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AFTER MARKET UPDATE - MONDAY, JUNE 6TH, 2011
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Indices NYSE Nasdaq
DOW  -61.30 12,089.96 -0.50% Volume 959,243,610 -1% Volume 1,832,658,030 -3%
NASDAQ -30.22 2,702.56 -1.11% Advancers 617 20% Advancers 593 22%
S&P 500 -13.99 1,286.17 -1.08% Decliners 2,419 77% Decliners 2,033 75%
Russell 2000 -12.81 795.32 -1.59% 52 Wk Highs 27   52 Wk Highs 31  
S&P 600 -5.94 426.21 -1.37% 52 Wk Lows 65   52 Wk Lows 129  

Major Indices Collectively Slumped Below Respective April Lows

The Dow Jones Industrial Average and the benchmark S&P 500 Index extended their losing streaks to a fourth session. They slumped with the Nasdaq Composite Index, collectively breaking down below their respective April 2011 lows.  That weak action is a sign that the market (M criteria) correction is causing more worrisome technical damage, reminding investors to raise cash and reduce exposure until a new confirmed rally with follow-through day occurs. The session volume totals were reported slightly lower than the prior session totals on the NYSE and on the Nasdaq exchange. Breadth was poor as declining issues beat advancers 4-1 on the NYSE and by more than 3-1 on the Nasdaq. New 52-week lows solidly outnumbered new 52-week highs on the Nasdaq and on the NYSE. Leadership continued to wane as there were only 6 high-ranked companies from the CANSLIM.net Leaders List that made new 52-week highs and appeared on the CANSLIM.net BreakOuts Page, down from the total of 10 on the prior session.  There were gains from only 3 of the 20 high-ranked leaders included on the Featured Stocks Page at present.

 

Fear that the economic recovery may be stalling weighed most heavily on financial stocks. Bank of America (BAC -4.0%) and Citigroup Inc (C -4.5%). Both of these financial companies lack the solid earnings history that is expected of buy candidates under the fact-based investment system, thus they would not be on any disciplined investors' watchlists.

The energy sector faced pressure as oil prices fell below $100 per barrel ahead of an OPEC meeting on supply quotas. However, airline stocks, including United Continental Holdings (UAL -3.3%), showed no enthusiasm over the prospects of lower fuel costs. An industry trade group said that high fuel costs and travel disruptions will cut into profits more than expected. Meanwhile, Harley Davidson Inc (HOG +2.8%) rumbled higher after an analyst said the company posted healthy sales in April and May. Apple Corp (AAPL -1.6%) shares fell following Steve Jobs' public appearance to unveil a music-streaming service.

The June 2011 issue of CANSLIM.net News will be released soon! When it is available all upgraded members will receive email notifications and be able to access it via links on the website including via the dynamic archive links on the Premium Membership Homepage.

PICTURED: The Dow Jones Industrial Average recently violated its 50-day moving average (DMA) line and an upward trendline connecting its Mar '09, Jul '10 and Mar '11 lows on its weekly graph, showing worrisome signs of technical deterioration.


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.


Financial Stocks Forcing More Technical Damage

The financial group was again an important negative influence on the major averages on Monday as the weakness in the Bank Index ($BKX -2.03%) and Broker/Dealer Index ($XBD -1.97%) continued hurting the broader market outlook. Commodity-linked groups lost ground as the Oil Services Index ($OSX -3.16%), Integrated Oil Index ($XOI -1.99%), and Gold & Silver Index ($XAU -2.09%) slumped. The Healthcare Index ($HMO -2.23%) also gave way to more profit taking pressure. Meanwhile the Retail Index ($RLX -1.34%) fell, and unanimous tech sector losses dragged on the Networking Index ($NWX -1.67%), Internet Index ($IIX -1.51%), Biotechnology Index ($BTK -1.11%), and  Semiconductor Index ($SOX -0.76%).

Charts courtesy www.stockcharts.com

PICTURED: The Bank Index's ($BKX -2.03%) 3-year graph illustrates that the current slump is not the first time financial stocks have slumped under their 50-day and 200-day moving average (DMA) lines.  However, regular readers know we have been repeating comments that the major averages are prone to more severe downdrafts until strength comes back into the financial groups.


