Quiet Riot

BUYER’S EDGE

Sector rotation still in effect as technology names see some institutional selling. The election may be loudly contested, yet the market stayed mostly subdued.

INDEXWEEKCLOSECHANGE% CHANGEYTD %
DJIA29263.48-216.33-0.72.5
Nasdaq11854.9725.680.232.1
S&P 5003557.54-27.61-0.810.1
Russell 20001785.3441.302.47.0
Weekly Advancing/Declining Volume NYSE: 1.6, NASDAQ: 2.1 
Accumulation/Distribution Count, 20 DaysS&P 500: 4/3, NASDAQ: 5/5  
Weekly Advances/Declines, IssuesNYSE: 2.7, NASDAQ: 2.2  
New HighsNYSE:   377 (-13%), NASDAQ: 492  (-11%)
New LowsNYSE:  25 (-38%), NASDAQ: 54 (-19%)
SYMBOLNAME% CHG40EMACHART
XLEENERGY5.7Second week of rallying brings it to the 40EMA, but still a downtrend.
XLBMATERIALS1.09Pullback from new high last week. 
XLIINDUSTRIAL1.05Inches up to new high for second week in a row. 
XLFFINANCIAL0.55Convincingly above 40EMA, 15% off high. 
XLYCONSUMER DISC0.16Pullback from new high last week. 
XLCCOMMUNICATIONS SRVCS-0.36Pullback in handle of 10-week base.
XLKTECHNOLOGY-0.9Pullback in handle of 10-week base.
XLREREAL ESTATE-1.52Pullback in handle of 9-mo. base.
XLPCONSUMER STAPLES-1.53Fades from new high. 
XLVHEALTH CARE-2.96Pullback from new high last week. 
XLUUTILITIES-3.86Pullback in handle of 9-mo. base.

WHAT’S GOING ON

 Big Tech leadership continues to fade. 

  • Apple (AAPL, -1.61%), 
  • Microsoft (MSFT, -2.57%), and 
  • Facebook (FB, -2.62%) have narrowed their +two-month ranges. 
  • Alphabet (GOOG, -1.96%) bucked the trend as it hit a new high.  

Key Industry Action

  • Three-year base breakout in resorts and casinos, apparel manufacturers, apparel stores, personal services, drug manufacturers.
  • Home furnishings, medical devices new high.
  • Business services breakout.
  • Security and Protection, RV’s, beverages in cup and handle.
  • Luxury goods, right side of base.
  • Copper new high.
  • Medical distribution base breakout.

GSRTRADES

These are the stocks in breakout mode that meet the strict criteria for Growth Stock Trades.

These top names are leadership and will help determine the success of others on our Bases and Lower Bases lists. Strong representation from biotech, cloud computing, stay at home, work at home, software and online retail. 

BREAKOUTS & PULLBACKS

TickerCompany NameTIERDEMANDIndustry
AAXNAxon Enterprise Inc4X++Aerospace & Defense
APPSDigital Turbine, Inc.3P++Internet Software/Services
AVLRAvalara Inc4X++Packaged Software
BERYBerry Global Group Inc4P+Containers/Packaging
BLFSBioLife Solutions, Inc.4X++Medical Specialties
BPMCBlueprint Medicines Corp.1P+Biotechnology
CDNACareDx, Inc.4X++Medical Specialties
CELHCelsius Holdings, Inc.1P++Beverages: Non-Alcoholic
CGCCanopy Growth Corporation3P++Agricultural Commodities/Milling
COWNCowen Inc Class A3P+Investment Banks/Brokers
CRDFCardiff Oncology, Inc.3X++Medical/Nursing Services
EXASExact Sciences Corporation1X++Biotechnology
FATEFate Therapeutics, Inc.1X++Biotechnology
FIVNFive9, Inc.4X++Information Technology Services
FOLDAmicus Therapeutics, Inc.4X++Biotechnology
FRHCFreedom Holding Corp.3P++Investment Banks/Brokers
FRPTFreshpet Inc4P++Food: Specialty/Candy
FSLRFirst Solar, Inc.4P+Electronic Components
FTCHFarfetch Limited Class A2X++Internet Software/Services
FUBOfuboTV Inc.1X++Movies/Entertainment
FUVArcimoto, Inc.1X++Motor Vehicles
GRBKGreen Brick Partners, Inc.4P++Homebuilding
GRWGGrowGeneration Corp.1P++Wholesale Distributors
HIHillenbrand, Inc.4XIndustrial Conglomerates
HTHHilltop Holdings Inc.4PRegional Banks
HUBSHubSpot, Inc.4X++Information Technology Services
IIPRInnovative Industrial Properties Inc1P++Real Estate Investment Trusts
IIVIII-VI Incorporated1X++Electronic Equipment/Instruments
IPHIInphi Corporation3X++Semiconductors
IRIngersoll Rand Inc.3X+Industrial Machinery
LOBLive Oak Bancshares, Inc.3P++Regional Banks
MELIMercadoLibre, Inc.3X++Internet Software/Services
MGNIMagnite, Inc.4X+Advertising/Marketing Services
MRNAModerna, Inc.1X++Biotechnology
MRTXMirati Therapeutics Inc.1X++Biotechnology
NETCloudflare Inc Class A4X++Information Technology Services
NOVASunnova Energy International Inc4X++Wholesale Distributors
NTLAIntellia Therapeutics, Inc.3X++Biotechnology
NTRNutrien Ltd.1PChemicals: Agricultural
NTRANatera, Inc.4X++Medical/Nursing Services
OCULOcular Therapeutix Inc1X++Pharmaceuticals: Major
OSBNorbord Inc.4P+Forest Products
PLANAnaplan, Inc.4X+Packaged Software
PLUGPlug Power Inc.3X++Electronic Components
QTWOQ2 Holdings, Inc.4X+Information Technology Services
RAREUltragenyx Pharmaceutical, Inc.1X++Biotechnology
RGENRepligen Corporation4P++Pharmaceuticals: Major
ROKURoku, Inc. Class A4X+Electronics/Appliances
RPDRapid7 Inc.4X+Information Technology Services
SBGISinclair Broadcast Group, Inc. Class A4XBroadcasting
SNAPSnap, Inc. Class A4X++Internet Software/Services
SQSquare, Inc. Class A1P++Information Technology Services
STNEStoneCo Ltd. Class A4P+Packaged Software
SWAVShockwave Medical, Inc.2X++Medical Specialties
TERTeradyne, Inc.4P+Electronic Production Equipment
TRUPTrupanion, Inc.4X++Specialty Insurance
TWSTTwist Bioscience Corp.4X++Biotechnology
ZZillow Group, Inc. Class C2X++Information Technology Services

Keep your profits,

Dan

GSRTrades November 15, 2020

BASES

TickerCompany NameTIERDemandIndustry
BMYBristol-Myers Squibb Company3X+Pharmaceuticals: Major
CNCCentene Corporation4P+Managed Health Care
COOPMr. Cooper Group, Inc.4P++Finance/Rental/Leasing
FVRRFiverr International Ltd.3X++Data Processing Services
GPNGlobal Payments Inc.2PData Processing Services
MRNAModerna, Inc.1X++Biotechnology
NTRNutrien Ltd.1PChemicals: Agricultural
PGNYProgyny, Inc.4P+Miscellaneous Commercial Services
PLANAnaplan, Inc.4X+Packaged Software
RDS.ARoyal Dutch Shell Plc Sponsored ADR Class A4PIntegrated Oil
SINASINA Corp.4PInternet Software/Services
WBWeibo Corp Sponsored ADR Class A2PInternet Software/Services
XPERXperi Holding Corporation3XSemiconductors

LOWER BASES

TickerCompany NameTIERDemandIndustry
ACLSAxcelis Technologies, Inc.4PElectronic Production Equipment
AGNCAGNC Investment Corp.1XReal Estate Investment Trusts
ALNYAlnylam Pharmaceuticals, Inc1X++Biotechnology
AMDAdvanced Micro Devices, Inc.4P++Semiconductors
AMZNAmazon.com, Inc.4P++Internet Retail
APPSDigital Turbine, Inc.3P++Internet Software/Services
AXNXAxonics Modulation Technologies, Inc.1X++Medical Specialties
AYXAlteryx, Inc. Class A4X+Packaged Software
BAMBrookfield Asset Management Inc. Class A2PInvestment Managers
CHGGChegg, Inc.4X++Miscellaneous Commercial Services
CHWYChewy, Inc. Class A4X++Internet Retail
CNQCanadian Natural Resources Limited4POil & Gas Production
CODXCo-Diagnostics, Inc.1P++Biotechnology
COUPCoupa Software, Inc.4X++Packaged Software
CRMsalesforce.com, inc.4P++Packaged Software
CRWDCrowdStrike Holdings, Inc. Class A1X++Packaged Software
CVNACarvana Co. Class A4X++Specialty Stores
DDOGDatadog Inc Class A2P++Packaged Software
DOCUDocuSign, Inc.4X++Packaged Software
DTDynatrace, Inc.4P++Packaged Software
EDITEditas Medicine, Inc.1X++Biotechnology
ESPREsperion Therapeutics, Inc.3XBiotechnology
ETSYEtsy, Inc.1P++Miscellaneous Commercial Services
EXPIeXp World Holdings, Inc.3P++Financial Conglomerates
FLGTFulgent Genetics, Inc.1P++Medical/Nursing Services
FLWS1-800-FLOWERS.COM, Inc. Class A4P++Internet Retail
FSLYFastly, Inc. Class A4X++Information Technology Services
GRUBGrubhub, Inc.4X++Specialty Stores
HZNPHorizon Therapeutics Public Limited Company3P++Pharmaceuticals: Other
KPTIKaryopharm Therapeutics, Inc.2X+Biotechnology
MPWMedical Properties Trust, Inc.4PReal Estate Investment Trusts
NLSNautilus Inc3P++Recreational Products
NVAXNovavax, Inc.1X++Biotechnology
NVDANVIDIA Corporation4P++Semiconductors
OSTKOverstock.com, Inc.3P++Internet Retail
PBAPembina Pipeline Corporation4POil & Gas Pipelines
PRPLPurple Innovation, Inc.4X++Miscellaneous
PTONPeloton Interactive, Inc. Class A1P++Other Consumer Services
QDELQuidel Corporation1P++Medical Specialties
RNGRingCentral, Inc. Class A4X++Packaged Software
ROKURoku, Inc. Class A4X++Electronics/Appliances
RPAYRepay Holdings Corp. Class A4X++Miscellaneous Commercial Services
SGENSeagen, Inc.1P++Biotechnology
SHOPShopify, Inc. Class A3P++Internet Retail
SPWHSportsman's Warehouse Holdings, Inc.3P++Specialty Stores
SWBISmith & Wesson Brands, Inc.3X++Aerospace & Defense
TBIOTranslate Bio, Inc.1X++Biotechnology
TDOCTeladoc Health, Inc.3X++Hospital/Nursing Management
TEAMAtlassian Corp. Plc Class A4X++Packaged Software
TFCTruist Financial Corporation3PRegional Banks
TWLOTwilio, Inc. Class A4X++Packaged Software
TWOU2U, Inc.4X++Packaged Software
VEEVVeeva Systems Inc Class A4P++Packaged Software
VIRVir Biotechnology, Inc.2P++Biotechnology
VIRTVirtu Financial, Inc. Class A2P++Investment Banks/Brokers
VLDRVelodyne Lidar Inc.1X++Semiconductors
VRTXVertex Pharmaceuticals Incorporated4P+Biotechnology
WWayfair, Inc. Class A4X++Internet Retail
WIXWix.com Ltd.4X++Information Technology Services
WKHSWorkhorse Group Inc.1X++Auto Parts: OEM
WORKSlack Technologies, Inc. Class A4X+Packaged Software
WTRGEssential Utilities, Inc.4PWater Utilities
ZGNXZogenix, Inc.1XPharmaceuticals: Other
ZMZoom Video Communications, Inc. Class A1P++Packaged Software
ZSZscaler, Inc.4X++Packaged Software

Rotation

BUYER’S EDGE
Trend’s still up until it’s not.

