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AFTER MARKET UPDATE - MONDAY, DECEMBER 30TH, 2019
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Indices NYSE Nasdaq
DOW  -183.12 28,462.14 -0.64% Volume 690,993,070 +12% Volume 2,047,621,360 +13%
NASDAQ -60.63 8,945.99 -0.67% Advancers 1,258 44% Advancers 1,322 42%
S&P 500 -18.73 3,221.29 -0.58% Decliners 1,630 56% Decliners 1,845 58%
Russell 2000 -4.88 1,664.15 -0.29% 52 Wk Highs 97   52 Wk Highs 114  
S&P 600 -0.85 1,018.02 -0.08% 52 Wk Lows 15   52 Wk Lows 37  

Higher Volume as Indices Pulled Back With Less Leadership

The S&P 500 fell 0.6%, though still remains on pace for its best year since 2013. The Dow lost 183 points, while the Nasdaq Composite slipped 0.7%. Decliners led advancers by a 4-3 margin on the NYSE and nearly 3-2 on the Nasdaq exchange. The volume totals were higher than the prior session's totals on the NYSE and on the Nasdaq exchange. There were 42 high-ranked companies from the Leaders List that hit a new 52-week high and were listed on the BreakOuts Page, versus the total of 61 on the prior session. New 52-week highs totals contracted yet easily outnumbered new 52-week lows totals on the NYSE and on the Nasdaq exchange. The major indices (M criteria) are in a "confirmed uptrend" after enduring distributional pressure in recent weeks. The Featured Stocks Page provides the most timely analysis on high-ranked leaders.

Charts used courtesy of www.stockcharts.com

PICTURED: The S&P 500 Index is perched at its record high. 

Stocks dropped from record levels on Monday, with trading volume more than 30% below the 100-day moving average, according to Bloomberg. The recent equity rally paused as investors engaged in profit-taking on the penultimate trading day of the year. 

Monday’s losses were despite a report from Beijing indicating that a Chinese trade delegation would visit Washington this weekend to sign the “phase one” accord. However, there was no official confirmation from either side.

Treasuries weakened, with the yield on the benchmark 10-year note up one basis point to 1.88%. The government yield curve steepened, with the spread between two- and 10-year rates widening the most since October 2018. Elsewhere, the U.S. dollar declined to its lowest level since July. In commodities, WTI crude pared an early session gain to add just 0.1% to $61.75/barrel.

All 11 S&P 500 sectors closed in negative territory. The Communication Services group led decliners, while the often cited “FAANG” cohort fell 1%. Technology stocks also lagged, though the sector remains on track for its best annual performance in a decade, up more than 47%.

On the data front, pending home sales rebounded 1.2% in November, while another report showed the advance goods trade deficit unexpectedly narrowed to its smallest since 2016. Separately, Chicago PMI for this month revealed economic activity improved in the Midwest, while the Dallas Fed’s Manufacturing Activity Index weakened in December.


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.


Commodity-Linked Groups Had a Positive Bias

The Bank Index ($BKX -0.38%) and the Broker/Dealer Index ($XBD -0.27%) posted modest losses while the Retail Index ($RLX -0.78%) suffered a larger loss. The tech sector was dragged lower by the Biotech Index ($BTK -1.15%) and the Semiconductor Index ($SOX -0.76%) while the Networking Index ($NWX -0.26%) also edged lower. Commodity-linked groups had a positive bias as the Gold & Silver Index ($XAU +1.94%) and Oil Services Index ($OSX +1.16%) rose, but the Integrated Oil Index ($XOI -0.36%) finished slightly lower.
Charts courtesy of www.stockcharts.com

PICTURED: The Oil Services Index ($OSX +1.16%) has recently rebounded above its 200-day moving average (DMA) line.

Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  79.45 +0.91 +1.16% -1.43%
Integrated Oil $XOI  1,259.26 -4.52 -0.36% +8.64%
Semiconductor $SOX  1,844.39 -14.20 -0.76% +59.66%
Networking $NWX  582.04 -1.51 -0.26% +19.11%
Broker/Dealer $XBD  290.21 -0.79 -0.27% +22.28%
Retail $RLX  2,446.83 -19.25 -0.78% +25.39%
Gold & Silver $XAU  107.17 +2.04 +1.94% +51.67%
Bank $BKX  113.09 -0.43 -0.38% +31.82%
Biotech $BTK  5,048.91 -58.54 -1.15% +19.62%


Touched a New HIgh With Gains Backed by Light Volume

Churchill Downs Inc (CHDN +$1.08 or +0.79% to $137.26) posted a 3rd consecutive gain today with below average volume and managed its best-ever close after touching a new 52-week high. Its 50-day moving average (DMA) line ($130.63) defines near-term support. The Jun and Sep '19 quarterly earnings versus the year ago periods were both below the +25% minimum guideline (C criteria) and raised fundamental concerns.

It has shown resilience following damaging volume-driven losses after it reported Sep '19 earnings +4% on +38% sales revenues versus the year ago period, its 2nd consecutive quarterly comparison below the +25% minimum earnings guideline (C criteria). Fundamental concerns have been noted, yet it still has an Earnings Per Share Rating of 87. Annual earnings (A criteria) growth has been strong since a downturn in FY '14. 

The L criteria of the fact-based investment system guides investors toward buying leading stocks that are in leading industry groups. The Leisure - Gaming/Equipment industry group has a Group Relative Strength Rating of B+.

CHDN was highlighted in yellow in the 10/08/19 mid-day report (read here) and it was last shown in this FSU section on 12/09/19 with an annotated graph under the headline, "Met Resistance After Rebounding Near Prior High". 

The number of top-rated funds owning its shares rose from 333 in Jun '17 to 457 in Sep '19, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.3 is an unbiased indication its shares have been under accumulation over the past 50 days. It has a small supply of 39.8 million shares (S criteria) outstanding following a 3:1 split effective 1/28/19, and this small supply can contribute to greater price volatility in the event of institutional buying or selling.

Charts courtesy of www.stockcharts.com


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
StockCharts.com Latest Chart for MLR MLR - NYSE
Miller Industries Inc
AUTOMOTIVE - Auto Parts  
$37.39 +0.20
0.54%

$37.52

43,549
92.66% of 50 DAV
50 DAV is 47,000
$38.18
-2.07%
9/24/2019 $34.00 PP = $35.36
MB = $37.13
Most Recent Note - 12/27/2019 5:34:15 PM
G - Still hovering near its 52-week high and just above its "max buy" level. Prior highs in the $35 area define initial support along with its 50 DMA line ($35.74). Resilient after reporting Sep '19 earnings which were below the fundamental guidelines of the fact-based investment system. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Towing/Recovery Equipment Firm Remains Perched Near Record High - 12/27/2019
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for CCBG CCBG - NASDAQ
Capital City Bk Gp
BANKING - Regional - Mid-Atlantic Banks  
$30.57 +0.22
0.72%

$30.95

33,210
75.48% of 50 DAV
50 DAV is 44,000
$30.88
-1.00%
12/16/2019 $30.07 PP = $30.95
MB = $32.50
Most Recent Note - 12/26/2019 11:53:30 AM
Y - Perched within close striking distance of its 52-week high, recently meeting resistance. Subsequent gains and a strong close above the new pivot point cited based on its 11/06/19 high plus 10 cents may trigger a new (or add-on) technical buy signal. Found support at its 50 DMA line ($29.20) during its orderly consolidation.
>>> FEATURED STOCK ARTICLE : Found Support at 50-Day Moving Average - 12/10/2019
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for FTNT FTNT - NASDAQ
Fortinet Inc
Computer Sftwr-Security  
$106.95 -0.50
-0.47%

