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PP = $87.39
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MB = $91.76
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Most Recent Note - 10/5/2020 5:21:10 PM
G - Rebounding toward its prior high after finding prompt support near its 50 DMA line ($80.97). Any deterioration below the 50 DMA line and the recent low ($73.85 on 9/18/20) would raise greater concerns and trigger more worrisome technical sell signals. It has not formed a sound base of sufficient length and faces some resistance due to overhead supply up to the $94 level. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Rebound Above 50-Day Average With Light Volume Helped Stance - 9/28/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
TREX
-
NYSE
Trex Company Inc
MATERIALS and CONSTRUCTION - General Building Materials
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$75.65
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-0.40
-0.53% |
$78.00
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680,752
70.11% of 50 DAV
50 DAV is 971,000
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$78.61
-3.77%
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6/26/2020
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$54.53
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PP = $66.47
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MB = $69.79
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Most Recent Note - 10/5/2020 5:18:28 PM
G - Posted a 4th consecutive gain today with below average volume for a 2nd best ever close. Recently rebounding well above its 50 DMA line ($70.94) helping its outlook to improve. Any losses below the 50 DMA line or recent low ($63.32 on 9/21/20) would raise concerns and trigger technical sell signals. Do not be confused by the 2:1 share split effective 9/15/20 (Featured Price, Pivot Point, and Max Buy prices have been adjusted accordingly). Fundamentals remain strong. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : TREX Rebounded Above 50-Day Moving Average - 9/30/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
NFLX
-
NASDAQ
Netflix Inc
SPECIALTY RETAIL - Music and Video Stores
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$534.66
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+28.79
5.69% |
$536.49
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7,975,536
141.06% of 50 DAV
50 DAV is 5,654,000
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$575.37
-7.08%
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9/1/2020
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$547.45
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PP = $575.47
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MB = $604.24
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Most Recent Note - 10/7/2020 12:51:25 PM
G - Rebounding toward its prior high ($557 on 9/01/20) which may act as resistance. Consolidating above its 50 DMA line ($498) and above the recent low ($458.60 on 9/18/20). Those levels define important near term support where any further deterioration would raise more serious concerns and trigger technical sell signals.
>>> FEATURED STOCK ARTICLE : Quiet Rebound Meeting Resistance at 50-Day Moving Average - 9/29/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
Request a new note
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 |
LGIH
-
NASDAQ
L G I Homes Inc
Bldg-Resident/Comml
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$122.02
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-0.56
-0.46% |
$126.65
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305,115
103.78% of 50 DAV
50 DAV is 294,000
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$131.95
-7.53%
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10/1/2020
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$123.17
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PP = $124.04
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MB = $130.24
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Most Recent Note - 10/6/2020 9:07:12 PM
Y - Pulled back today after 4 consecutive gains into new high territory. Color code was recently changed to yellow with new pivot point cited based on its 8/04/20 high plus 10 cents. Subsequent gains above the pivot point backed by at least +40% above average volume are still needed to trigger a new (or add-on) technical buy signal. Recent rebound above its 50 DMA line ($113.76) helped its outlook to improve. Any losses below the 50 DMA line and latest low ($101.30 on 9/21/20) would raise greater concerns and trigger worrisome technical sell signals. Reported Jun '20 quarterly earnings +21% on +4% sales revenues, breaking a streak of 4 comparisons above the +25% minimum guideline (C criteria).
>>> FEATURED STOCK ARTICLE : New Base Formed by Strong Homebuilder - 10/1/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
NOW
-
NYSE
Servicenow Inc
Computer Sftwr-Enterprse
|
$500.00
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+8.46
1.72% |
$504.21
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857,818
53.68% of 50 DAV
50 DAV is 1,598,000
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$502.63
-0.52%
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8/20/2020
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$453.34
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PP = $454.79
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MB = $477.53
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Most Recent Note - 10/5/2020 5:16:49 PM
G - Posted a gain today with light volume for a best-ever close. Found support at its 50 DMA line ($457.50) but did not form a new base of sufficient length. Fundamentals remain strong. Any losses below the 50 DMA line and prior low ($432.85 on 9/08/20) would raise concerns and trigger technical sell signals.
>>> FEATURED STOCK ARTICLE : Gain Back Above "Max Buy" Level for ServiceNow - 9/25/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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C
A
S
I |
VEEV
-
NYSE
Veeva Systems Inc Cl A
Computer Sftwr-Medical
|
$287.41
|
+1.53
0.54% |
$290.82
|
540,927
68.91% of 50 DAV
50 DAV is 785,000
|
$298.76
-3.80%
|
10/6/2020
|
$287.71
|
PP = $298.86
|
|
MB = $313.80
|
Most Recent Note - 10/6/2020 9:05:42 PM
Y - Color code was changed to yellow with new pivot point cited based on its 9/02/20 high plus 10 cents. Found support at its its 50 DMA line ($269.66) while forming a 5-week flat base. Subsequent gains above the pivot point backed by at least +40% above average volume may trigger a technical buy signal. Any losses below the 50 DMA line and recent lows would raise concerns and trigger technical sell signals. Reported earnings +31% on +33% sales revenues for the Jul '20 quarter versus the year ago period. Three of the past 4 quarterly comparisons were above the +25% minimum earnings guideline (C criteria). See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : First Sound Base Being Built After Considerable Rally - 10/6/2020 |
View all notes |
Set NEW NOTE alert |
Company Profile |
SEC
News |
Chart |
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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,
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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