EarningsBeats.com Digest for September 28, 2020
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Please note there will be No "Trading Places Live" this morning - Will resume Wednesday morning.
Q4 Market Outlook Webinar postponed to this Wednesday.
Please note that we are rescheduling the "Q4 Market Outlook"webinar from tonight to this Wednesday, September 30, 4:30 pm eastern.
About the Event
The third quarter is nearing an end, and what a volatile quarter it has been! Now we're getting ready to move into Q4 with Earnings Season right around the corner. What signs can we look for that will help us navigate the market?
During Wednesday's event, Tom will review some of the key indicators he relies on when determining market direction. This will include looking at critical historical information as well as where the market stands today.
This is a members only event that will be open to both existing subscribers as well as those who start a NO COST 30-day trial.* Key membership features include:
- Access to Tom Bowley's comprehensive Daily Market Report - a must read!
- Access to EXCLUSIVE Strong Earnings ChartList (484 companies that BEAT revenues and EPS) plus other additional, valuable ChartLists such as:
- Accumulation/Distribution ChartLists (Weak + Strong)
- Short Squeeze ChartList
- Strong Future Earnings ChartList
- Raised Guidance ChartList
- Access to Pre-Defined Scans - We set up the scans for you!
- Access to our 4 portfolios, including our flagship Model Portfolio, up 142% (Updated 09/25/2020) since its November 19, 2018 inception (vs the S&P's increase of 22.5% over the same period of time)!
A Small Cap Is Providing Leadership in Medical Supplies
Small caps have been under significant pressure throughout the pandemic, but it doesn't mean that there aren't leaders out there. One such small cap leader is Axonics Modulation Technologies (AXNX), which closed at an all-time high on Friday, despite a lackluster small cap environment and a medical supplies group ($DJUSMS) that has yet to make a breakout. This $1.8 billion company has just broken out relative to the S&P 500:
Volume trends have been fairly bullish over the past week and its AD line is near its high as well. One of the bigger obstacles for the stock is that the small cap ETF (IWM) now resides near a 4 month relative low to the SPY (ETF tracking the S&P 500). Small caps had enjoyed a ton of relative success vs. the large caps during the first three weeks of September, but gave back nearly all of those relative gains last week. The S&P 600
Small Cap Index fell over 4% last week, trailing the S&P 500 by more than 3 percentage points. Should we see a rotation back to small caps, AXNX is certainly a stock that could benefit.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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