Friday’s Stock Watch

  • June 27, 2002
  • TradingMarkets Editors


The Bulls took control
today as above average volume moved the three major indexes into positive
territory. Leading sectors were computer hardware, Internet,
broker/dealers, and semiconductors; as gold and silver, oil service, and
networking took the heaviest losses. New-52-week highs had the edge over the
lows, as banking and real estate held their familiar roles as the top place
makers. Stocks on our watch list were all green at the close.



Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 1.72, and up volume over
down volume by a 1.52 ratio. Nasdaq advancing issues over declining issues came
in at 1.64, and up volume beat down volume by a 3.40 ratio.




The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 1.64% at 9269.92. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up 1.75% at 990.64.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed up
2.09% at 1459.22.





 




cellPadding=0 width=”70%” border=1 height=”202″>

































  NYSE size=2>NASDAQ
Advancing Issues
1,917
2,117
Declining
Issues
1,110
1,293
Advancing Volume
1,180,137,000
1,454,277,000
Declining Volume

594,102,000
423,234,000

Total
Volume

1,785,467,000
1,909,332,000
New 52-week
Highs
33
27
New 52-week Lows
22
11

Top sectors:


Morgan Stanley Internet Index
(
$MOX.X |
Quote |
Chart |
News |
PowerRating), up 4.68% at
7.82, and the

GSTI Hardware Index
(
$GHA.X |
Quote |
Chart |
News |
PowerRating), up
4.53% at
177.37.

Losing sectors:



Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), down 3.73% at
73.42, and the

Oil Service Sector Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) down 1.92% at
93.74.

Sectors with Most New 52-Week Highs (10 or more):

Banking – 22

Real Estate – 17

Watch List Action:

Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) rose 2.35 % on below average volume. The stock
is attempting to form a double bottom right above its 200-day moving average. If
this one begins to form a new base, some accumulation days would look good in
here.





Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) rose 2.64% on above average volume for an accumulation
day. The stock went right past its resistance without even pausing. While this
may be attractive for the stock, it doesn’t help the trader set up in
anticipation of a breakout. It is still reasonable to believe this one will
settle back into a handle.




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), up 3.14% on
heavy volume for an accumulation day. This one violated its pivot point by
over 13% at its low yesterday, and will be coming off the list. 



Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 2.35% on

below-average volume.



size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 3.54%

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)
88
37.74
+ 1.15
697,900
38.08
42

Christopher & Banks


(
CHBS |
Quote |
Chart |
News |
PowerRating)
94
 41.75
+ 0.75
390,300
33.60
42.45

Group 1 Automotive

(
GPI |
Quote |
Chart |
News |
PowerRating)
81
36.95
+ 0.85
266,900
33.14
50.08

size=2>Panera Bread Co
size=2>
(
PNRA |
Quote |
Chart |
News |
PowerRating)
93
34.79
+ 1.19
481,600
33.12
36.80

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



Apollo Group Inc.
(
APOL |
Quote |
Chart |
News |
PowerRating), up 2.64% on
above-average volume for an accumulation day.



DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), unchanged on below-average volume.



Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating), up 3.44% on

above-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

Apollo Group Inc.

(
APOL |
Quote |
Chart |
News |
PowerRating)
82
39.64
+ 1.02
2,176,200

DR Horton Inc.

(
DHI |
Quote |
Chart |
News |
PowerRating)
89
25.45
unch
1,512,500

Winnebago Industries

(
WGO |
Quote |
Chart |
News |
PowerRating)
89
44.41
+ 1.48
198,500

href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com


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