Friday’s Stock Watch
The broader markets
put in a good show today, with the bulls driving the major indexes up
into the close. A good market is often evident with strong closes like
the ones we have been seeing. Today doesn’t erase yesterday’s
distribution on the S&P 500, but it’s a good sign. Overall volume came in
around average, with Nasdaq up volume beating out its down volume by almost 3 to
1. Our watch list had some encouraging accumulations backed with percentage
gains to exhibit the strength we have been looking for.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down
1.21% to
9,829.42. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up
0.98% to
1,139.61.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed up
2.41% to
1,933.45.
| NYSE | NASDAQ | |
| Advancing Issues | 1,951 |
2,266 |
| Declining Issues | 1,170 |
1,400 |
| Advancing Volume | 747,462,000 |
1,425,834,000 |
| Declining Volume |
592,051,000 |
480,308,000 |
| Total Volume | 1,352,654,000 |
1,921,857,000 |
| New 52-week Highs | 12 | 32 |
| New 52-week Lows | 5 | 1 |
Top sector gainers:
Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) up 4.24% to 533.17.
The Computer Hardware Index
(
$HWI.X |
Quote |
Chart |
News |
PowerRating) up 3.91% to 159.19.
Airline Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) up 3.89% to 87.22.
Losing sectors:
S&P Chemical Index
(
$CEX.X |
Quote |
Chart |
News |
PowerRating) down 0.27% to 425.08.
S&P Retail Index
(
$RLX.X |
Quote |
Chart |
News |
PowerRating) down 0.25% to 875.99.
Nasdaq Finance Sector
(
$IFX.X |
Quote |
Chart |
News |
PowerRating) down 0.12% to
2250.87.
.
Sectors With New Highs:
Business Equipment – 1
Business Services – 3
Business Software and Services
– 2
Semiconductor Integrated Circuits – 2
Semiconductor Memory Chips – 1
Watch List Action
PEC
Solutions
(
PECS |
Quote |
Chart |
News |
PowerRating) had quiet day, gaining 0.315% on average volume.Â
Our biggest gainer of the day was Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating), up 9.58% on
above-average volume for an accumulation day. This company is a part of the
strong semiconductor sector that has been providing leadership in this market.
The company’s 2002 estimated earnings are for 623%.
Recent Breakouts
We monitor the action of Recent Breakouts as an indicator
of the market health for IT traders. When breakouts are acting well, this is a
good sign for the likelihood of further sustainable breakouts. When breakouts
are failing, IT traders should be even more cautious.
American Healthways Inc.
(
AMHC |
Quote |
Chart |
News |
PowerRating) up 7.65% on
over four times average volume for an accumulation day.
Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating) up .02% on below-average volume.
Epiq Systems
(
EPIQ |
Quote |
Chart |
News |
PowerRating) up 5.64% on above-average volume.
Krispy Kreme Doughnuts
(
KKD |
Quote |
Chart |
News |
PowerRating) down 1.36% on
above-average volume.
MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating) up 5.73% on average
volume.
Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating)
up 4.38% on over four times average volume. This stock will replace Enron on the
S&P 500, which explains the unusual volume.
Panera Bread Co.
(
PNRA |
Quote |
Chart |
News |
PowerRating) down 0.43% on
average volume.
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| American Healthways Inc. | ( AMHC | Quote | Chart | News | PowerRating) |
99 | 31.49 | + 2.24 | 210,500 |
| Copart Inc. | ( CPRT | Quote | Chart | News | PowerRating) |
96 | 33.50 | + 0.01 | 795,100 |
| EPIQ Systems | ( EPIQ | Quote | Chart | News | PowerRating) |
98 | 29.57 | + 0.58 | 185,800 |
| Genesis Microchip | ( GNSS | Quote | Chart | News | PowerRating) |
98 | 58.20 | + 5.09 | 2,426,800 |
| Krispy Kreme Doughnuts | ( KKD | Quote | Chart | News | PowerRating) |
95 | 36.20 | – 0.50 | 846,800 |
| MTR Gaming Group | ( MNTG | Quote | Chart | News | PowerRating) |
95 | 13.64 | + 0.74 | 306,900 |
| Nvidia Corp. | ( NVDA | Quote | Chart | News | PowerRating) |
94 | 53.61 | + 2.25 | 9,846,100 |
| Panera Bread Co. | ( PNRA | Quote | Chart | News | PowerRating) |
96 | 50.12 | – 0.22 | 317,100 |
| PEC Solutions | ( PECS | Quote | Chart | News | PowerRating) |
98 | 35.00 | + 0.11 | 402,700 |
Stocks Forming a Handle
THQ Inc.
(
THQI |
Quote |
Chart |
News |
PowerRating) up 7.58% on above average volume for
an accumulation day.
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| THQ Inc. | ( THQI | Quote | Chart | News | PowerRating) |
96 | 56.00 | + 3.95 | 1,572,500 |
Stocks Building A Base
Ebay
(
EBAY |
Quote |
Chart |
News |
PowerRating) up 1.75% on below average
volume.
Metro One Telecomm Inc
(
MTON |
Quote |
Chart |
News |
PowerRating) down 0.11%
below average volume.
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| Ebay | ( EBAY | Quote | Chart | News | PowerRating) |
88 | 66.24 | + 1.14 | 9,318,900 |
| Metro One Telecomm Inc | ( MTON | Quote | Chart | News | PowerRating) |
96 | 35.66 | – 0.04 | 783,100 |