Friday’s Stock Watch
The markets ended the day
mixed, as fears over war between India and Pakistan coincided with a weakening
dollar. Overall volume was light, though enough to make for
distribution on the Dow and S&P 500, with accumulation on the Nasdaq. Leading
the upside action were computer hardware, healthcare, Internet, and biotechnology
issues; with the losers’ column dominated by semiconductors, networking, gold and
silver, and broker/dealers. New 52-week highs and lows remained relatively
flat. Stocks on our watch lists experienced heavy selling, with some just
a shot away from becoming disqualified from meeting our criteria.
Market breadth was mostly negative, as NYSE
declining issues beat advancing issues by a ratio of 1.13, and down volume
dominated
up volume by a 2.16 ratio. Nasdaq declining issues over advancing issues came in
at 1.06, though up volume beat down volume by a 1.10 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.11% at 9911.69. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.91% at 1064.67. The
Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed up 0.46% at 1631.88.
1,494
1,675
Issues
1,683
1,769
383,452,000
807,200,000
829,902,000
731,104,000
Total
Volume
1,225,358,000
1,551,934,000
Highs
19
17
14
17
Top sectors:
Computer Boxmaker Index
(
$BMX.X |
Quote |
Chart |
News |
PowerRating), up 2.11% at
90.85.
Morgan Stanley Healthcare Provider Index
(
$RXH.X |
Quote |
Chart |
News |
PowerRating),
up 1.72% at 364.51.
Losing sectors:
GSTI Semiconductor
Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating)
down 3.68% at 241.43.
GSTI Multimedia Networking Index
(
$GIP.X |
Quote |
Chart |
News |
PowerRating), down 3.30% at 81.38.
Sectors with Most New 52-Week Highs:
Due to a technical problem this data is not
available.
Watch List Action:
Getting whacked today, Panera Bread Company
(
PNRA |
Quote |
Chart |
News |
PowerRating) fell 4.32% on heavy
volume after it beat its earnings estimates by 3 cents. The stock has now erased
the gains from its April 10 breakout, and is on the verge of becoming another
breakout casualty in a tough market. A stock that falls after beating its
estimates is telling you something.
Also erasing the gains of its breakout, Right Management Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating)
fell 2.97% on average volume. The stock is above its 50-day moving average,
though the last two days of selling don’t look good for this one.
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.
Chico’s FAS Inc.
(
CHS |
Quote |
Chart |
News |
PowerRating), down 1.88% on almost
three times average volume for its third distribution day in a row.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
0.72% on below-average volume for a distribution day.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 4.88% on
over twice average volume for a distribution day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 4.33%
on over four times average volume for its third
distribution day in a row.
Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), down 2.97% on
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 | 36.50 | – 0.70 | 616,300 | 38.08 | 42 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 94 | 38.40 | – 0.28 | 423,900 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 93 | 41.85 | – 2.15 | 248,000 | 42.23 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 91 | 62.72 | – 2.84 | 394,000 | 66.74 | 73.60 |
Right Mgt. Consultants | ( RMCI | Quote | Chart | News | PowerRating) | 94 | 28.00 | – 0.86 | 329,900 | 290,200 | 33.57 |
Stocks Forming a Handle
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 1.81%
on below-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 | Pivot |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 87 | 24.35 | – 0.45 | 2,058,600 | 27.29 |
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
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