Big tech names sold off as value stocks were bid higher on the heels of the presidential election results. You’ve gotta go with what you see instead of what should be. 

INDEXWEEKCLOSECHANGE% CHANGEYTD %
DJIA29479.811156.414.13.3
Nasdaq11829.29-65.94-0.631.8
S&P 5003585.1575.712.211.0
Russell 20001744.0499.886.14.6

Monday’s massive rally lost it’s steam by the end of the day as the S&P 500 closed 1.7% off its high on heavy volume. This mark will serve as resistance, while the 50-day moving average serves as support below.  

Well above average volume makes for a convincing bullish argument. But watch the distribution on the Nasdaq. Market tops are a process more than they are an event. 

Weekly Advancing/Declining Volume NYSE: 1.6, NASDAQ: 1.3
Accumulation/Distribution Count, 20 DaysS&P 500: 4/3, NASDAQ:  4/5
Weekly Advances/Declines, IssuesNYSE: 4.1, NASDAQ:  2.6
New HighsNYSE:   431 (+67%), NASDAQ:  552 (+50%)
New LowsNYSE:  40 (-55%), NASDAQ: 67 (-53%)

We’re heading into traditionally strong time of year. We’re also seeing a lot of short covering. 

Market leadership may be shifting. Let’s watch for new top names to set themselves apart from the pack. So far, we’re seeing healthcare names setup really nicely. 

News from Pfizer (PFE, +6.1%) and BioNTech (BNTX, +15.22%) with their COVID vaccine reportedly more than 90% effective in trials could be a game changer for the economy.

Is this the end of the stay-at-home Covid economy? We’ve seen heavy selling in names like Teledoc (TDOC, -11.19%) and eSports ETF (ESPO, -4.86%), to name just a couple tracked here.  

Consumer spending is strong as evident with small caps having a massive week as the R2K shot 6% higher with Q3 earnings from the S&P 600 topped expectations by 50%. 

TOP DOWN, SECTOR PRICE ACTION & NEWS ANALYSIS

SYMBOLNAME% CHG40EMACHART
XLEEnergy Sector Fund17.11Bucks a downtrend for the week with a powerful move, but still remains in a larger, two-year downtrend. 
XLFFinancial Sector Fund8.29Shot convincingly above its four-month range. Lots of overhead resistance to cool its jets at these levels. 
XLIIndustrial Sector Fund5.43New high, trend up. 
XLREReal Estate Sector Fund5.28Shot convincingly above its four-month range. Lots of overhead resistance to cool its jets at these levels. 
XLPConsumer Staples Sector Fund3.75New high, trend up.
XLUUtilities Sector Fund3.06Approaching new high as it carves the right side of a base.  
XLVHealth Care Sector Fund2New high, trend up.
XLBMaterials Sector Fund1.49New high, trend up.
XLCCommunication Services Sector Fund0.64Approaching new high as it carves the right side of a base.  
XLYConsumer Discretionary Sector Fund0.45New high, trend up.
XLKTechnology Sector Fund-0.31Approaching new high as it carves the right side of a base.  

 Big Tech leadership has cooled. 

 Apple (AAPL, +0.48%), Microsoft (MSFT, -3.22%), and Facebook (FB, -5.61%) have narrowed their +two-month ranges. 

Alphabet (GOOG, +0.87%) bucked the trend as it hit a new high.  

Semiconductors (SMH, -0.41%) closed lower after hitting a new high. We want to see the uptrend stick here as the broader market correlated well with its success. 

Healthcare (XLV, +2%) hit a new high. 

Lots of individual names breaking out and setting up in Biotech (IBB, +2.41%). This theme has been a driving part of this report for months. Nothing new to readers here. 

Cannabis (MJ, -4.32%) closed down for the week after a 27% upside charge last week.  The Biden administration could decriminalized Marijuana at a federal level, and potentially a move to full legalization. 

GSRTRADES

These are the stocks in breakout mode that meet the strict criteria for Growth Stock Trades.

These top names are leadership and will help determine the success of others on our Bases and Lower Bases lists. Strong representation from biotech, cloud computing, stay at home, work at home, software and online retail. 

BREAKOUTS & PULLBACKS

TickerCompany NameTIERDemandIndustry
CDNACareDx, Inc.4X++Medical Specialties
CGCCanopy Growth Corporation3P+Agricultural Commodities/Milling
CRDFCardiff Oncology, Inc.3X++Medical/Nursing Services
CYTKCytokinetics, Incorporated1X++Biotechnology
EXASExact Sciences Corporation1X++Biotechnology
FOLDAmicus Therapeutics, Inc.4X++Biotechnology
FRHCFreedom Holding Corp.3P++Investment Banks/Brokers
FSLRFirst Solar, Inc.4P++Electronic Components
GRWGGrowGeneration Corp.1P++Wholesale Distributors
IIVIII-VI Incorporated1X++Electronic Equipment/Instruments
IPHIInphi Corporation3X++Semiconductors
IRIngersoll Rand Inc.3X+Industrial Machinery
MDBMongoDB, Inc. Class A4X++Packaged Software
NETCloudflare Inc Class A4X++Information Technology Services
NOVASunnova Energy International Inc4X++Wholesale Distributors
NOWServiceNow, Inc.4P++Information Technology Services
NTLAIntellia Therapeutics, Inc.3X++Biotechnology
NTRANatera, Inc.4X++Medical/Nursing Services
OCULOcular Therapeutix Inc1X++Pharmaceuticals: Major
PINSPinterest, Inc. Class A4P++Internet Software/Services
PLUGPlug Power Inc.3X++Electronic Components
RDS.BRoyal Dutch Shell Plc Sponsored ADR Class B4PIntegrated Oil
SNAPSnap, Inc. Class A4X++Internet Software/Services
SQSquare, Inc. Class A1P++Information Technology Services
STNEStoneCo Ltd. Class A4P++Packaged Software
SWAVShockwave Medical, Inc.2X++Medical Specialties
TERTeradyne, Inc.4P+Electronic Production Equipment
XPELXPEL, Inc.4P++Automotive Aftermarket
ZZillow Group, Inc. Class C2X++Information Technology Services

Follow GSRTrades for setups of top names.

Stay safe,

Dan

Helmets Ready

Helmets Ready

BUYER’S EDGE

For the week, there little to suggest this bull market is done. Pullbacks on lighter volume across the sectors is exactly what buyers want to see. 

Election is a week from Tuesday. Get your helmets ready, there’s no telling what bombs may go off as politics heats up. 

Breadth and thrust trends remain Bullish.

Weekly Advancing/Declining Volume NYSE: 1.3, NASDAQ: 1.2
Accumulation/Distribution Count, 20 DaysS&P 500: 5/4, NASDAQ: 3/2
Weekly Advances/Declines, IssuesNYSE: 1.2, NASDAQ: 0.9
New HighsNYSE: 200 (-35%), NASDAQ: 245 (-37%)
New LowsNYSE: 76 (+27%), NASDAQ: 120 (+46%)

TOP DOWN, SECTOR PRICE ACTION & NEWS ANALYSIS

ETFNAME% CHG40WEMACHART
XLCCommunication Services Sector 2.19Trend up. 5% off 52-wk high. 
XLUUtilities Sector 1.17Trend up. 10% off 52-wk high. 
XLFFinancial Sector 1.04Rangebound. 24% off 52-wk high. 
XLEEnergy Sector 0.66Downtrend. 25% off 52-wk low. 
XLYConsumer Discretionary Sector 0.09Pullback. 2% off 52-wk high.
XLVHealth Care Sector -0.09Pullback. 2% off 52-wk high.
XLBMaterials Sector -0.41Pullback. 2% off 52-wk high.
XLIIndustrial Sector -0.53Pullback. 5% off 52-wk high.
XLPConsumer Staples Sector -1.18Pullback. 3% off 52-wk high.
XLREReal Estate Sector -1.33Rangebound. 30% off 52-wk low,
XLKTechnology Sector -2.21Pullback. 8% off 52-wk high.

Look for Financials to trend higher to validate the bull.

Higher bond yields made headlines as Financials ETF (XLF, %), as Regional Banks (KRE, Retail ETF (XRT, +8%) soared higher along with the bigger Banks (KBE, +6.43%)

JPMogan (JPM, +2.27%) is entering the mobile payments business, allowing customers to charge credit cards with a contactless reader. The space was pioneered by Square (SQ, -5.14%) and PayPal (PYPL, -0.69%), who announced it will be allowing its customers to buy and well with cryptocurrencies like bitcoin. 

A pause in Big Tech leadership threatens to pull it all down. This sector is the relative strength king since the rally off the March lows.  

The Technology (XLK, -2.21%) was the biggest losing sector of the week as Apple (AAPL, -3.34%) pulled back on lighter volume amidst uncertainty over iPhone 12 release date and earnings guidance. Microsoft (MSFT, -1.56%) trades in like fashion. 

Watch the 50-day moving averages for support, as it would be typical to see some type of high-volume battle here. 

Semiconductors (SMH, -0.10%) are holding a nice, tight pull back to its up trending 20-DMA. Strength here is always good for the market in general. 

Communication Services (XLC, +0.75%) was the strongest sector for the week. 

Facebook (FB, +7%) will report earnings Thursday, and is expected to report strong ad revenue like its peers. Meanwhile, Alphabet (GOOG, +4.32%) said it will fight back against antitrust suits filed against it in 11 states. 