Industry Index Symbol Close Change % Change YTD % Change
Oil Services $OSX  259.12 -8.45 -3.16% +5.71%
Healthcare $HMO  2,303.36 -52.57 -2.23% +36.13%
Integrated Oil $XOI  1,267.75 -25.79 -1.99% +4.50%
Semiconductor $SOX  415.34 -3.18 -0.76% +0.85%
Networking $NWX  301.25 -5.11 -1.67% +7.38%
Internet $IIX  305.13 -4.67 -1.51% -0.84%
Broker/Dealer $XBD  107.65 -2.17 -1.97% -11.41%
Retail $RLX  503.67 -6.86 -1.34% -0.93%
Gold & Silver $XAU  199.03 -4.24 -2.09% -12.16%
Bank $BKX  46.72 -0.97 -2.03% -10.52%
Biotech $BTK  1,452.56 -16.31 -1.11% +11.94%


Increasing Ownership By Top-Rated Funds is a Plus

Credit Acceptance Corp (CACC +$0.96 or +1.27% to $76.52) is a high-ranked leader in the Finance - Consumer Loans industry that was recently featured in yellow in the 6/02/11 mid-day report with an annotated daily graph (read here). It has formed a sound new base pattern of sufficient length and its color code was changed to yellow with a pivot point based on its 52-week high plus 10 cents.  

It is thinly traded (37,100 shares average daily volume) and has a small supply (S criteria) of shares outstanding. Its strong earnings history satisfies the C and A criteria. As seen on the weekly graph below, the number of top-rated funds owning its shares rose from 181 in Jun '10 to 218 in Mar '11, a reassuring sign concerning the I criteria of the fact-based system. It is consolidating near its 50-day moving average (DMA) line which defines important support along with recent lows near $75. The M criteria currently argues against new buying efforts until a new confirmed rally with follow-through day (FTD). Meanwhile, a subsequent gain above its pivot point with heavy volume, coupled with a new FTD, could trigger a technical buy signal.


Color Codes Explained :
Y - Better candidates highlighted by our staff of experts.
G - Previously featured in past reports as yellow but may no longer be buyable under the guidelines.

***Last / Change / Volume data in this table is the closing quote data***
Symbol/Exchange
Company Name
Industry Group
PRICE CHANGE
(%Change)
Day High Volume
(% DAV)
(% 50 day avg vol)
52 Wk Hi
% From Hi
Featured
Date
Price
Featured
Pivot Featured
Max Buy
CACC - NASDAQ
Credit Acceptance Corp
FINANCIAL SERVICES - Credit Services  
$76.52 +0.96
1.27%

$76.96

32,844
88.53% of 50 DAV
50 DAV is 37,100
$82.29
-7.01%
6/2/2011 $76.10 PP = $82.39
MB = $86.51
Most Recent Note - 6/6/2011 8:18:53 PM
Y - This high-ranked leader in the Finance - Consumer Loans industry is thinly traded (37,100 shares average daily volume) and has a small supply (S criteria) of shares outstanding. Strong earnings history satisfies the C and A criteria. It is consolidating near its 50 DMA line which defines important support along with recent lows near $75. A subsequent gain above its pivot point with heavy volume would trigger a technical buy signal, meanwhile it has formed a sound new base pattern of sufficient length and its color code was changed to yellow with a pivot point based on its 52-week high plus 10 cents. See the latest FSU analysis for more details and a new annotated weekly graph.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/6/2011. Click here.

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CEVA - NASDAQ
Ceva Inc
ELECTRONICS - Semiconductor - Specialized  
$30.70 -1.20
-3.76%

$31.90

271,093
121.68% of 50 DAV
50 DAV is 222,800
$35.60
-13.76%
5/25/2011 $32.98 PP = $32.05
MB = $33.65
Most Recent Note - 6/6/2011 7:05:32 PM
Y - Today's 4th consecutive loss with volume slightly above average was indicative of distributional pressure. Its slump below its pivot point has raised concerns. Prior highs define support to watch above its 50 DMA line.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/25/2011. Click here.

