Friday’s Stock Watch

• March 7, 2002
• TradingMarkets Editors

The markets
took a breather today, as all three major indexes closed slightly down.
Retail, energy, and health care stocks held the top spots on the gainers list,
with gold and silver, Internet, and biotechnology leading the negative column.
New 52-week highs tapered off from levels hit this week, though still remained
bullish with a combined 101 on the NYSE and Nasdaq. The stocks on our watch list
were mixed, with a couple of nice accumulations made.

Market breadth was neutral, with NYSE
advancing issues over declining issues by a ratio of 1.02, and down volume over
up volume by a 1.17 ratio. Nasdaq advancing issues over declining issues came
in at 1.13, and up volume beat down volume by a 1.05 ratio.

The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.46% to
10,525.37. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.44% to
1,157.54.
The Nasdaq [$COMPQ |$COMPQ] closed down 0.46% to
1,881.63.

 

Top sectors:

Japan Index

(
$JPN.X |
Quote |
Chart |
News |
PowerRating) up 2.52% at 123.13.

Natural Gas Index
(
$XNG.X |
Quote |
Chart |
News |
PowerRating) up
2.10% at 191.45.

Losing sectors:

Gold and
Silver
Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) down 4.79% at 62.51.

GSTI Internet Index
(
$GIN.X |
Quote |
Chart |
News |
PowerRating) down
1.86% to 100.22.

Watch List Action:

Just when Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating) looked as if it were going to dip back
into its base, the stock rose 5.49% on above average volume. Today’s action is
encouraging, though the last two sessions of distribution aren’t a good sign.

Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) remained on its upward path by gaining 2.50% on above
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.

Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 2.88% on above-average volume for an
accumulation day.

size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 5.49% on above-average volume.

size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), down 0.80% on average volume.

size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 1.68%
on above average volume for its second 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	52-Week High
Group 1 Automotive	( GPI | Quote | Chart | News | PowerRating)	95	40.70	+ 1.14	319,800	33.14	34.99
size=2>Multimedia Games Inc.	size=2> ( MGAM | Quote | Chart | News | PowerRating)	size=2>99	31.12	+ 1.62	347,000	30.91	32.51
size=2>Nvidia Corp.	size=2> ( NVDA | Quote | Chart | News | PowerRating)	84	56.60	– 0.46	10,563,000	52.67	72.66
size=2>Panera Bread Co.	size=2> ( PNRA | Quote | Chart | News | PowerRating)	89	58.50	+ 0.97	402,800	14.55	64.94

Stocks Forming a Handle

DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), down 4.79% 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
DRS Technologies	( DRS | Quote | Chart | News | PowerRating)	94	40.70	– 2.05	218,100	43.20

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