Netflix (NFLX, -1.60%) added 2.2 million subscribers for the third quarter, well below the 16 million and 10 million in the first and second quarters. 

Snap (SNAP, +55%) soared above its 2017 IPO price for a base breakout on news of higher revenue. The Internet Content industry fired up over the news, with Pinterest (PINS, +20.29%), Twitter (TWTR, +10%) and Spotify (SPOT, +8%,) 

Tesla (TSLA, -4.33%) is holding its base after saying it was on target to sell half a million cars this year. The electric car maker has been profitable for five quarters in a row. Production is in the works for its self-driving taxis. 

Healthcare (XLV, -0.09%) was quiet as Biotech (IBB, -2.30%) retreated for the second week in a row. CRISPR Therapeutics (CRSP, -15.64%) had a major about face on heavy selling, no news. 

Gilead Sciences (GILD, -1.95%) hit a seven-year low as its Covid-19 treatment drug remdesivir approved by the FDA. Not good. 

GSRTRADES

These are the stocks in breakout mode that meet the strict criteria for Growth Stock Trades.

These top names are leadership and will help determine the success of others on our Bases and Lower Bases lists. Strong representation from biotech, cloud computing, stay at home, work at home, software and online retail. 

BREAKOUTS & PULLBACKS

TickerCompany NameIndustryGRADEDEMAND
FOLDAmicus Therapeutics, Inc.Biotechnology4X++
EXASExact Sciences CorporationBiotechnology2X 
FVRRFiverr International Ltd.Data Processing Services3X++
ZENZendesk, Inc.Data Processing Services4X++
ROKURoku, Inc. Class AElectronics/Appliances4X++
PFSIPennyMac Financial Services, Inc.Finance/Rental/Leasing1P++
BYNDBeyond Meat, Inc.Food: Major Diversified2X+
ZZillow Group, Inc. Class CInformation Technology Services2X++
SQSquare, Inc. Class AInformation Technology Services4P++
NETCloudflare Inc Class AInformation Technology Services4X++
APPSDigital Turbine, Inc.Internet Software/Services3P++
SNAPSnap, Inc. Class AInternet Software/Services4X++
NVCRNovoCure Ltd.Medical Specialties4P++
ETSYEtsy, Inc.Miscellaneous Commercial Services3P++
PTONPeloton Interactive, Inc. Class AOther Consumer Services1X++
ZMZoom Video Communications, Inc. Class APackaged Software1P++
CRWDCrowdStrike Holdings, Inc. Class APackaged Software1X++
DDOGDatadog Inc Class APackaged Software2P++
VEEVVeeva Systems Inc Class APackaged Software4P++
OKTAOkta, Inc. Class APackaged Software4X++
TEAMAtlassian Corp. Plc Class APackaged Software4X++
TWLOTwilio, Inc. Class APackaged Software4X++
IIPRInnovative Industrial Properties IncReal Estate Investment Trusts1P++
GRUBGrubhub, Inc.Specialty Stores4X+

Countdown

BUYERS’ EDGE
Growth stock breakouts are sticking.

For the week, major indexes were little changed after falling back from attempts at new highs.   

Buyers remain uninspired as fear of resurgent coronavirus cases and fruitless government stimulus negotiations dominate headlines. Heavy bets on the market may be off ahead of the Presidential election in two weeks.

INDEXWEEK CLOSECHANGEWEEK % YTD %
DJIA28,606190.10.2
Nasdaq11,672920.830.1
S&P 5003,48470.27.8
Russell 20001,634-4-0.2-2.1

A Shift to small-cap stocks was evident as the Russell 2K plays catchup with major indexes. Lots of talk regarding who’s leading the election polls and what it means for the market. No need to get political here. Just observe. 

Breadth and thrust stays bullish.

Weekly Adv/Decl Volume 
NYSE: 1.1, NASDAQ: 1.1 – Bullish.
Accum./Dist. Count – 20 Days S&P 500: 5/4, NASDAQ: 3/3
Weekly Adv/Dec Issues
NYSE: 0.6, NASDAQ: 0.9 – Slightly Bearish.
New Highs – NYSE: 389, NASDAQ: 308
New Lows – NYSE: 60, NASDAQ: 82

Coronavirus numbers are reportedly up with 22 states hitting record of a thousand new cases. Germany, Italy and France have tightened social restrictions to fight contagion. 

The big get bigger. Layoffs in the hundreds of thousands, as well as a record amount of small business closures, tell a different story than what Wall Street earnings portray. 

Earnings boosts driven by government stimulus and a recovering economy have been cause for optimism. 

Third quarter earnings for S&P 500 companies are expected to be down 20% from a year ago. But if so, would be better than predicted earlier in the year, as well as the 30% fall in the second quarter. 

Expect growth stocks with business models that cater to stay at home at work from home to do very well, especially with the wind of a V-shaped economic recovery at their back. But keep in mind those earnings are last quarter.

Some hedge funds are reportedly shorting companies benefiting from covid closures, arguing the stay at home business has hit its peak. Ground up analysis key in this environment, watch your local cash registers.

WEEKLY SECTOR ACTION

ETFNAME% CHG40WEMACHART
XLIIndustrial Sector Fund1.1New High. 
XLUUtilities Sector Fund0.82Right Base Forming. 
XLKTechnology Sector Fund0.785% Off High. 
XLCCommunication Services Sector Fund0.758% Off High. 
XLPConsumer Staples Sector Fund0.652% Off High. 
XLYConsumer Discretionary Sector Fund-0.35New High. 
XLBMaterials Sector Fund-0.36New High. 
XLVHealth Care Sector Fund-0.41New High. 
XLFFinancial Sector Fund-0.95Treading. 
XLEEnergy Sector Fund-1.9524% Off Low. 
XLREReal Estate Sector Fund-2.2231% Off Low. 

Financials (XLF, -0.95%) struggles to stay above its 40-week moving average as the sector threatens to pull the market lower.  

It was a big news week for banks as JPMorgan Chase (JPM, +0.31%) and Citigroup (C, -3.87%) handily beat earnings expectations, though were less confident with their outlooks. 

Bank of America (BAC, -4.42%) said consumer spending for its customers was up compared to a year ago, and that credit card delinquencies were down. But Don’t be surprised to see credit defaults spike after government stimulus wears off. 

Retail (XRT, +0.44%) hit another new high since breaking out last week. Retail spending appears healthy with a 1.9% increase for the month, beating a consensus 0.8% increase. 

Technology (XLK, +.78%) threatens to slow its climb as titans Apple (AAPL, +1.75%), whose stock didn’t have much reaction to the company’s revealing of its iPhone 12, and Microsoft (MSFT, +1.78%) posted a close in retreat from its weekly and all-time high. 

Communication (XLC, +0.75%) was little changed as components Facebook (FB, +0.56%) and Alphabet (GOOG, +3.81%) , as well as Apple, face pressure from the European Union for being too powerful, and may be subject to more rules to make them more transparent with data collection.

Netflix (NFLX, -1.60%) struggled to breakout to a new high as it faces competition from Walt Disney (DIS), who said it would focus on making its growing streaming services the main part of its business. Growth stock Roku (ROKU, -0.78%) is holding a solid uptrend since breaking out of its base a month ago.  

Semiconductors (SMH, -0.10%) hit a new high as it holds leadership status with a strong uptrend. PC sales rose 14.6% for the third quarter, their highest rate in a decade as work, and stay at home trends fueled demand. 

On the cloud computing front Fastly (FSLY, -33%) dampened moods as it lost a third of its market value after announcing third quarter revenue would fall 5% short of expectations as customers, including its largest TikTok, used less of its service than expected. 

Elsewhere in the cloud industry, Cloudfare Inc. (NET, +25.76%) scorched higher as the new cloud darling, and Twilio (TWLO) bought customer data startup Segment for $3.2B. Recent IPO Snowflake (SNOW, +1.90%) struggles to rise above its open price from a month ago.  

Healthcare (XLV, -0.41%) scratched a new high before retreating as Biotech (IBB, -1.98%) closed lower for the week despite several names holding breakout form and setting up in bases. See Setups.  

Autonomous vehicles are coming closer to streets near you. Google’s Waymo said it would put driverless cars with no human backups on the streets of the Phoenix are. General Motors (GM, +4%) will be joining in after receiving a permit for California to do the same. 

GSRTRADES BREAKOUTS & PULLBACKESThese breakout stocks met the strict GSRTrades fundamental criteria and have broken out of technical bases.

Strong representation from biotech, cloud computing, stay at home, work at home, software and online retail. 

TickerCompany NameIndustryGradeDemand
EXASExact Sciences CorporationBiotechnology2X+
FATEFate Therapeutics, Inc.Biotechnology3X++
FOLDAmicus Therapeutics, Inc.Biotechnology4X++
INSMInsmed IncorporatedBiotechnology2X++
TWSTTwist Bioscience Corp.Biotechnology4X++
BPMCBlueprint Medicines Corp.Biotechnology2X+
FVRRFiverr International Ltd.Data Processing Services3X++
TERTeradyne, Inc.Electronic Production Equipment4P+
ROKURoku, Inc. Class AElectronics/Appliances4X++
STRLSterling Construction Company, Inc.Engineering & Construction4P
COOPMr. Cooper Group, Inc.Finance/Rental/Leasing2P++
PFSIPennyMac Financial Services, Inc.Finance/Rental/Leasing1P++
EXPIeXp World Holdings, Inc.Financial Conglomerates4P++
BYNDBeyond Meat, Inc.Food: Major Diversified2X+
FRPTFreshpet IncFood: Specialty/Candy4P++
GRBKGreen Brick Partners, Inc.Homebuilding4P++
FIVNFive9, Inc.Information Technology Services4X++
GLOBGlobant SAInformation Technology Services4P++
NOWServiceNow, Inc.Information Technology Services4P++
QTWOQ2 Holdings, Inc.Information Technology Services4X+
UPLDUpland Software, Inc.Information Technology Services4X
NETCloudflare Inc Class AInformation Technology Services4X++
SQSquare, Inc. Class AInformation Technology Services4P++
MELIMercadoLibre, Inc.Internet Software/Services4X++
APPSDigital Turbine, Inc.Internet Software/Services3P++
FRHCFreedom Holding Corp.Investment Banks/Brokers3P++
PIPRPiper Sandler CompaniesInvestment Banks/Brokers4P
PJTPJT Partners, Inc. Class AInvestment Banks/Brokers4P+
PODDInsulet CorporationMedical Specialties4P++
NVCRNovoCure Ltd.Medical Specialties4P++
PRPLPurple Innovation, Inc.Miscellaneous4P++
ETSYEtsy, Inc.Miscellaneous Commercial Services3P++
KNSLKinsale Capital Group, Inc.Multi-Line Insurance4P++
PTONPeloton Interactive, Inc. Class AOther Consumer Services1X++
AVLRAvalara IncPackaged Software4X++
MDBMongoDB, Inc. Class APackaged Software4X++
OKTAOkta, Inc. Class APackaged Software4X++
TEAMAtlassian Corp. Plc Class APackaged Software4X++
TENBTenable Holdings, Inc.Packaged Software4X++
ZSZscaler, Inc.Packaged Software4X++
DDOGDatadog Inc Class APackaged Software2P++
TWLOTwilio, Inc. Class APackaged Software4X++
BMYBristol-Myers Squibb CompanyPharmaceuticals: Major4X+
GMREGlobal Medical REIT IncReal Estate Investment Trusts4P+
NVDANVIDIA CorporationSemiconductors4P++
TRUPTrupanion, Inc.Specialty Insurance4P++
LOVELovesac CompanySpecialty Stores4X++

These top names serve as leadership, and will help determine the success of other potential breakouts found on our Bases and Lower Bases lists.

