Breakoutwatch Weekly Summary 08/21/2023
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The newsletter has been absent for a few weeks as I have concentrated on correcting some data problems introduced by a hack of the database. I believe all stock data is now correct and watchlist filters are working again. Next week I depart for 4 weeks on a European vacation but will try to produce this newsletter remotely.
Market Summary
Stocks retreat for third consecutive week
Stocks were broadly lower as sentiment appeared to take a blow from a sharp increase in longer-term bond yields and fears of a sharp slowdown in China (see below). The S&P 500 Index ended the week down 5.15% from its July 26 intraday peak. Growth shares should theoretically suffer the most as rising rates place a greater discount on future earnings, but the Russell 1000 Growth Index held up modestly better than its value counterpart. Small-cap stocks performed the worst. T. Rowe Price traders noted that program trading, technical factors, and thin summer trading volumes may have accentuated the market’s swings. [more...]
Major Index Performance
| Dow Jones
|
| Last Close
| 34463.7 |
| Wk. Gain
| -1.29 % |
| Yr. Gain
| 3.97 % |
| Trend
| Down |
|
| S&P 500
|
| Last Close
| 4399.77 |
| Wk. Gain
| -0.77 % |
| Yr. Gain
| 14.18 % |
| Trend
| Down |
|
| NASDAQ Comp.
|
| Last Close
| 13497.6 |
| Wk. Gain
| -0.7 % |
| Yr. Gain
| 27.79 % |
| Trend
| Down |
|
| Russell 2000
|
| Last Close
| 13497.6 |
| Wk. Gain
| 612.66 % |
| Yr. Gain
| 662.68 % |
| Trend
| Down |
|
Performance by Sector
| Sector |
Wk. Change % |
Yr. Change % |
Trend |
| Consumer Discretionary |
-1.79 |
27.44 |
Down |
| Consumer Staples |
-1.8 |
-0.54 |
Down |
| Energy |
0.77 |
3.15 |
Up |
| Finance |
-0.62 |
-0.28 |
Down |
| Health Care |
-1.28 |
-1.28 |
Down |
| Industrials |
-1.31 |
11.32 |
Down |
| Technology |
0.05 |
34.39 |
Down |
| Materials |
-0.75 |
4.38 |
Down |
| REIT |
-2.7 |
-3.37 |
Down |
| Telecom |
-2.08 |
30.65 |
Down |
| Utilities |
-0.47 |
-11.85 |
Down |
Breakouts This Week Still Within 5% of Breakout Price (Limit 20 top C Score)
| Watchlist |
Symbol |
Company |
Industry |
C Score* |
% Gain |
| SQZ |
TS |
Tenaris S.A. American Dep |
Gold |
83.2 % |
0.2 % |
| CWH |
BRBR |
BellRing Brands, Inc. |
Packaged Foods |
79 % |
0 % |
| CWH |
EQT |
EQT Corporation |
Asset Management |
77.2 % |
0.5 % |
| SQZ |
NTNX |
Nutanix, Inc. |
Software - Infrastructure |
72.4 % |
2.3 % |
| SQZ |
BLBD |
Blue Bird Corporation |
Auto Manufacturers |
72 % |
0.1 % |
| SQZ |
ROST |
Ross Stores, Inc. |
Apparel Retail |
67.6 % |
0.4 % |
| SQZ |
ORCL |
Oracle Corporation |
Software - Infrastructure |
67 % |
0.1 % |
| SQZ |
CFLT |
Confluent, Inc. |
Software - Infrastructure |
65.4 % |
1 % |
| SQZ |
SPB |
Spectrum Brands Holdings, Inc. |
Specialty Business Services |
63 % |
0.2 % |
| SQZ |
ETNB |
89bio, Inc. |
Biotechnology |
57.5 % |
2 % |
| CWH |
IDYA |
IDEAYA Biosciences, Inc. |
Biotechnology |
53.2 % |
1.6 % |
| *C score is our assessment of a Stock's correlation to CAN SLIM principles. It combines a stock's Technical and Fundamental merits and is expressed as a percentage. |
Breakdowns within 5% of Breakdown Price
| Watchlist |
Symbol |
Company |
Industry |
C Score* |
% Loss |
| SS |
RDNT |
RadNet, Inc. |
|
69.5 % |
-4.2 % |
| SS |
ARHS |
Arhaus, Inc. |
Home Improvement Retail |
68.9 % |
-2.6 % |
| SS |
MDLZ |
Mondelez International, Inc. |
Confectioners |
68 % |
-3.6 % |
| SS |
SQSP |
Squarespace, Inc. |
|
67.7 % |
-1.4 % |
| SS |
TWO |
Two Harbors Investment Co |
Banks - Global |
63.8 % |
-2.9 % |
| SS |
ALOT |
AstroNova, Inc. |
Computer Hardware |
62 % |
-0.9 % |
| SS |
TOST |
Toast, Inc. |
|
62 % |
-1.8 % |
| SS |
SPRB |
Spruce Biosciences, Inc. |
Biotechnology |
58.7 % |
-1.8 % |
| SS |
VPG |
Vishay Precision Group, Inc. |
Financial Conglomerates |
57 % |
-4.2 % |
| SS |
CASS |
Cass Information Systems, Inc |
|
54.7 % |
-1.3 % |
| SS |
MGNX |
MacroGenics, Inc. |
|
52.2 % |
-1.2 % |
| SS |
FET |
Forum Energy Technologies, Inc. |
Industrial Distribution |
49.7 % |
-4.8 % |
| SS |
SUP |
Superior Industries International, Inc. |
|
44.4 % |
-4.9 % |
| *C score is our assessment of a Stock's correlation to CAN SLIM principles. It combines a stock's Technical and Fundamental merits and is expressed as a percentage. |
Cup and Handle Chart of the Week
Aug. 16, 2023 /PRNewswire/ -- IDEAYA Biosciences, Inc. (Nasdaq: IDYA), a precision medicine oncology company committed to the discovery and development of targeted therapeutics, announced the achievement of First-Patient-In for the company-sponsored Phase 2 clinical trial evaluating darovasertib as neoadjuvant and adjuvant therapy in primary uveal melanoma (UM) patients.
