Friday’s Stock Watch
The markets retreated from
yesterday’s buying spree in a thinly traded session that left almost
all sectors red. Gold and silver, Japan, healthcare, and forest and paper
products made up the gainers list, with biotechnology, software, networking, and
airline stocks posting the worst losses. New 52-week highs were relatively
scare, with banking and retail representing areas of strength. Stocks on our
watch lists fared well for the most part, with another breakout made. Â
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.86, and down volume over
up volume by a 2.71 ratio. Nasdaq declining issues over advancing issues came in
at 1.95, and down volume beat up volume by a 5.31 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.03%% at 10036.45. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down1.45% at 1073.00.
The Nasdaq [$COMPQ |$COMPQ] closed down 2.69% at 1650.57.
Â
1,109
2,465
Issues
2,059
1,094
304,314,000
2,000,971,000
825,598,000
343,859,000
Total
Volume
1,142,157,000
2,370,575,000
Highs
22
25
4
3
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), up 2.13% at
78.56.
Japan Index
(
$JPN.X |
Quote |
Chart |
News |
PowerRating),
up 0.93% at 122.88.
Losing sectors:
Biotechnology
Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) down
4.76% at
395.03.
GSTI Software
Index
(
$GSO.X |
Quote |
Chart |
News |
PowerRating)
down 4.21% at 124.84.
Sectors with Most New 52-Week Highs:
Banking – 31
Retail – 13
Watch List Action:
Breaking out today we had Christopher & Banks Co.
(
CHBS |
Quote |
Chart |
News |
PowerRating) a it rose 7.84%
on over twice its daily average volume. We have been following the stock from
its breakout made April 4, and today’s announcement that the company has
increased its same-store sales 7% from last year launched it from a month-long basing pattern. We hope to see this one do well from here.Â
Making a new 52-week high, Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) advanced 5.26% on above
average volume for an accumulation day. The past three weeks have brought four
accumulation days and two minor distribution days for the stock. Looking good. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
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 3.73% on over
twice average volume for an accumulation day.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), up
7.83% on over twice average volume for a breakout.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 5.26% on
above-average volume for an accumulation day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 1.83%
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 | Pivot | 52-Week High |
| Chicos FAS Inc. | ( CHS | Quote | Chart | News | PowerRating) | 93 | 40.29 | + 1.45 | 638,600 | 38.08 | 40.73 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 92 | 39.90 | + 2.90 | 503,900 | 33.60 | 39.25 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 95 | 50.02 | + 2.50 | 304,700 | 42.23 | 46.72 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 94 | 68.01 | – 1.27 | 408,600 | 66.74 | 72.05 |
Stocks Forming a Handle
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), up 0.80%
size=2>
on below-average volume.
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 0.53% on low
volume.
Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), up 2.08% on
below 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 |
Beazer Homes | ( BZH | Quote | Chart | News | PowerRating) | 84 | 88.00 | + 0.70 | 592,200 | 91.45 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 88 | 25.89 | – 0.14 | 2,339,100 | 27.14 |
Right Mgt. Consultants | ( RMCI | Quote | Chart | News | PowerRating) | 91 | 27.37 | + 0.56 | 323,200 | 28.95 |
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 | Â | Â | Â | Â | Â |
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.