Keep your head clear,

Dan

GSRTrades October 10, 2020

PULLBACKS

TickerCompany NameSectorIndustryGradeFunds
AXNXAxonics Modulation Technologies, Inc.Health TechnologyMedical Specialties1X++
BANDBandwidth Inc. Class ACommercial ServicesMiscellaneous Commercial Services4.3++
COOPMr. Cooper Group, Inc.FinanceFinance/Rental/Leasing2P++
EXASExact Sciences CorporationHealth TechnologyBiotechnology2X+
GRBKGreen Brick Partners, Inc.Consumer DurablesHomebuilding4.1+
NFENew Fortress Energy Inc. Class AIndustrial ServicesEngineering & Construction1X++
ZZillow Group, Inc. Class CTechnology ServicesInformation Technology Services2X++
ZMZoom Video Communications, Inc. Class ATechnology ServicesPackaged Software1P++

BASES

TickerCompany NameSectorIndustryGradeFunds
AAXNAxon Enterprise IncElectronic TechnologyAerospace & Defense4.3
AMDAdvanced Micro Devices, Inc.Electronic TechnologySemiconductors4.1++
AMEHApollo Medical Holdings, Inc.Health ServicesServices to the Health Industry4.1
APPFAppFolio Inc Class ATechnology ServicesInformation Technology Services4.1+
ATLCAtlanticus Holdings Corp.FinanceFinance/Rental/Leasing4.1++
BMYBristol-Myers Squibb CompanyHealth TechnologyPharmaceuticals: Major4.3+
CCXIChemocentryx, Inc.Health TechnologyBiotechnology1X++
CELHCelsius Holdings, Inc.Consumer Non-DurablesBeverages: Non-Alcoholic3P++
CEVACEVA, Inc.Electronic TechnologySemiconductors4.1+
CHCTCommunity Healthcare Trust, Inc.FinanceReal Estate Investment Trusts4.1+
CHGGChegg, Inc.Commercial ServicesMiscellaneous Commercial Services4.1++
CHRSCoherus BioSciences, Inc.Health TechnologyBiotechnology2P
CNCCentene CorporationHealth ServicesManaged Health Care4.1+
CRWDCrowdStrike Holdings, Inc. Class ATechnology ServicesPackaged Software1X++
FISFidelity National Information Services, Inc.Technology ServicesData Processing Services4.3
GMREGlobal Medical REIT IncFinanceReal Estate Investment Trusts4.1+
GRUBGrubhub, Inc.Retail TradeSpecialty Stores4.3+
INFUInfuSystem Holdings, Inc.Health TechnologyMedical Specialties4.2++
KNSLKinsale Capital Group, Inc.FinanceMulti-Line Insurance4.1++
LOVELovesac CompanyRetail TradeSpecialty Stores4.3++
LVGOLivongo Health, Inc.Technology ServicesPackaged Software1P++
MBINMerchants BancorpFinanceRegional Banks3P+
MDBMongoDB, Inc. Class ATechnology ServicesPackaged Software4.3++
MELIMercadoLibre, Inc.Technology ServicesInternet Software/Services4.3++
MKTXMarketAxess Holdings Inc.FinanceInvestment Banks/Brokers4.1++
NEWTNewtek Business Services Corp.Commercial ServicesMiscellaneous Commercial Services3P
NTLAIntellia Therapeutics, Inc.Health TechnologyBiotechnology4.3++
NVDANVIDIA CorporationElectronic TechnologySemiconductors4.1++
NVEENV5 Global IncCommercial ServicesMiscellaneous Commercial Services4.1
PLANAnaplan, Inc.Technology ServicesPackaged Software4.3+
PLDPrologis, Inc.FinanceReal Estate Investment Trusts4.1+
PTGXProtagonist Therapeutics, Inc.Health TechnologyBiotechnology1X++
QDELQuidel CorporationHealth TechnologyMedical Specialties3P++
QTWOQ2 Holdings, Inc.Technology ServicesInformation Technology Services4.3+
RPDRapid7 Inc.Technology ServicesInformation Technology Services4.3+
SAFESafehold Inc.FinanceReal Estate Investment Trusts1P++
SAMBoston Beer Company, Inc. Class AConsumer Non-DurablesBeverages: Alcoholic4.1++
SHOPShopify, Inc. Class ARetail TradeInternet Retail3X++
SINASINA Corp.Technology ServicesInternet Software/Services4.1
SPWHSportsman's Warehouse Holdings, Inc.Retail TradeSpecialty Stores3P++
STRLSterling Construction Company, Inc.Industrial ServicesEngineering & Construction4.1
TDOCTeladoc Health, Inc.Health ServicesHospital/Nursing Management3X++
TEAMAtlassian Corp. Plc Class ATechnology ServicesPackaged Software4.3++
TENBTenable Holdings, Inc.Technology ServicesPackaged Software4.3++
UPLDUpland Software, Inc.Technology ServicesInformation Technology Services4.3
VEEVVeeva Systems Inc Class ATechnology ServicesPackaged Software4.1++
WWayfair, Inc. Class ARetail TradeInternet Retail3X++
ZSZscaler, Inc.Technology ServicesPackaged Software4.3++

LOWER BASES

TickerCompany NameSectorIndustryGradeFunds
ABCBAmeris BancorpFinanceRegional Banks4.1
ACADACADIA Pharmaceuticals Inc.Health TechnologyBiotechnology4.3+
ACMRACM Research, Inc. Class AProducer ManufacturingIndustrial Machinery4.2++
ADCAgree Realty CorporationFinanceReal Estate Investment Trusts4.1
AEISAdvanced Energy Industries, Inc.Electronic TechnologyElectronic Production Equipment1P
AEYEAudioEye, Inc.Technology ServicesInternet Software/Services1X++
AGIOAgios Pharmaceuticals, Inc.Health TechnologyBiotechnology2X
ALBOAlbireo Pharma, Inc.Health TechnologyPharmaceuticals: Other2X++
ALNYAlnylam Pharmaceuticals, IncHealth TechnologyBiotechnology1X++
AMZNAmazon.com, Inc.Retail TradeInternet Retail4.1++
APTAlpha Pro Tech, Ltd.Health TechnologyMedical Specialties3P++
ARVNArvinas, Inc.Health TechnologyBiotechnology2X+
ASMBAssembly Biosciences, Inc.Health TechnologyPharmaceuticals: Other1X++
ASPUAspen Group, Inc.Consumer DurablesOther Consumer Specialties4.3++
ATNXAthenex, Inc.Health TechnologyPharmaceuticals: Major3X+
BAMBrookfield Asset Management Inc. Class AFinanceInvestment Managers2P
BERYBerry Global Group IncProcess IndustriesContainers/Packaging4.2+
BLUEbluebird bio, Inc.Health TechnologyBiotechnology1X
CFBKCF Bankshares IncFinanceSavings Banks1P
CHWYChewy, Inc. Class ARetail TradeInternet Retail4.3++
CNQCanadian Natural Resources LimitedEnergy MineralsOil & Gas Production4.2
CODXCo-Diagnostics, Inc.Health TechnologyBiotechnology1P++
COHNCohen & Company IncFinanceFinancial Conglomerates3X++
COUPCoupa Software, Inc.Technology ServicesPackaged Software4.3++
CRMsalesforce.com, inc.Technology ServicesPackaged Software4.1++
CUZCousins Properties IncorporatedFinanceReal Estate Investment Trusts4.2
DMTKDermTech, Inc.Health TechnologyMedical Specialties2X++
DOCUDocuSign, Inc.Technology ServicesPackaged Software4.3++
DRNADicerna Pharmaceuticals, Inc.Health TechnologyBiotechnology1X+
DTDynatrace, Inc.Technology ServicesPackaged Software4.3++
DXCMDexCom, Inc.Health TechnologyMedical Specialties4.2++
EBSEmergent BioSolutions Inc.Health TechnologyBiotechnology4.2++
ECOLUS Ecology, Inc.Industrial ServicesEnvironmental Services4.4
EDITEditas Medicine, Inc.Health TechnologyBiotechnology3X+
EGHT8×8, Inc.Technology ServicesPackaged Software4.3
EHTHeHealth, Inc.FinanceLife/Health Insurance2P+
ESPREsperion Therapeutics, Inc.Health TechnologyBiotechnology3X
EVBGEverbridge, Inc.Technology ServicesPackaged Software4.4++
EVEREverQuote, Inc. Class ATechnology ServicesInternet Software/Services4.3++
FBCFlagstar Bancorp, Inc.FinanceFinancial Conglomerates4.1
FBMSFirst Bancshares, Inc.FinanceMajor Banks4.1
FISVFiserv, Inc.Technology ServicesData Processing Services1P
FOLDAmicus Therapeutics, Inc.Health TechnologyBiotechnology4.3++
FORForestar Group Inc.FinanceReal Estate Development1P
FSFGFirst Savings Financial Group, Inc.FinanceRegional Banks1P
GBDCGolub Capital BDC, Inc.FinanceInvestment Managers4.3
GNMKGenMark Diagnostics, Inc.Health TechnologyMedical Specialties3X++
GPNGlobal Payments Inc.Technology ServicesData Processing Services1P
GRWGGrowGeneration Corp.Distribution ServicesWholesale Distributors1P++
HARPHarpoon Therapeutics, Inc.Health TechnologyBiotechnology1X+
HESMHess Midstream LP Class AEnergy MineralsIntegrated Oil4.2
HIHillenbrand, Inc.Producer ManufacturingIndustrial Conglomerates4.3
HQYHealthEquity IncFinanceInvestment Managers1X
HVBCHV Bancorp, Inc.FinanceRegional Banks4.1
ICHRIchor Holdings, Ltd.Electronic TechnologySemiconductors4.1
INSWInternational Seaways, Inc.TransportationMarine Shipping3P
IPHIInphi CorporationElectronic TechnologySemiconductors3X++
KNOPKNOT Offshore Partners LPTransportationMarine Shipping4.1
KPTIKaryopharm Therapeutics, Inc.Health TechnologyBiotechnology1X+
LAKELakeland Industries, Inc.Process IndustriesIndustrial Specialties4.1++
LHXL3Harris Technologies IncElectronic TechnologyAerospace & Defense1P
MCBMetropolitan Bank Holding Corp.FinanceMajor Banks4.1
MEOHMethanex CorporationProcess IndustriesChemicals: Specialty4.1
MGNXMacroGenics, Inc.Health TechnologyBiotechnology3X++
MPWMedical Properties Trust, Inc.FinanceReal Estate Investment Trusts4.1
MSONMisonix IncHealth TechnologyMedical Specialties4.4
MVBFMVB Financial Corp.FinanceRegional Banks4.1
NBIXNeurocrine Biosciences, Inc.Health TechnologyBiotechnology4.2
NKTRNektar TherapeuticsHealth TechnologyPharmaceuticals: Major3X
NTRNutrien Ltd.Process IndustriesChemicals: Agricultural1P
NVAXNovavax, Inc.Health TechnologyBiotechnology1X++
NXSTNexstar Media Group, Inc. Class AConsumer ServicesBroadcasting4.1
ONTOOnto Innovation, Inc.Electronic TechnologyElectronic Production Equipment1X
OPCHOption Care Health IncHealth ServicesMedical/Nursing Services4.3
OSBNorbord Inc.Non-Energy MineralsForest Products4.2+
OTRKOntrak, Inc.Health ServicesMedical/Nursing Services1X++
PBProsperity Bancshares, Inc.(R)FinanceRegional Banks4.1
PBAPembina Pipeline CorporationIndustrial ServicesOil & Gas Pipelines4.2
PDPagerDuty, Inc.Technology ServicesPackaged Software4.3+
PFHDProfessional Holding Corp Class AFinanceRegional Banks3P
PLYMPlymouth Industrial REIT, Inc.FinanceReal Estate Investment Trusts4.4
PWPower REITFinanceReal Estate Investment Trusts3P++
RBNCReliant Bancorp IncFinanceRegional Banks3P
RCIRogers Communications Inc. Class BCommunicationsWireless Telecommunications3P
RNGRingCentral, Inc. Class ATechnology ServicesPackaged Software4.3++
RNRRenaissanceRe Holdings Ltd.FinanceProperty/Casualty Insurance4.2
SBGISinclair Broadcast Group, Inc. Class AConsumer ServicesBroadcasting2P
SMARSmartsheet, Inc. Class ATechnology ServicesPackaged Software4.3++
SMPLSimply Good Foods CoConsumer Non-DurablesFood: Major Diversified4.2
SRPTSarepta Therapeutics, Inc.Health TechnologyBiotechnology4.4++
SWBISmith & Wesson Brands, Inc.Electronic TechnologyAerospace & Defense3X++
TBIOTranslate Bio, Inc.Health TechnologyBiotechnology1X++
TERTeradyne, Inc.Electronic TechnologyElectronic Production Equipment4.1+
TFCTruist Financial CorporationFinanceRegional Banks3P
TWOU2U, Inc.Technology ServicesPackaged Software4.4++
VAPOVapotherm, Inc.Health TechnologyMedical Specialties3X++
VCTRVictory Capital Holdings, Inc. Class AFinanceInvestment Managers1P+
VIRTVirtu Financial, Inc. Class AFinanceInvestment Banks/Brokers1P++
VRTXVertex Pharmaceuticals IncorporatedHealth TechnologyBiotechnology4.2++
VTOLBristow Group IncTransportationOther Transportation1P
WBWeibo Corp Sponsored ADR Class ATechnology ServicesInternet Software/Services2P
WINGWingstop, Inc.Consumer ServicesRestaurants4.2+
WIXWix.com Ltd.Technology ServicesInformation Technology Services4.3++
WORKSlack Technologies, Inc. Class ATechnology ServicesPackaged Software4.3+
WSBFWaterstone Financial, Inc.FinanceFinancial Conglomerates4.1
WTRGEssential Utilities, Inc.UtilitiesWater Utilities3P
ZYXIZynex, Inc.Health TechnologyMedical Specialties3P++

