Friday’s Stock Watch
The markets
closed mixed today, with The Dow slightly up, and the Nasdaq and S&P
500 slightly down. Forest and paper, healthcare, and Japanese related stocks
represented the strength of the day, with Internet and computer hardware issues
making up the weakest groups. Despite advancing issues leading declining issues,
down volume was able to dominate up volume. With the NYSE’s new 52-week highs
list still putting in a good show each day, the markets weakness remains in
technology. Stocks on our watch list were mixed. Â
Market breadth was mixed, with NYSE
advancing issues over declining issues by a ratio of 1.26, and down volume over
up volume by a 1.37 ratio. Nasdaq advancing issues over declining issues came in
at 1.26, and down volume beat up volume by a 3.94 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 0.14%Â to
10,517.14. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed
down 0.09% to
1,153.04.
The Nasdaq [$COMPQ |$COMPQ] closed
down 0.42% to
1,854.14.
Â
1,744
1,988
Issues
1,388
1,582
491,024,000
550,909,000
674,712,000
888,738,000
Volume
1,196,867,000
1,471,342,000
Highs
43
20
2
3
Top sectors:
Forest & Paper Product Index
(
$FPP.X |
Quote |
Chart |
News |
PowerRating) up 2.41% at 373.15.
Morgan Stanley Healthcare Provider Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) up
1.47% at 320.10.
Losing sectors:
CBOE Internet
Index
(
$INX.X |
Quote |
Chart |
News |
PowerRating) down 2.07% at 121.00.
GSTI Hardware Index
(
$GHA.X |
Quote |
Chart |
News |
PowerRating) down
1.74% to 243.37.
Watch List Action:
Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating) was able to make a mild gain with a 0.766% rise
on very low volume. The stock has closed at the bottom of its range for two days
in a row, indicating short-term weakness.
Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) fell another 4.11% on above average volume. This makes two
days in a row of heavy selling which sticks out like a sore thumb on the volume
chart. This is still considered to be a weak environment for our breakout
candidates.
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 4.11% on above-average volume.
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 0.76% on low volume.
size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), down 5.45% on below-average volume for a
distribution day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 2.27%
on almost half its 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 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 96 | 38.40 | – 1.65 | 314,200 | 33.14 | 41.50 |
size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 32.90 | + 0.25 | 361,100 | 30.91 | 33.74 |
| size=2>Nvidia Corp. | size=2> ( NVDA | Quote | Chart | News | PowerRating) | 85 | 50.63 | – 2.97 | 11,155,300 | 52.67 | 72.66 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 94 | 58.46 | + 1.30 | 427,900 | 14.55 | 64.94 |
Stocks Forming a Handle
DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), up 4.07% on
below-average volume. We’re going to see how this one moves above its 50-day
MA.
| 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) | 95 | 39.60 | + 1.55 | 231,600 | 42.90s |
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 |
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href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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