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CMG - NYSE
Chipotle Mexican Grill
LEISURE - Restaurants  
$280.74 -5.77
-2.01%

$290.19

673,884
61.92% of 50 DAV
50 DAV is 1,088,300
$295.99
-5.15%
4/1/2011 $274.00 PP = $275.10
MB = $288.86
Most Recent Note - 6/6/2011 6:42:55 PM
G - Down again today with very quiet volume, closing near the session low while still perched just -5.2% off its all-time high. No resistance remains due to overhead supply. Formed a 5-week base with volume totals cooling in recent weeks while finding support near its 50 DMA line. Its sub par earnings increase of +23% in the latest quarter ended March 31st, 2011 versus the year ago period raised concern while marking its weakest quarterly earnings increase in more than 2 years.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/17/2011. Click here.

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EZPW - NASDAQ
Ezcorp Inc Cl A
SPECIALTY RETAIL - Specialty Retail, Other  
$30.42 -0.77
-2.47%

$31.15

393,601
110.72% of 50 DAV
50 DAV is 355,500
$33.31
-8.68%
2/18/2011 $27.94 PP = $30.04
MB = $31.54
Most Recent Note - 6/6/2011 6:45:04 PM
G - Down today with slightly above average volume. Encountering distributional pressure after the previously noted "negative reversal" on 6/01/11 for a loss on higher volume after touching a new 52-week high. Recent lows and its 50 DMA line define important nearby chart support to watch where technical violations would raise more serious concerns.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/10/2011. Click here.

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FCFS - NASDAQ
First Cash Financial Svs
SPECIALTY RETAIL - Specialty Retail, Other  
$38.57 +0.14
0.36%

$38.97

229,901
112.97% of 50 DAV
50 DAV is 203,500
$42.36
-8.95%
5/31/2011 $42.00 PP = $40.23
MB = $42.24
Most Recent Note - 6/6/2011 6:46:14 PM
G - Small gain today with near average volume while finding support near its 50 DMA line and prior lows. Its color code was changed to green after damaging losses on higher volume negated its latest breakout.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/31/2011. Click here.

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Symbol/Exchange
Company Name
Industry Group
PRICE CHANGE
(%Change)
Day High Volume
(% DAV)
(% 50 day avg vol)
52 Wk Hi
% From Hi
Featured
Date
Price
Featured
Pivot Featured
Max Buy
FOSL - NASDAQ
Fossil Inc
CONSUMER DURABLES - Recreational Goods, Other  
$100.07 -0.43
-0.43%

$100.90

436,031
58.95% of 50 DAV
50 DAV is 739,700
$107.54
-6.95%
2/1/2011 $73.30 PP = $74.44
MB = $78.16
Most Recent Note - 6/1/2011 2:01:34 PM
G - Pulling back today, its volume totals have been cooling while consolidating in a tight range since its considerable gap up gain on 5/10/11 for a new all-time high. It is extended from any sound base. Prior highs near $96 define initial support to watch above its 50 DMA line.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/2/2011. Click here.

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HMSY - NASDAQ
H M S Holdings Corp
COMPUTER SOFTWARE and SERVICES - Healthcare Information Service  
$73.91 -1.51
-2.00%

$75.30

100,328
62.74% of 50 DAV
50 DAV is 159,900
$84.82
-12.86%
11/19/2010 $61.89 PP = $63.01
MB = $66.16
Most Recent Note - 6/6/2011 7:09:57 PM
Down on below average volume again today, slumping its its lowest close since 2/24/11. It has lingered for the past 5 weeks below its 50 DMA line which is now downward sloping and may act as resistance. Based on weak technical action it will be dropped from the Featured Stocks list tonight. Deterioration below its recent chart low ($73.27) would raise more serious concerns and trigger an additional sell signal, meanwhile a rebound above its 50 DMA line would help its outlook.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/23/2011. Click here.

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HS - NYSE
Healthspring Inc
HEALTH SERVICES - Health Care Plans  
$40.87 -1.04
-2.48%

$42.23

797,635
80.62% of 50 DAV
50 DAV is 989,400
$45.11
-9.40%
3/22/2011 $38.29 PP = $38.85
MB = $40.79
Most Recent Note - 6/6/2011 7:11:14 PM
G - Volume totals have been below average and cooling in recent weeks. Today's loss has it testing its 50 DMA line. That important short-term average defines chart support to watch where a violation would trigger a technical sell signal.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/20/2011. Click here.