$107.89

594,859
43.33% of 50 DAV
50 DAV is 1,373,000
$110.28
-3.02%
12/9/2019 $103.85 PP = $106.10
MB = $111.41
Most Recent Note - 12/30/2019 6:27:03 PM
Y - Volume totals have been cooling while stubbornly holding its ground near its 52-week high. Confirming gains above the pivot point backed by at least +40% above average volume are needed to trigger a convincing technical buy signal. Its 50 DMA line ($98.09) and prior high in the $97 area define important near-term support to watch.
>>> FEATURED STOCK ARTICLE : Endured Distributional Pressure While Perched at High - 12/23/2019
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for SPSC SPSC - NASDAQ
S P S Commerce Inc
COMPUTER SOFTWARE and SERVICES - Application Software  
$55.34 -0.77
-1.37%

$56.25

216,623
108.31% of 50 DAV
50 DAV is 200,000
$59.14
-6.43%
11/29/2019 $56.59 PP = $59.24
MB = $62.20
Most Recent Note - 12/26/2019 5:25:46 PM
Y - Still perched -4.5% off its all-time high. Subsequent gains above its pivot point backed by at least +40% above average volume are needed to trigger a new technical buy signal. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Perched Within Close Striking Distance of 52-Week High - 12/20/2019
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for AUDC AUDC - NASDAQ
Audiocodes Ltd
ELECTRONICS - Scientific and Technical Instrum  
$25.08 -0.09
-0.36%

$25.38

165,454
61.74% of 50 DAV
50 DAV is 268,000
$26.00
-3.54%
9/13/2019 $19.68 PP = $19.84
MB = $20.83
Most Recent Note - 12/30/2019 6:21:42 PM
G - Perched at its all-time high, stubbornly holding its ground very extended from the previously noted base. Prior highs in the $22 area define support along with its 50 DMA line ($22.78). Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Reversed Into Red After Hitting Yet Another New High - 12/13/2019
 |  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
StockCharts.com Latest Chart for CHDN CHDN - NASDAQ
Churchill Downs Inc
LEISURE - Gaming Activities  
$137.26 +1.08
0.79%

$137.47

174,961
63.62% of 50 DAV
50 DAV is 275,000
$137.42
-0.12%
10/8/2019 $129.77 PP = $132.83
MB = $139.47
Most Recent Note - 12/30/2019 6:23:21 PM
G - Posted a 3rd consecutive gain today with light volume while hitting a new 52-week high. Its 50 DMA line ($130.63) defines near-term support above the prior low ($121.81 on 11/07/19) The Jun and Sep '19 quarterly earnings versus the year ago periods were both below the +25% minimum guideline (C criteria) and raised fundamental concerns. See the latest FSU analysis for more details and a new annotated graph.
>>> FEATURED STOCK ARTICLE : Touched a New HIgh With Gains Backed by Light Volume - 12/30/2019
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for LULU LULU - NASDAQ
Lululemon Athletica
MANUFACTURING - Textile Manufacturing  
$230.83 +0.81
0.35%

$231.75

1,204,126
58.91% of 50 DAV
50 DAV is 2,044,000
$235.50
-1.98%
9/6/2019 $201.25 PP = $194.35
MB = $204.07
Most Recent Note - 12/30/2019 6:28:24 PM
G - Extended from any sound base, and its 50 DMA line ($217) defines near-term support above the prior high ($209). Recently reported earnings +28% on +23% sales revenues for the Oct '19 quarter.

>>> FEATURED STOCK ARTICLE : Retreated From High After Another Strong Earnings Report - 12/17/2019
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for CPRT CPRT - NASDAQ
Copart Inc
SPECIALTY RETAIL - Auto Dealerships  
$90.86 +0.04
0.04%

$91.29

1,204,487
64.62% of 50 DAV
50 DAV is 1,864,000
$92.41
-1.68%
9/5/2019 $79.13 PP = $79.84
MB = $83.83
Most Recent Note - 12/26/2019 11:43:54 AM
G - Consolidating in a tight range well above its 50 DMA line ($86.17) which defines near-term support. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Extended From Prior Base and Hovering Near Record High - 12/12/2019
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for NMIH NMIH - NASDAQ
N M I Holdings Inc Cl A
Finance-MrtgandRel Svc  
$32.99 -0.58
-1.73%