BROKEN

TickerCompany NameSectorIndustryGradeFunds
LANDGladstone Land Corp.FinanceReal Estate Investment Trusts4.4++
PDEXPro-Dex, Inc.Health ServicesMedical/Nursing Services4.1++
PLMRPalomar Holdings, Inc.FinanceProperty/Casualty Insurance2P++

Whip It

Quick Take: Buyer’s Edge. Growth stock buyers on the prowl. 

President Trump’s Tweets appeared to whipsaw the market this week after he gave up support for, then backtracked on economic stimulus negotiations with congress. You must wonder how the algo traders weathered that one. 

We’re in the final weeks before the Presidential election. Expect more volatility. 

INDEXWEEK CLOSECHANGE% CHANGEYTD %
DJIA28586.90904.093.30.2
Nasdaq11579.94504.924.629.1
S&P 5003477.14128.723.87.6
Russell 20001637.5598.256.4-1.8
Strong buying above 50-DMA, trend up.
Growth Stock Bias: BUYERS’ EDGEAdvances Declines For Week:NYSE 3.3, Nasdaq 3.8
Accumulation/Distribution Count For Month: S&P 500 5/5, Nasdaq 4/4Advancing/Declining Volume For The Week:NYSE 1.9, Nasdaq 2.1

It’s unclear if the market has a preference for the negotiations to continue. As of Friday, Trump said talks are on. McConnell has said it’s unlikely any deal would be made before the election. 

The market may be more vulnerable to a contested election rather than a particular candidate winning or losing. Obama didn’t raise taxes when he took office during the financial crisis, Biden probably won’t, at first, either.

The V-shaped economic recovery is intact. The overall general data supports this. Though we’re still perhaps another year away from returning to pre-pandemic numbers as far as jobs and output. 

What we want to see as Growth Stock investors is continued earnings success from companies benefiting from the environment. Funds buy businesses, not economies.

We’re in an environment of easy money from the Fed. Buyouts and mergers in effect. The hunt for yield is being played out in stocks. 

LEADERSHIP 

SYMBOLNAME% CHG
XLBMaterials Sector Fund5.07
XLEEnergy Sector Fund5.05
XLUUtilities Sector Fund4.6
XLKTechnology Sector Fund4.56
XLVHealth Care Sector Fund4.03
XLIIndustrial Sector Fund3.99
XLFFinancial Sector Fund3.83
XLYConsumer Discretionary Sector Fund3.45
XLPConsumer Staples Sector Fund2.56
XLCCommunication Services Sector Fund2.15
XLREReal Estate Sector Fund1.37

Consumer Discretionary and Materials are the strongest horses in this race as they hits 52-week highs. 

Technology (XLK, +4.56%) titans Alphabet (GOOG, +3.89%), Amazon.com (AMZN, +5.17%), Apple (AAPL, +3.49%), and Facebook (FB, +1.74%) are under political pressure after a House antitrust subcommittee accused them of holding monopoly power. The group recommended separating parts of their businesses. 

Weakness from the group could weigh on this growth stock rally. Watch as these names wrestle with their 50-day moving averages, the technical outcome will be bullish looking new bases or bearish right shoulders. 

Semiconductors (SMH, +7.8%) lit it up this week as key players reported and forecasted strong sales. news that Xilinx (XLNX, +17.89%) is in talks to be acquired by AMD (AMD, +1.59%) for $30 billion.

Retail is casting a positive vote for the broader market with the S&P Retail ETF (XRT, +5.36%) breaking out to a new high. The survivors get stronger. Big Lots (BIG, +10.67%) and Lowes (LOW, +4.05%) are climbing higher as they post great sales and earnings.

Healthcare (XLV, +4.03%) is just off a new high, being led by Biotech (IBB, +6.47%) as a number of companies possessing strong fundamentals breakout of bases. They’ve been included in The Growth Stock Report for months.

The Financials ETF (XLF, +3.83%) is recovering from technical brokenness. We’d expect it to fall back into bullish form for the market to have more durable strength in the long run. 

Small caps are just shy of positive territory for the year as measured by the Russell 2000 Index. 

At some point the money will flow to value-oriented stocks – but not now. 

A sell off in the US Dollar has Gold benefiting as it looks to hold its head above an eight-year base breakout.  

Square (SQ, 10.42%), an online payment company, grabbed headlines with its $50 million, purchase of the Bitcoin currency. That’s 1% of the company’s assets. 

Bitcoin spiked 4% on the Square announcement. Speculation is more companies will invest in Bitcoin. ARK Next Generation Internet ETF (ARKW, +7.07%) bought into the Grayscale Bitcoin Trust (GBTC, +8.38%) they announced Friday. The 451, 179 shares they reported buying would be worth $5.3M at closing price Friday. 

GSRTRADES

These are the stocks in breakout mode that meet the strict criteria for Growth Stock Trades.

These top names are leadership and will help determine the success of others on our Bases and Lower Bases lists. Strong representation from biotech, cloud computing, stay at home, work at home, software and online retail. 