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INFA - NASDAQ
Informatica Corp
COMPUTER SOFTWARE and SERVICES - Business Software and Services  
$55.86 -1.02
-1.79%

$57.18

813,876
68.03% of 50 DAV
50 DAV is 1,196,400
$59.98
-6.87%
3/24/2011 $50.04 PP = $49.86
MB = $52.35
Most Recent Note - 6/6/2011 7:13:20 PM
G - Pulling back today for a 3rd consecutive loss with lighter than average volume since it hit a new 52-week high on 6/01/11 then reversed into the red for a loss on above average volume. This high-ranked Computer Software - Database firm did not form a sound new base pattern. Its 50 DMA line defines near-term support to watch.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/24/2011. Click here.

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LULU - NASDAQ
Lululemon Athletica
MANUFACTURING - Textile Manufacturing  
$83.87 -2.79
-3.22%

$87.40

2,275,148
111.95% of 50 DAV
50 DAV is 2,032,300
$102.83
-18.44%
5/18/2011 $98.15 PP = $102.93
MB = $108.08
Most Recent Note - 6/6/2011 6:26:06 PM
Sank further below its 50 DMA line with today's loss on above average volume. Fell in 6 of the past 7 sessions, and based on the technical deterioration it will be dropped from the Featured Stocks list tonight.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/27/2011. Click here.

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Symbol/Exchange
Company Name
Industry Group
PRICE CHANGE
(%Change)
Day High Volume
(% DAV)
(% 50 day avg vol)
52 Wk Hi
% From Hi
Featured
Date
Price
Featured
Pivot Featured
Max Buy
MELI - NASDAQ
Mercadolibre Inc
INTERNET - Internet Software and; Services  
$82.16 -7.52
-8.39%

$90.26

1,633,859
227.68% of 50 DAV
50 DAV is 717,600
$92.73
-11.40%
6/1/2011 $90.55 PP = $92.83
MB = $97.47
Most Recent Note - 6/6/2011 6:23:04 PM
G - Considerable loss today with heavy volume violated its 50 DMA line triggering a technical sell signal. It did not confirm a buy signal after featured in the 6/01/11 mid-day report. Color code is changed to green based on its deterioration, meanwhile, a subsequent rebound above its short-term average is needed to improve its outlook.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/3/2011. Click here.

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MG - NYSE
Mistras Group Inc
DIVERSIFIED SERVICES - Bulding and Faci;ity Management Services  
$16.50 -0.02
-0.12%

$16.60

75,611
47.82% of 50 DAV
50 DAV is 158,100
$18.46
-10.62%
3/15/2011 $15.48 PP = $15.90
MB = $16.70
Most Recent Note - 6/3/2011 4:15:35 PM
G - Today's loss with very light volume has it slumping further below its 50 DMA line after that short-term average acted as resistance this week. The recent low ($16.10 on 5/25/11) defines near-term chart support to watch since its recently completed Public Offering.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/12/2011. Click here.

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MWIV - NASDAQ
M W I Veterinary Supply
HEALTH SERVICES - Medical Instruments and; Supplies  
$77.86 -1.35
-1.70%

$79.20

119,368
130.74% of 50 DAV
50 DAV is 91,300
$86.99
-10.50%
11/4/2010 $61.79 PP = $59.60
MB = $62.58
Most Recent Note - 6/6/2011 7:17:22 PM
G - Down today for a 3rd loss in the span of 4 sessions with above average volume, violating its 50 DMA line and recent chart lows triggering technical sell signals.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/5/2011. Click here.

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OPNT - NASDAQ
Opnet Technologies
INTERNET - Internet Software and Services  
$38.20 +1.33
3.61%

$38.49

172,605
131.56% of 50 DAV
50 DAV is 131,200
$42.51
-10.14%
5/11/2011 $41.21 PP = $40.50
MB = $42.53
Most Recent Note - 6/6/2011 6:57:23 PM
G - Solid gain with above average volume today helped it rally back near its 50 DMA line. Subsequent deterioration under recent lows in the $35-36 area would raise greater concerns.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/11/2011. Click here.

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OTEX - NASDAQ
Open Text Corp
INTERNET - Internet Software and Services  
$63.02 -0.71
-1.11%

$63.82

317,083
88.94% of 50 DAV
50 DAV is 356,500
$67.08
-6.05%
6/1/2011 $65.86 PP = $67.18
MB = $70.54
Most Recent Note - 6/6/2011 7:01:05 PM

Y - Down for a 3rd consecutive session with a small loss today on below average volume, slumping near its 50 DMA line. No resistance remains from overhead supply, however a breakout on volume is still needed to confirm a proper new technical buy signal.


