Friday’s Stock Watch
The markets were mixed today, with the
Nasdaq coming in with nice gains, and the Dow and S&P 500 little changed from
yesterday’s close. Volume on the NYSE came in at average, with the Nasdaq’s
below average and barely edging out yesterday’s number. Biotechnology, Internet,
and networking stocks notched in the biggest gains, as forest and paper,
transportation, and retail led the red. New-52-week highs continued to power
ahead. Stocks on our watch list were all down.
Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 1.11, and up volume over
down volume by a 1.12 ratio. Nasdaq advancing issues over declining issues came
in at 1.59, and up volume beat down volume by a nice 4.28 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down – 0.20%Â to
10,479.74. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up 0.15% to
1,153.58.
The Nasdaq [$COMPQ |$COMPQ] closed up 1.96% to 1868.78.
Â
1,666
2,158
Issues
1,501
1,358
684,996,000
239,450,000
612,532,000
1,261,715,000
Volume
1,314,320,000
294,741,000
Highs
58
31
6
1
Top sectors:
Biotechnology Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) up 3.66% at 53.53.
Disk Drive Index Index
(
$DDX.X |
Quote |
Chart |
News |
PowerRating) up
3.63% at 96.72.
Losing sectors:
Forrest &
Paper
Index
(
FPP.X |
Quote |
Chart |
News |
PowerRating) down 1.88% at 366.51.
Dow Jones Transportaiton
Index
(
$TRAN.X |
Quote |
Chart |
News |
PowerRating) down
1.42% to 2852.98.
New 52-Week Highs Consolidations:
Banking – 25
Real Estate – 20
Health Services – 10
Utilities – 10
Leisure – 9
Insurance – 8
Diversified Services – 7
Manufacturing – 7
Retail – 7
Wholesale -Â 7
Computer Software – 6
Consumer Durables – 6
Energy – 6
Consumer Non-durables – 5
Drugs – 5
Food and Beverage – 5
Internet – 4
Media – 4
Specialty Retail – 4
Chemicals – 3
Metals and Mining – 3
Transportation – 3
Watch List Action:
Forming a new handle, we have Panera Bread Company
(
PNRA |
Quote |
Chart |
News |
PowerRating) as it fell
0.26% on below average volume. This is the third base the stock has formed in
over a year, and we will be adding this one to the “handles” list to see if it
breaks out. Usually a stock will begin to show signs of crumbling in its third
base, and with the recent distribution a good breakout may be difficult. I
should have a lesson out on the subject shortly.
Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) fell 2.12% on below average volume today as the stock
continues on a path of consolidation. The stock touched its 20-day moving
average at its low today, though appears to be holding up all right.
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.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 2.12% on below-average volume.
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), down 1.12% on less than half average volume.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.26%
on below-average volume. .Â
| 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 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 96 | 39.10 | – 0.85 | 326,400 | 33.14 | 43.69 |
size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 35.00 | -0.40 | 366,500 | 30.91 | 37.05 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 93 | 64.53 | -0.17 | 438,600 | 14.55 | 64.94 |
Stocks Forming a Handle
DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), down 0.64% on almost
half average volume for a distribution day.
Krispy Kreme Doughnuts
(
KKD |
Quote |
Chart |
News |
PowerRating), down 0.37% on
less than half average volume. This one looks to be forming another handle,
we will keep it here.
| 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 |
DRS Technologies | ( DRS | Quote | Chart | News | PowerRating) | 94 | 38.70 | -0.25 | 227,700 | 42.90 |
Krispy Kreme Doughnuts | ( KKD | Quote | Chart | News | PowerRating) | 85 | 42.34 | -0.16 | 730,900 | 42.06 |
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 |
Â
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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