BREAKOUTS

TickerCompany NameSectorIndustryGradeFunds
BPMCBlueprint Medicines Corp.Health TechnologyBiotechnology2X+
FATEFate Therapeutics, Inc.Health TechnologyBiotechnology3X++
INSMInsmed IncorporatedHealth TechnologyBiotechnology2X++
RAREUltragenyx Pharmaceutical, Inc.Health TechnologyBiotechnology1X++
SGENSeattle Genetics, Inc.Health TechnologyBiotechnology4.3++
TWSTTwist Bioscience Corp.Health TechnologyBiotechnology4.3++
XLRNAcceleron Pharma IncHealth TechnologyBiotechnology2X++
FVRRFiverr International Ltd.Technology ServicesData Processing Services3X++
ZENZendesk, Inc.Technology ServicesData Processing Services4.3+
ROKURoku, Inc. Class AConsumer DurablesElectronics/Appliances4.3++
PFSIPennyMac Financial Services, Inc.FinanceFinance/Rental/Leasing1P++
EXPIeXp World Holdings, Inc.FinanceFinancial Conglomerates4.1++
BYNDBeyond Meat, Inc.Consumer Non-DurablesFood: Major Diversified2X+
FRPTFreshpet IncConsumer Non-DurablesFood: Specialty/Candy4.1++
FIVNFive9, Inc.Technology ServicesInformation Technology Services4.3++
FSLYFastly, Inc. Class ATechnology ServicesInformation Technology Services4.3++
GLOBGlobant SATechnology ServicesInformation Technology Services4.1++
NETCloudflare Inc Class ATechnology ServicesInformation Technology Services4.3++
NOWServiceNow, Inc.Technology ServicesInformation Technology Services4.1++
SQSquare, Inc. Class ATechnology ServicesInformation Technology Services4.1++
APPSDigital Turbine, Inc.Technology ServicesInternet Software/Services3P++
FRHCFreedom Holding Corp.FinanceInvestment Banks/Brokers3P++
PIPRPiper Sandler CompaniesFinanceInvestment Banks/Brokers4.1
PJTPJT Partners, Inc. Class AFinanceInvestment Banks/Brokers4.1+
CDNACareDx, Inc.Health TechnologyMedical Specialties4.3++
NVCRNovoCure Ltd.Health TechnologyMedical Specialties4.1++
PODDInsulet CorporationHealth TechnologyMedical Specialties4.1++
PRPLPurple Innovation, Inc.MiscellaneousMiscellaneous4.1++
ETSYEtsy, Inc.Commercial ServicesMiscellaneous Commercial Services3P++
PTONPeloton Interactive, Inc. Class AConsumer ServicesOther Consumer Services1X++
AVLRAvalara IncTechnology ServicesPackaged Software4.3++
DDOGDatadog Inc Class ATechnology ServicesPackaged Software2P++
ESTCElastic NVTechnology ServicesPackaged Software4.3+
OKTAOkta, Inc. Class ATechnology ServicesPackaged Software4.3++
TWLOTwilio, Inc. Class ATechnology ServicesPackaged Software4.3++
ICLRICON PlcHealth TechnologyPharmaceuticals: Other4.1+
IIPRInnovative Industrial Properties IncFinanceReal Estate Investment Trusts1P+
TRUPTrupanion, Inc.FinanceSpecialty Insurance4.1++

Picking a good stock to trade is one thing. Picking one for investment is another. The longer the hold time, the more in depth we get into the company’s business model. 

More to come,

Dan

Ride It

Quick Take: Buyer’s Edge. Don’t fight a Bull, ride it.

We have a bullish Follow Through Day to hang our Viking hats on. Big buying equates to firm believing. 

Growth Stocks are alive and well in a market that sees relatively light selling in the face of all kinds of uncertainty.  The Nasdaq has posted four each of Accumulation and Distribution days over the past month. The S&P 500 has split five each. 

INDEXWEEK CLOSECHANGE% CHANGEYTD %
DJIA27682.81508.851.9-3.0
Nasdaq11075.02161.461.523.4
S&P 5003348.4249.961.53.6
Russell 20001539.3064.394.4-7.7

We’re in the final stretch to the election. President Trump and the First Lady have reportedly tested positive for the coronavirus. It’s that kind of year. 

Look for signs of who the market is voting for. Friday’s price action leaves little to grasp, and much will depend on the how well the fight between the President and the virus goes.  

Trump will portray strength. Though initial mild symptoms, as they are for most, though have been known to give way to more serious symptoms. 

The economic recovery is being judged for speed. 

A disappointing September employment report showed a slower than expected recovery process as fear of permanent job losses is increasing.

The unemployment rate dropped to 7.9% from 8.4%, but the labor force participation rate fell to 61.4% from 61.7%. Lack job growth was coupled with a lack of growth in average hourly earnings.

Job data from California was not included as it grapples with large numbers of claims and suspected fraud. A significant omission from our most populous state.

Walt Disney (DIS) is laying off 28,000 employees, and the airline industry could be announcing even more layoffs as of tomorrow without a stimulus plan.

House Speaker Pelosi and Treasury Secretary Mnuchin are still negotiating a possible stimulus plan.

Good earnings expected for the third quarter. 

The fourth quarter has historically been great for stocks. It has also marked many pivotal lows for the market. 

WEEKLY SECTOR ACTION

Nearly all sectors positive with the exception of energy as crude prices fell 8%.

Real estate and financials led the way. Not so much a growth story here as much as a rebound.

SYMBOLNAME% CHG
XLREReal Estate Sector Fund5.08
XLFFinancial Sector Fund3.45
XLUUtilities Sector Fund3.35
XLYConsumer Discretionary Sector Fund3.02
XLPConsumer Staples Sector Fund1.68
XLIIndustrial Sector Fund1.46
XLBMaterials Sector Fund1.34
XLVHealth Care Sector Fund1.11
XLCCommunication Services Sector Fund0.92
XLKTechnology Sector Fund0.88
XLEEnergy Sector Fund-2.88

LEADERSHIP

The tech giants leading this bull have slowed their pace. Watch the 50-day moving averages for signs of recovery or perhaps leadership for the market to downside. 

Apple (AAPL, +0.66%) and Facebook (FB, +2.01%) are trending higher along their upward trending 50-day moving average. Amazon (AMZN, +0.97%) is treading water here.

Downward slopes of the 50-day MA’s for Alphabet (GOOG, +0.93%) and Microsoft (MSFT, -0.78%) are cracks in an otherwise good picture for the group. Let’s see if they can straighten it out. 

Lots of attractive setups in Biotech as the Nasdaq Biotech ETF (IBB, +0.30%) holds its five-year base breakout. See succeeding breakouts below.

Software and E-commerce names continue to attract strong bids. As do any business that thrives with the stay at home theme, like streaming and home goods. 

Growth star Twillio (TWLO, +18.5%), soared to a new high after giving an optimistic forecast for its business that providing of cloud-based communication tools and services for developers.

The market may garner new upside leadership. This would likely come from names on the screens produced here each week. 

SUCCEEDING BREAKOUTS

Here are some succeeding breakouts that met our strict fundamental criteria:

TickerCompany NameIndustry
APPSDigital Turbine, Inc.Internet Software/Services
BPMCBlueprint Medicines Corp.Biotechnology
BYNDBeyond Meat, Inc.Food: Major Diversified
CDNACareDx, Inc.Medical Specialties
COOPMr. Cooper Group, Inc.Finance/Rental/Leasing
DDOGDatadog Inc Class APackaged Software
FATEFate Therapeutics, Inc.Biotechnology
FVRRFiverr International Ltd.Data Processing Services
NVCRNovoCure Ltd.Medical Specialties
PTONPeloton Interactive, Inc. Class AOther Consumer Services
ROKURoku, Inc. Class AElectronics/Appliances
SGENSeattle Genetics, Inc.Biotechnology
TWSTTwist Bioscience Corp.Biotechnology
ZZillow Group, Inc. Class CInformation Technology Services

Keeping it real,

Dan

Unproven Bear

QUICK TAKE: No Bias. Leadership shows crumbles as the technical support of key moving averages is tested. 

Choppy price action on the major indexes as the third week of straight selling for large caps saw rotation into value oriented defensive names. 

INDEXWEEK CLOSECHANGE% CHANGEYTD %
DJIA27657.42-8.22-0.0-3.1
Nasdaq10793.28-60.27-0.620.3
S&P 5003319.47-21.50-0.62.7
Russell 20001536.7839.512.6-7.9

A decline in sell volume bodes well for the bull market. Heavy, buying volume is partly attributed to options expiration Friday. 

Look for second quarter window dressing to boost recent winners as we get closer to October. 

The Bull isn’t over until it cast its shadow. Low interest rates, easy money and cheap borrowing for companies has been rocket fuel for this market. 

Lots of news to stir the pot this week. 

Weekly Bullishness: 

  • Buyouts: NVIDIA (NVDA, +0.20%) to buy Arm Holdings from Softbank for ~$40 billion in cash and stock, and Gilead Sciences (GILD) buying Immunomedics (IMMU, +102%) for $21 billion, more than 100% premium.
  • The Snowflake (SNOW, +100%) IPO was off to a good start after being initially priced at $120 and closing the week at 240.
  • Marriott (MAR, +0.62%) reported a pickup in demand. Dividend remains on Hold.
  • AstraZeneca (AZN, +5.06%) resumed its COVID-19 vaccine trial in the UK. Pfizer’s (PFE, +1.55%)said it believes it will have enough data by the end of October to know if its vaccine is safe and effective. Merck (MRK, +2.31%) has begun human testing of a COVID-19 vaccine candidate.

Weekly Bearishness:

  • Federal Reserve Chairman Jerome Powell went on warning, “More fiscal support is likely to be needed,” for a  “highly uncertain” economy, and that Congress needs to act quickly on another coronavirus relief package.
  • More virus lockdowns for Israel and social restriction for Europe as Covid-19 fears linger. 
  • Predictions for lesser oil demand from the IEA, which said, “We expect the recovery in oil demand to decelerate markedly in the second half of 2020.” And BP, which called an end of an era for high growth in demand. 
  • Retail Sales report for August was weaker than expected. Total sales were up 0.6% m/m (Briefing.com consensus 1.0%) following a downwardly revised 0.9% increase (from 1.2%) in July. Excluding autos, sales were up 0.7% (Briefing.com consensus 1.0%) following a downwardly revised 1.3% increase (from 1.9%) in July. The key takeaway from the report is that it points to some slowing in retail spending activity following the expiration of enhanced unemployment benefits, but, importantly, it didn’t reveal a spending contraction as increases were seen in many categories.
  • Initial jobless claims for the week ending September 12 fell 33K to 860K, against a forecast of 830K. Claims remain sky high compared to same week a year ago when they were 211K.
  • Online business review portal Yelp said their data showed that 60% of businesses that have permanently closed since the pandemic. Restaurants were hit hardest.  The National Restaurant Association also said that 100,000 restaurants have closed either permanently or long term, accounting for $240B in lost sales. 

LEADERSHIP

The tech bigs are in pullback mode. The overall market is likely to go where they do. 

  • Microsoft (MSFT, -1.78%), raised its dividend by 1%. Stock has fallen sharply below its 50-day, which we’ll have to consider resistance now. 
  • Facebook (FB, -5.28%) is dealing from a backlash from celebrities as well as antitrust issues from the FTC.  It’s testing the support of the 50-dma.
  • Apple (AAPL, -4.61%) is also testing its 50-dma.
  • Alphabet (GOOG, -3.99%), is trading above its 50-dma.
  • Amazon (AMZN, -5.18%) is also trading above its 50-dma. 

