Friday’s Stock Watch
The major indexes extended
yesterday’s losses as average volume made for distribution on the NYSE.
Gold and silver, Japan, airline, and transportation were pockets of strength;
biotechnology, semiconductors, computer hardware, and Internet showed the
heaviest losses. New 52-week lows held a clear edge over the lows, with
electronics and telecommunications once gain leading the action down. There was
one stock to close positive on our watch list.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.20, and down-volume over
up-volume by a 2.65 ratio. Nasdaq declining issues over advancing issues came in
at 1.33, and down-volume beat up-volume by a whopping 6.41 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.35% at 9431.77. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 1.34% at 1006.28. The
Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed down 2.14%
at 1464.74.
1,363
1,451
Issues
1,641
1,934
358,307,000
225,479,000
950,594,000
1,444,815,000
Total
Volume
1,330,691,000
1,684,105,000
Highs
23
10
35
50
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), up 4.60% at
78.89.
Combined Insurance Index
(
$INSR.X |
Quote |
Chart |
News |
PowerRating), up 1.36% at
2611.62.
Losing sectors:
Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), down 4.84% at
392.22.
Biotechnology Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) down 4.84% at
344.62.
Sectors with Most New 52-Week Highs (10 or more):
Real Estate — 12
Watch List Action:
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating) fell 1.66% on almost four times average volume
for a heavy distribution day. Today the company released earnings of 90 cents a
share, as it beat its analysts’ consensus by 15 cents. Obviously investors
weren’t impressed, as today’s action was major red flag.
Christopher and Banks
(
CHBS |
Quote |
Chart |
News |
PowerRating) was our only gainer today as it rose 1.67% on
almost twice its average volume for an accumulation day. This is a nice show of
strength against a weak market.
Recent Breakouts
size=2>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.
Chicos FAS Inc.
(
CHS |
Quote |
Chart |
News |
PowerRating), down 2.37% on
below-average volume.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), up
1.66% on almost twice average volume for an accumulation day.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 0.56% on
above-average volume for a distribution day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.45%
on below-average volume.
| color=#ffffff size=2>Company Name | color=#ffffff size=2>Symbol | color=#ffffff size=2>12 Month RS | color=#ffffff size=2>Price | color=#ffffff size=2>Price Change | color=#ffffff size=2>Average Volume | Pivot | 52-Week High |
| Chicos FAS Inc. | ( CHS | Quote | Chart | News | PowerRating) | 92 | 40.05 | + 0.22 | 697,900 | 38.08 | 42.00 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 95 | 40.82 | – 0.37 | 390,300 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 72 | 39.01 | + 0.76 | 266,900 | 33.14 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 93 | 71.07 | + 1.06 | 481,600 | 66.23 | 73.60 |
Stocks Forming a Handle
| color=#ffffff size=2>Company Name | color=#ffffff size=2>Symbol | color=#ffffff size=2>12 Month RS | color=#ffffff size=2>Price | color=#ffffff size=2>Price Change | color=#ffffff size=2>Average Volume | Pivot |
None |
Stocks Building A Base
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating), down 1.67% on
almost four times average volume for a distribution day.
color=#ffffff size=2>Company Name | color=#ffffff size=2>Symbol | color=#ffffff size=2>12 Month RS | color=#ffffff size=2>Price | color=#ffffff size=2>Price Change | color=#ffffff size=2>Average Volume |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 89 | 46.58 | + 0.76 | 198,500 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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