Friday’s Stock Watch
The markets were hit with
another round of selling, as above-average volume on the NYSE qualified for
distribution. The only groups positive on the day were gold and
silver and oil service, with heavy losses made in telecom, biotechnology,
semiconductors, and utilities. New 52-week lows easily dominated the highs, with
drugs and telecoms leading the charge down. Contrary to the overall markets,
stocks on our watch list put in good days.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 2.17, and down-volume over
up-volume by a 5.26 ratio. Nasdaq declining issues over advancing issues came in
at 2.55, and down-volume beat up-volume by a 3.99 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.75% at 9624.64. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 1.97% at 1029.14. The
Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed
down 2.53% at 1554.88.
997
972
Issues
2,168
2,480
246,276,000
311,462,000
1,296,056,000
1,242,667,000
Total
Volume
1,563,146,000
1,569,343,000
Highs
7
8
38
58
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), up 0.77% at
83.73.
Oil Service Sector Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating),
up 0.17% at 97.52.
Losing sectors:
Biotechnology Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), down 5.01% at
366.46.
North American Telecoms Index
(
$XTC.X |
Quote |
Chart |
News |
PowerRating), down
4.85% at
478.85.
Sectors with Most New 52-Week Highs:
No sectors were able to post 10 or more.
Watch List Action:
Chico’s FAS
(
CHS |
Quote |
Chart |
News |
PowerRating) put in another good day as it rose 4.19% on over two-and-a-half times average volume. The stock has made three accumulation days in a row
after surviving a near stop-loss execution.
Panera Bread Company
(
PNRA |
Quote |
Chart |
News |
PowerRating) also had a good day as it advanced 3.57% on
almost twice average volume for an accumulation day. This is the longest
surviving breakout on our list, as we have been monitoring it since last fall.
Recent Breakouts
size=2>We monitor the action of Recent Breakouts as an indicator of
the market’s 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.
Chico’s FAS Inc.
(
CHS |
Quote |
Chart |
News |
PowerRating), up 4.19% on over two-and-a-half times average volume for its third accumulation day in a row.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), up
1.91% on below-average volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 1.13% on
below-average volume.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 3.56%
on almost twice
average volume for an accumulation 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 | Pivot | 52-Week High |
| Chico’s FAS Inc. | ( CHS | Quote | Chart | News | PowerRating) | 89 | 41.00 | + 1.65 | 660,700 | 38.08 | 42.00 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 92 | 39.90 | + 0.75 | 418,900 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 84 | 39.30 | – 0.45 | 255,400 | 42.23 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 89 | 66.44 | + 2.29 | 413,200 | 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
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 |
None |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
If you are new to the “IT” strategy, be sure to
take a look at our
intermediate-term online trading course.