SECTOR ACTION

SYMBOLNAMESCTR% CHG
XLEEnergy Sector Fund17.43.03
XLIIndustrial Sector Fund89.21.51
XLBMaterials Sector Fund94.51
XLVHealth Care Sector Fund500.91
XLREReal Estate Sector Fund400.14
XLFFinancial Sector Fund41.2-0.12
XLUUtilities Sector Fund24.8-0.7
XLKTechnology Sector Fund82.6-1.06
XLPConsumer Staples Sector Fund35.2-1.48
XLYConsumer Discretionary Sector Fund88.7-1.49
XLCCommunication Services Sector Fund53.8-1.74

EXCHANGE DATA

NYSE18-Sep
Issues Traded3,149
Advances1,841
Declines1,265
Unchanged43
New Highs206
New Lows51
Adv Vol12,490,600,585
Decl Vol11,437,924,845
Total Vol24,203,797,886
NASDAQ 
Issues Traded3,633
Advances2,373
Declines1,183
Unchanged77
New Highs230
New Lows85
Adv Vol12,259,610,396
Decl Vol8,331,960,826
Total Vol20,812,849,671
Volume Stats 
NYSE Vol % Chng f/prev wk46%
 NYSE Adv/Dec Vol                          1.1 
Naz Vol % Chng f/prev wk40%
 Naz Adv/Dec Vol                          1.5 
Advances/Declines 
 NYSE                          1.5 
 Naz                          2.0 
New Highs 
NYSE96%
Nasdaq76%
New Lows 
NYSE0%
Nasdaq-21%

Stay loose,

Dan

Last Buyer

QUICK TAKE: Sellers are running the game. Look out below. SELL BIAS. 

Dear Reader:

Recent selling on heavy volume has nearly erased the S&P 500’s gains for August, sending it into its 50-day moving average for a test. 

FOR THE WEEK:

INDEXCLOSECHANGE% CHANGEYTD %
DJIA27665.64-467.67-1.7-3.1
Nasdaq10853.55-459.58-4.121.0
S&P 5003340.97-85.99-2.53.4
Russell 20001497.27-38.03-2.5-10.2

There is no triggering event for the selling. Market tops don’t need a bell to signal, neither do short-term corrections.

The 10% correction is the fastest in history. 

Look for signs the selling is over. Down volume will dry up, leaders will regain their momentum, money will stay in the market, perhaps rotating to different sectors rather than fleeing to cash. 

We always want to be on the side of the majority of the institutions that tend to move the market.

Bull markets end when the last guy puts in his buy order. This, as far as I’m aware, has always been the inexperienced person turned sucker looking to ride the easy train. 

This market has been nothing but an easy train for the new crop of young buyers gambling on their smart phones. That guy who founded Barstool Sports, companies like Nikola and Tesla that catch crazy bids without any earnings to back them are reminiscent of the tech bubble of 2000. 

Don’t be surprised to see a retest of the 3000 level in the S&P. There’s no telling where the bottom is, just as there’s no really telling a top. 

LEADERSHIP:

Biotech tests failure of a 5-year breakout. Many names in the group are posting solid earnings. Long-term outlook here is bullish given the post-pandemic interest in the field. Don’t be surprised to see a shakeout here. 

Gold and Silver remain hot despite the pullback. Forget the macro gamble and just observe the price action here. That simple. 

Still strong: Internet, Semiconductors, Cloud Computing and anything Stay At Home related. 

The Big Five all look like bullish pullbacks on the weekly charts:  Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG), and Facebook (FB). 

WEEKLY SECTOR ACTION:

SYMBOLNAME% CHG
XLBMaterials Sector Fund0.98
XLIIndustrial Sector Fund-0.3
XLUUtilities Sector Fund-0.74
XLYConsumer Discretionary Sector Fund-0.74
XLVHealth Care Sector Fund-1.05
XLPConsumer Staples Sector Fund-1.36
XLREReal Estate Sector Fund-1.93
XLFFinancial Sector Fund-2.29
XLCCommunication Services Sector Fund-3.24
XLKTechnology Sector Fund-4.37
XLEEnergy Sector Fund-6.45

Look for individual names later this week. 

Dan

“If you gape after externals, you will inevitably be forced up and down according to the will of your master.”  — Epictetus

Chest Pounding

Quick Take: Buy Bias. The train rolls until it doesn’t.

The sound of the bull pounding his chest in victory sure sounds like a signal for a top being put in. 

For The Week:

INDEX CLOSE% CHANGEYTD %
DJIA28653.872.60.4
Nasdaq11695.633.430.3
S&P 5003508.013.38.6
Russell 20001578.341.7-5.4

The S&P 500 and Nasdaq set record highs as the notched in five consecutive weeks of gains. And the Dow Jones Industrial Average turned positive for the year. 

Bullishness feels to be at an extreme. The market will put in some type of top at some point, when, and how long it lasts is anyone’s guess. 

The market headline of the week was with Fed Chair Powell who said the central bank would allow inflation to run moderately beyond 2.0% over time to make up for time when it ran below this mark.

The Nasdaq’s 30% gain for the year jives with the stay at home trends its technology leaders accommodate.

This has been a growth stock nirvana like this author hasn’t seen since 2000.  

Salesforce (CRM) gained 30% this week, with a bulk of those gains coming after its earnings report. 

On Monday the Dow will add Salesforce, Amgen (AMGN), and Honeywell (HON), which will replace Exxon Mobil (XOM), Pfizer (PFE), and Raytheon Technologies (RTX) prior to Monday’s open. 

LEADERSHIP

Tech remains the major pull. 

Facebook (FB, +9.98%), Apple (AAPL, +0.35%) Amazon (AMZN, +.09%), Netflix (NFLX, +3.56%) Google (GOOG, +4.05%) Microsoft (MSFT, +7.46%) 

Biotech continues to pull back as it tests a five year base breakout.

Gold is also in pullback mode.  

SECTOR ACTION

SYMBOLNAMEWEEKLY % CHG
XLCCommunication Services Sector Fund4.63
XLKTechnology Sector Fund4.43
XLFFinancial Sector Fund4.32
XLBMaterials Sector Fund3.36
XLIIndustrial Sector Fund3.06
XLYConsumer Discretionary Sector Fund2.98
XLPConsumer Staples Sector Fund2.29
XLREReal Estate Sector Fund1.87
XLEEnergy Sector Fund1.14
XLVHealth Care Sector Fund1.1
XLUUtilities Sector Fund-0.59

TECHNICALLY SPEAKING

  • NYSE volume was up 6% from last week as advancing outpaced declining by nearly 2 to 1. 
  • Nasdaq volume was slightly off las week’s pace, with a 1.5, advance/decline ratio. 
  • NYSE advancing issues held a solid edge of decliners by a 2.1 ratio.
  • Nasdaq advancing issues held a 1.5 edge over decliners.

Accumulation/Distribution Days For The Last Month:

  • S&P 500: 7/2
  • Nasdaq: 3/4
  • Dow: 5/5

PLEASE REFER TO THE GROWTH STOCK REPORT FOR INDIVIDUAL NAMES. 