$33.79

471,791
93.42% of 50 DAV
50 DAV is 505,000
$35.79
-7.82%
11/8/2019 $32.89 PP = $31.44
MB = $33.01
Most Recent Note - 12/26/2019 11:42:29 AM
G - Consolidating above its "max buy" level. Its 50 DMA line ($32.09) and prior highs in the $30-31 area define important near-term support. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Hit New High But Encountered Distributional Pressure - 12/19/2019
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for SPLK SPLK - NASDAQ
Splunk Inc
Computer Sftwr-Database  
$148.95 -2.56
-1.69%

$151.30

1,008,127
49.35% of 50 DAV
50 DAV is 2,043,000
$153.66
-3.07%
11/25/2019 $147.79 PP = $142.16
MB = $149.27
Most Recent Note - 12/30/2019 6:30:50 PM
Y - Color code is changed to yellow while consolidating just below its "max buy" level with losses on light volume. Prior highs in the $142-143 area define initial support to watch on pullbacks.
>>> FEATURED STOCK ARTICLE : Consolidating Above Prior Highs Following Impressive Rally - 12/16/2019
 |  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
StockCharts.com Latest Chart for PAYC PAYC - NYSE
Paycom Software Inc
COMPUTER SOFTWARE and SERVICES - Application Software  
$262.42 -6.47
-2.41%

$268.79

483,277
87.08% of 50 DAV
50 DAV is 555,000
$279.95
-6.26%
11/20/2019 $252.97 PP = $259.81
MB = $272.80
Most Recent Note - 12/30/2019 6:29:35 PM
Y - Still consolidating above its pivot point and below its "max buy" level. Fundamentals remain strong.
>>> FEATURED STOCK ARTICLE : Consolidating Near Prior Highs Which Define Initial Support - 12/11/2019
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for BLD BLD - NYSE
Topbuild Corp
Bldg-Constr Prds/Misc  
$102.75 -0.09
-0.09%

$102.87

176,981
59.59% of 50 DAV
50 DAV is 297,000
$113.74
-9.66%
12/9/2019 $109.71 PP = $113.84
MB = $119.53
Most Recent Note - 12/30/2019 6:32:22 PM
G - A rebound above its 50 DMA line ($105.87) still is needed for its outlook to improve.
>>> FEATURED STOCK ARTICLE : Recent Slump Below 50-Day Moving Average Did Technical Damage - 12/24/2019
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 
StockCharts.com Latest Chart for GLOB GLOB - NYSE
Globant SA
Computer-Tech Services  
$106.10 -1.84
-1.70%

$107.19

122,381
44.02% of 50 DAV
50 DAV is 278,000
$112.33
-5.55%
11/14/2019 $106.87 PP = $112.43
MB = $118.05
Most Recent Note - 12/27/2019 5:39:03 PM
G - Perched only -3.9% off its 52-week high. Subsequent gains above the pivot point backed by at least +40% above average volume are needed to trigger a technical buy signal. Its 50 DMA line ($100) defines important near-term support to watch on pullbacks. Fundamentals remain strong. See the latest FSU analysis for more details and an annotated graph.
>>> FEATURED STOCK ARTICLE : Rebound Has Globant Perched Within Striking Distance of High - 12/26/2019
 |  View all notes | Set NEW NOTE alert | Company Profile | SEC News | Chart | Request a new note C A  S  I 

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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Kenneth J. Gruneisen founded Gruneisen Growth Corp. (2003), which prior to May 11, 2015, operated CANSLIM.net and CANSLIM.com both under license from Data Analysis Inc. / Investor's Business Daily. Kenneth has passed the CAN SLIM® Master's Exam. Gruneisen Growth Corp. now continues over two decades of fact based market analysis via FactBasedInvesting.com.

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