Friday’s Stock Watch
Stocks ended
mixed today with the Dow and Nasdaq squeezing out slight gains, while
the S&P 500 posted a slight loss. Volume was heavy, with Nasdaq up volume
edging out down volume for an accumulation day. Healthcare topped the gainers
list, with oil service, transportation, and telecoms also putting in a good
show. Biotechnology and broker/dealers showed the heaviest losses as they
weighed the negative column down. New 52-week lows on the Nasdaq perked up to
31, which hasn’t been seen for some time, with NYSE’s lows remaining quiet.
Stocks on our watch list were just about all negative, with one of our recent
breakouts earning its way off of our list.
Market breadth was mixed, with NYSE
advancing issues over declining issues by a ratio of 1.07, and down volume over
up volume by a 1.14 ratio. Nasdaq declining issues over advancing issues came in
at 1.07, and up volume beat down volume by a 1.48 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 0.04% at 10035.06 The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.15% at 1091.48.
The Nasdaq [$COMPQ |$COMPQ] closed up 0.02%
at 1713.71.
Â
1,628
1,608
Issues
1,519
1,721
697,072,000
1,120,161,000
793,560,000
756,614,000
Total
Volume
1,513,336,000
1,951,889,000
Highs
66
30
6
31
Top sectors:
Morgan Stanley Healthcare
Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating) Â up 2.45% at 97.09.
Oil Service Sector
Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) up 2.85% at 106.78.
Losing sectors:
Biotechnology Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), down 3.19% at 440.09.
Broker/Dealer
Index
(
$XBD.X |
Quote |
Chart |
News |
PowerRating), down 2.32% at 455.55.
Sectors with Most New 52-Week Highs:
Banking – 31
Health Services – 15
Diversified Services – 14
Consumer Non-Durables – 12
Leisure – 11
Metals and Mining – 11
Retail – 11
Watch List Action:
Hit with heavy distribution today, Ameristar Casinos
(
ASCA |
Quote |
Chart |
News |
PowerRating) fell 4.51%
on over twice average volume. At its low today this one was 8.7% below its pivot
buy point, which means it’s coming off this report.
Our only stock to close positive today was Christopher & Banks
(
CHBS |
Quote |
Chart |
News |
PowerRating) as it
rose 1.30% on below average volume for an accumulation day. This stock has been
trading on light volume as it traces out a flag, which is generally a positive
sign going forward. Ideally we want to see the up volume days show greater
volume, and with three days of distribution vs. three days of accumulation, we
can only watch and wait for more clues.
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.
Ameristar Casninos
(
ASCA |
Quote |
Chart |
News |
PowerRating), down 4.52% on
over twice average volume for a distribution day and a ticket off this list.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), up
1.29%
on below-average volume for an accumulation day.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 2.65% on
below-average volume.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.88%
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 |
Ameristar Casninos | ( ASCA | Quote | Chart | News | PowerRating) | 95 | 30.82 | – 1.23 | 187,000 | 30.90 | 32.55 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 88 | 37.60 | + 0.58 | 524,200 | 33.60 | 39.25 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 91 | 44.00 | – 1.20 | 304,800 | 42.23 | 43.69 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 92 | 67.15 | – 0.60 | 405,800 | 66.74 | – 0.82 |
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 | Â | Â | Â | Â | Â | Â |
Stocks Building A Base
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), down 2.29%
on almost twice 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 |
Beazer Homes | ( BZH | Quote | Chart | News | PowerRating) | 82 | 88.95 | – 2.09 | 539,000 |
Â
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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