Play it nice,

Dan

GSRTrades August 16, 2020

TickerCompany NameIndustryPATTERN
ADCAgree Realty CorporationReal Estate Investment TrustsBASE
AEISAdvanced Energy Industries, Inc.Electronic Production EquipmentBASE
ALBOAlbireo Pharma, Inc.Pharmaceuticals: OtherBASE
AMEHApollo Medical Holdings, Inc.Services to the Health IndustryBASE
AMZNAmazon.com, Inc.Internet RetailBASE
APPFAppFolio Inc Class AInformation Technology ServicesBASE
APTAlpha Pro Tech, Ltd.Medical SpecialtiesBASE
AXNXAxonics Modulation Technologies, Inc.Medical SpecialtiesBASE
BMYBristol-Myers Squibb CompanyPharmaceuticals: MajorBASE
BPMCBlueprint Medicines Corp.BiotechnologyBASE
CDNACareDx, Inc.Medical SpecialtiesBASE
CGCarlyle Group IncInvestment ManagersBASE
CHCTCommunity Healthcare Trust, Inc.Real Estate Investment TrustsBASE
CHRSCoherus BioSciences, Inc.BiotechnologyBASE
CNCCentene CorporationManaged Health CareBASE
CRMsalesforce.com, inc.Packaged SoftwareBASE
DXCMDexCom, Inc.Medical SpecialtiesBASE
ESGREnstar Group LimitedInsurance Brokers/ServicesBASE
FATEFate Therapeutics, Inc.BiotechnologyBASE
FBCFlagstar Bancorp, Inc.Financial ConglomeratesBASE
FISFidelity National Information Services, Inc.Data Processing ServicesBASE
FORForestar Group Inc.Real Estate DevelopmentBASE
GMREGlobal Medical REIT IncReal Estate Investment TrustsBASE
HIHillenbrand, Inc.Industrial ConglomeratesBASE
ICHRIchor Holdings, Ltd.SemiconductorsBASE
INSMInsmed IncorporatedBiotechnologyBASE
KWRQuaker Chemical CorporationChemicals: SpecialtyBASE
MBINMerchants BancorpRegional BanksBASE
MKTXMarketAxess Holdings Inc.Investment Banks/BrokersBASE
NOWServiceNow, Inc.Information Technology ServicesBASE
NVEENV5 Global IncMiscellaneous Commercial ServicesBASE
ONTOOnto Innovation, Inc.Electronic Production EquipmentBASE
OSBNorbord Inc.Forest ProductsBASE
PIPRPiper Sandler CompaniesInvestment Banks/BrokersBASE
PJTPJT Partners, Inc. Class AInvestment Banks/BrokersBASE
PODDInsulet CorporationMedical SpecialtiesBASE
RILYB. Riley Financial, Inc.Investment Banks/BrokersBASE
RNGRingCentral, Inc. Class APackaged SoftwareBASE
RNRRenaissanceRe Holdings Ltd.Property/Casualty InsuranceBASE
ROKURoku, Inc. Class AElectronics/AppliancesBASE
RPDRapid7 Inc.Information Technology ServicesBASE
SINASINA Corp.Internet Software/ServicesBASE
SMPLSimply Good Foods CoFood: Major DiversifiedBASE
STRLSterling Construction Company, Inc.Engineering & ConstructionBASE
AAXNAxon Enterprise IncAerospace & DefenseBD
ACADACADIA Pharmaceuticals Inc.BiotechnologyBD
AGIOAgios Pharmaceuticals, Inc.BiotechnologyBD
ALNYAlnylam Pharmaceuticals, IncBiotechnologyBD
ARVNArvinas, Inc.BiotechnologyBD
ASMBAssembly Biosciences, Inc.Pharmaceuticals: OtherBD
CODXCo-Diagnostics, Inc.BiotechnologyBD
COHNCohen & Company IncFinancial ConglomeratesBD
DRNADicerna Pharmaceuticals, Inc.BiotechnologyBD
DTDynatrace, Inc.Packaged SoftwareBD
EHTHeHealth, Inc.Life/Health InsuranceBD
ESPREsperion Therapeutics, Inc.BiotechnologyBD
EVEREverQuote, Inc. Class AInternet Software/ServicesBD
EXASExact Sciences CorporationBiotechnologyBD
HARPHarpoon Therapeutics, Inc.BiotechnologyBD
IIVIII-VI IncorporatedElectronic Equipment/InstrumentsBD
IPHIInphi CorporationSemiconductorsBD
KPTIKaryopharm Therapeutics, Inc.BiotechnologyBD
LAKELakeland Industries, Inc.Industrial SpecialtiesBD
MDBMongoDB, Inc. Class APackaged SoftwareBD
MGNXMacroGenics, Inc.BiotechnologyBD
NBIXNeurocrine Biosciences, Inc.BiotechnologyBD
NKTRNektar TherapeuticsPharmaceuticals: MajorBD
PTGXProtagonist Therapeutics, Inc.BiotechnologyBD
SMARSmartsheet, Inc. Class APackaged SoftwareBD
UPLDUpland Software, Inc.Information Technology ServicesBD
VAPOVapotherm, Inc.Medical SpecialtiesBD
VIRTVirtu Financial, Inc. Class AInvestment Banks/BrokersBD
XLRNAcceleron Pharma IncBiotechnologyBD
ZYXIZynex, Inc.Medical SpecialtiesBD
ABCBAmeris BancorpRegional BanksL-BASE
ALTMAltus Midstream Co. Class AOil & Gas PipelinesL-BASE
AUBAtlantic Union Bankshares CorporationRegional BanksL-BASE
BAMBrookfield Asset Management Inc. Class AInvestment ManagersL-BASE
BLUEbluebird bio, Inc.BiotechnologyL-BASE
BYNDBeyond Meat, Inc.Food: Major DiversifiedL-BASE
CCXIChemocentryx, Inc.BiotechnologyL-BASE
CFBKCF Bankshares IncSavings BanksL-BASE
CINFCincinnati Financial CorporationProperty/Casualty InsuranceL-BASE
CNQCanadian Natural Resources LimitedOil & Gas ProductionL-BASE
CNXCNX Resources CorporationIntegrated OilL-BASE
CUZCousins Properties IncorporatedReal Estate Investment TrustsL-BASE
DMTKDermTech, Inc.Medical SpecialtiesL-BASE
EBMTEagle Bancorp Montana, Inc.Regional BanksL-BASE
ECOLUS Ecology, Inc.Environmental ServicesL-BASE
EFSCEnterprise Financial Services CorpRegional BanksL-BASE
EGHT8×8, Inc.Packaged SoftwareL-BASE
ESTCElastic NVPackaged SoftwareL-BASE
EVBGEverbridge, Inc.Packaged SoftwareL-BASE
FBMSFirst Bancshares, Inc.Major BanksL-BASE
FISVFiserv, Inc.Data Processing ServicesL-BASE
FSFGFirst Savings Financial Group, Inc.Regional BanksL-BASE
GBDCGolub Capital BDC, Inc.Investment ManagersL-BASE
GPNGlobal Payments Inc.Data Processing ServicesL-BASE
HESMHess Midstream LP Class AIntegrated OilL-BASE
HQYHealthEquity IncInvestment ManagersL-BASE
INSWInternational Seaways, Inc.Marine ShippingL-BASE
KNOPKNOT Offshore Partners LPMarine ShippingL-BASE
LHXL3Harris Technologies IncAerospace & DefenseL-BASE
MCBMetropolitan Bank Holding Corp.Major BanksL-BASE
MEOHMethanex CorporationChemicals: SpecialtyL-BASE
MKLMarkel CorporationSpecialty InsuranceL-BASE
MNRLBrigham Minerals, Inc. Class AInvestment Trusts/Mutual FundsL-BASE
MOFGMidWestOne Financial Group, Inc.Regional BanksL-BASE
MPWMedical Properties Trust, Inc.Real Estate Investment TrustsL-BASE
MSONMisonix IncMedical SpecialtiesL-BASE
MVBFMVB Financial Corp.Regional BanksL-BASE
NEWTNewtek Business Services Corp.Miscellaneous Commercial ServicesL-BASE
NTLAIntellia Therapeutics, Inc.BiotechnologyL-BASE
NTRNutrien Ltd.Chemicals: AgriculturalL-BASE
NVCRNovoCure Ltd.Medical SpecialtiesL-BASE
NXSTNexstar Media Group, Inc. Class ABroadcastingL-BASE
OPCHOption Care Health IncMedical/Nursing ServicesL-BASE
ORRFOrrstown Financial Services, Inc.Regional BanksL-BASE
PBProsperity Bancshares, Inc.(R)Regional BanksL-BASE
PBAPembina Pipeline CorporationOil & Gas PipelinesL-BASE
PFGCPerformance Food Group CompanyFood DistributorsL-BASE
PLANAnaplan, Inc.Packaged SoftwareL-BASE
PLYMPlymouth Industrial REIT, Inc.Real Estate Investment TrustsL-BASE
PWPower REITReal Estate Investment TrustsL-BASE
RBNCReliant Bancorp IncRegional BanksL-BASE
RCIRogers Communications Inc. Class BWireless TelecommunicationsL-BASE
SAFESafehold Inc.Real Estate Investment TrustsL-BASE
SBGISinclair Broadcast Group, Inc. Class ABroadcastingL-BASE
SNVSynovus Financial Corp.Regional BanksL-BASE
UBOHUnited Bancshares, Inc.Regional BanksL-BASE
VCTRVictory Capital Holdings, Inc. Class AInvestment ManagersL-BASE
VTOLBristow Group IncOther TransportationL-BASE
WBWeibo Corp Sponsored ADR Class AInternet Software/ServicesL-BASE
WORKSlack Technologies, Inc. Class APackaged SoftwareL-BASE
WSBFWaterstone Financial, Inc.Financial ConglomeratesL-BASE
WTRGEssential Utilities, Inc.Water UtilitiesL-BASE
YAlleghany CorporationProperty/Casualty InsuranceL-BASE
ACMRACM Research, Inc. Class AIndustrial MachineryPB
AEYEAudioEye, Inc.Internet Software/ServicesPB
AMDAdvanced Micro Devices, Inc.SemiconductorsPB
APPSDigital Turbine, Inc.Internet Software/ServicesPB
AVLRAvalara IncPackaged SoftwarePB
BANDBandwidth Inc. Class AMiscellaneous Commercial ServicesPB
BLFSBioLife Solutions, Inc.Medical SpecialtiesPB
CELHCelsius Holdings, Inc.Beverages: Non-AlcoholicPB
CEVACEVA, Inc.SemiconductorsPB
CHGGChegg, Inc.Miscellaneous Commercial ServicesPB
CHWYChewy, Inc. Class AInternet RetailPB
COOPMr. Cooper Group, Inc.Finance/Rental/LeasingPB
COUPCoupa Software, Inc.Packaged SoftwarePB
CRWDCrowdStrike Holdings, Inc. Class APackaged SoftwarePB
DOCUDocuSign, Inc.Packaged SoftwarePB
EBSEmergent BioSolutions Inc.BiotechnologyPB
EDITEditas Medicine, Inc.BiotechnologyPB
ETSYEtsy, Inc.Miscellaneous Commercial ServicesPB
FIVNFive9, Inc.Information Technology ServicesPB
FOLDAmicus Therapeutics, Inc.BiotechnologyPB
FRPTFreshpet IncFood: Specialty/CandyPB
FSLYFastly, Inc. Class AInformation Technology ServicesPB
GLOBGlobant SAInformation Technology ServicesPB
GNMKGenMark Diagnostics, Inc.Medical SpecialtiesPB
GRBKGreen Brick Partners, Inc.HomebuildingPB
GRUBGrubhub, Inc.Specialty StoresPB
ICLRICON PlcPharmaceuticals: OtherPB
KNSLKinsale Capital Group, Inc.Multi-Line InsurancePB
LANDGladstone Land Corp.Real Estate Investment TrustsPB
LEUCentrus Energy Corp. Class AOther Metals/MineralsPB
LOVELovesac CompanySpecialty StoresPB
LVGOLivongo Health, Inc.Packaged SoftwarePB
MELIMercadoLibre, Inc.Internet Software/ServicesPB
NVAXNovavax, Inc.BiotechnologyPB
OKTAOkta, Inc. Class APackaged SoftwarePB
OTRKOntrak, Inc.Medical/Nursing ServicesPB
PDPagerDuty, Inc.Packaged SoftwarePB
PFSIPennyMac Financial Services, Inc.Finance/Rental/LeasingPB
PLDPrologis, Inc.Real Estate Investment TrustsPB
PLMRPalomar Holdings, Inc.Property/Casualty InsurancePB
QDELQuidel CorporationMedical SpecialtiesPB
QTWOQ2 Holdings, Inc.Information Technology ServicesPB
RAREUltragenyx Pharmaceutical, Inc.BiotechnologyPB
SAMBoston Beer Company, Inc. Class ABeverages: AlcoholicPB
SGENSeattle Genetics, Inc.BiotechnologyPB
SHOPShopify, Inc. Class AInternet RetailPB
SQSquare, Inc. Class AInformation Technology ServicesPB
SRNESorrento Therapeutics, Inc.BiotechnologyPB
SRPTSarepta Therapeutics, Inc.BiotechnologyPB
TBIOTranslate Bio, Inc.BiotechnologyPB
TDOCTeladoc Health, Inc.Hospital/Nursing ManagementPB
TEAMAtlassian Corp. Plc Class APackaged SoftwarePB
TENBTenable Holdings, Inc.Packaged SoftwarePB
TRUPTrupanion, Inc.Specialty InsurancePB
TWLOTwilio, Inc. Class APackaged SoftwarePB
TWOU2U, Inc.Packaged SoftwarePB
TWSTTwist Bioscience Corp.BiotechnologyPB
VEEVVeeva Systems Inc Class APackaged SoftwarePB
VRTXVertex Pharmaceuticals IncorporatedBiotechnologyPB
WWayfair, Inc. Class AInternet RetailPB
WINGWingstop, Inc.RestaurantsPB
WIXWix.com Ltd.Information Technology ServicesPB
ZZillow Group, Inc. Class CInformation Technology ServicesPB
ZENZendesk, Inc.Data Processing ServicesPB
ZMZoom Video Communications, Inc. Class APackaged SoftwarePB
ZSZscaler, Inc.Packaged SoftwarePB
BERYBerry Global Group IncContainers/PackagingWOW
EXPIeXp World Holdings, Inc.Financial ConglomeratesWOW
FRHCFreedom Holding Corp.Investment Banks/BrokersWOW
FTCHFarfetch Limited Class AInternet Software/ServicesWOW
GRWGGrowGeneration Corp.Wholesale DistributorsWOW
IIPRInnovative Industrial Properties IncReal Estate Investment TrustsWOW
NFENew Fortress Energy Inc Class AEngineering & ConstructionWOW
SILKSilk Road Medical, Inc.Medical SpecialtiesWOW