Friday’s Stock Watch
Stocks put in
a roller-coaster day as a plane crash into a skyscraper in Milan put fear
into the markets. The major averages quickly recovered from the
scare, though we were reminded how vulnerable the markets can be. On average
volume, biotechnology, healthcare, and pharmaceuticals were the top gainers,
with semiconductors, airline, and Internet stocks with the biggest losses. Still
topping the 52-week high consolidations list are banking stocks, while real
estate issues have dropped off and health care has perked up. From our watch
lists, we had a breakout, as well as a couple of distribution days made.
Market breadth was mixed, with NYSE
declining issues over advancing issues by a ratio of 1.02, and down volume over
up volume by a 1.30 ratio. Nasdaq advancing issues over declining issues came
in at 1.11, and down volume beat up volume by a 1.79 ratio.Â
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.15% at 10205.28. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.14 at 1124.47.
The Nasdaq [$COMPQ |$COMPQ] closed down 0.45 at 1802.43.
Â
1,537
1,828
Issues
1,574
1,654
576,127,000
647,687,000
751,066,000
1,162,570,000
Total
Volume
1,353,991,000
1,823,212,000
Highs
57
39
2
1
Top sectors:
Biotechnology
Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) up 2.41% at
491.19.
Morgan Stanley Healthcare
Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating) up 2.04% at 569.37.
Losing sectors:
Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), down 3.04% at 592.56.
Airline Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating),
down 2.48% at 100.56.
New 52-Week Highs Consolidations:
Banking – 41
Health Services – 18
Diversified Services – 13
Leisure – 13
Computer Software – 10
Insurance – 10
Consumer Non-Durables 8
Metals and Mining – 8
Electronics – 7
Utilities – 7
Financial Services – 6
Food and Beverage – 6
Materials and Construction – 6
Transportaion – 6
Automotive – 5
Energy – 5
Telecommunications – 4
Chemicals – 3
Conglomerates – 3
Manufacturing – 3
Real Estate – 3
Specialty Retail – 3
Tobacco – 3
Wholesale – 5
Watch List Action:
Breaking out today, we had Ameristar Casinos
(
ASCA |
Quote |
Chart |
News |
PowerRating) as it rose 8.68% on
over four times average daily volume. This is a clean breakout, though the stock
was unable to close above its pivot point. We will now be watching this
one on our “breakouts” list, and hope to see it survive in this market.
Â
Christopher & Banks Corp
(
CHBS |
Quote |
Chart |
News |
PowerRating) continued along its
consolidation pattern with a gain of 1.31% on below average volume for an
accumulation day.
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.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), up
1.31%
on below-average volume for an accumulation day.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 0.43% on
below-average volume for a distribution.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 0.98%
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 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 90 | 38.03 | – 0.97 | 570,700 | 33.60 | 38.69 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 94 | 41.85 | – 0.13 | 323,500 | 38.19 | 43.69 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 94 | 66.90 | – 2.06 | 465,500 | 66.23 | 69.70 |
Stocks Forming a Handle
Ameristar Casninos
(
ASCA |
Quote |
Chart |
News |
PowerRating), up 8.67% on over
four times average volume for a breakout.
| 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 |
Ameristar Casninos | ( ASCA | Quote | Chart | News | PowerRating) | 96 | 28.00 | – 0.20 | 171,000 | 30.90 |
Stocks Building A Base
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), down 1.83% 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 |
Beazer Homes | ( BZH | Quote | Chart | News | PowerRating) | 86 | 81.15 | + 1.50 | 538,900 |
Â
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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