>>> The latest Featured Stock Update with an annotated graph appeared on 6/2/2011. Click here.

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Symbol/Exchange
Company Name
Industry Group
PRICE CHANGE
(%Change)
Day High Volume
(% DAV)
(% 50 day avg vol)
52 Wk Hi
% From Hi
Featured
Date
Price
Featured
Pivot Featured
Max Buy
PCLN - NASDAQ
Priceline.Com Inc
INTERNET - Internet Software and Services  
$502.87 -4.93
-0.97%

$510.38

785,483
72.55% of 50 DAV
50 DAV is 1,082,700
$561.88
-10.50%
1/3/2011 $399.55 PP = $428.20
MB = $449.61
Most Recent Note - 6/6/2011 7:02:30 PM
G - Volume totals have been cooling in recent weeks while lingering just below its 50 DMA line. Recent chart low ($487.70 on 5/25/11) defines an important near-term support level where further deterioration would raise even greater concerns.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/19/2011. Click here.

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RAX - NYSE
Rackspace Hosting Inc
INTERNET - Internet Software and; Services  
$41.46 -1.92
-4.43%

$43.40

1,682,561
89.75% of 50 DAV
50 DAV is 1,874,800
$46.50
-10.83%
6/3/2011 $43.36 PP = $46.59
MB = $48.92
Most Recent Note - 6/6/2011 6:32:45 PM
Y - Violated its 50 DMA line with a loss today on lighter volume. Only a prompt rebound above that short-term average could help its outlook, meanwhile deterioration below its recent low closes and its recent chart low ($38.84 on 5/12/11) would trigger more worrisome technical sell signals. Last week its color code was changed to yellow with new pivot point based on its 52-week high plus 10 cents.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/13/2011. Click here.

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TIBX - NASDAQ
Tibco Software Inc
COMPUTER SOFTWARE and SERVICES - Business Software and Services  
$26.14 -0.50
-1.88%

$26.93

2,054,236
73.63% of 50 DAV
50 DAV is 2,790,100
$30.75
-14.99%
3/18/2011 $23.88 PP = $26.04
MB = $27.34
Most Recent Note - 6/6/2011 6:35:10 PM
G - Down further today on light volume, closing near the session low. Serious concerns were raised last week after it technically triggered sell signals with losses and slumped below its 50 DMA line. Overhead supply up through the $30 area may now act as resistance.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/18/2011. Click here.

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ULTA - NASDAQ
Ulta Salon Cosm & Frag
SPECIALTY RETAIL - Specialty Retail, Other  
$49.70 -1.36
-2.66%

$52.10

843,149
161.93% of 50 DAV
50 DAV is 520,700
$57.17
-13.07%
1/6/2011 $36.12 PP = $37.34
MB = $39.21
Most Recent Note - 6/6/2011 6:39:54 PM
G - Its violation and close below its recent low ($50.43 on 5/23/11) raised more concerns. It slumped further below its 50 DMA line today with a second loss with above average volume in the span of 3 sessions.
>>> The latest Featured Stock Update with an annotated graph appeared on 5/26/2011. Click here.

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ZAGG - NASDAQ
Zagg Inc
SPECIALTY RETAIL - Specialty Retail, Other  
$10.47 -0.52
-4.73%

$11.09

1,142,125
93.68% of 50 DAV
50 DAV is 1,219,200
$11.53
-9.19%
6/1/2011 $10.92 PP = $10.59
MB = $11.12
Most Recent Note - 6/6/2011 6:28:11 PM
Y - Loss today with below average volume led to a close just below its pivot point, raising concerns. Technically it broke out from a cup-with-handle type base last week. Prior high closes define important chart support to watch on pullbacks.
>>> The latest Featured Stock Update with an annotated graph appeared on 6/1/2011. Click here.

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Symbol/Exchange
Company Name
Industry Group
PRICE CHANGE
(%Change)
Day High Volume
(% DAV)
(% 50 day avg vol)
52 Wk Hi
% From Hi
Featured
Date
Price
Featured
Pivot Featured
Max Buy

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