Friday’s Stock Watch
The markets
sold off once again, as average volume brought the Nasdaq to its
biggest loss of the year. The semiconductor index led the downside action as
technology experienced the day’s heaviest selling. Early trading saw a healthy
dose of new 52-week highs, with the NYSE posting 26, but end of the day selling
brought them down. REIT’s and packaging and containers stocks comprised the
biggest consolidations of breakouts. Stocks on our watch list were mixed, with a
couple of hefty losses for the books.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.42, and down volume over
up volume by a 2.19 ratio. Nasdaq declining issues over advancing issues came in
at 1.96, and down volume beat up volume by a 3.65 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down
1.07%Â to
9,834.68. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down
1.42% to
1,082.36.
The Nasdaq [$COMPQ |$COMPQ] closed down
3.34% to
1,716.34.
Â
1,293
1,187
Issues
1,840
2,324
412,662,000
385,926,000
903,416,000
1,406,828,000
Volume
1,329,443,000
1,805,561,000
Highs
26
10
8
16
Top sectors:
Gold and Silver Sector
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) up 3.16% at
65.10.
Airline Index
(
$DDX.X |
Quote |
Chart |
News |
PowerRating) up
1.66% at 95.25.
Losing sectors:
Semiconductor Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) down 6.67% at 507.26.
GSTI Multimedia Networking Index
(
$GIP.X |
Quote |
Chart |
News |
PowerRating) down
6.18% to 92.02.
Watch List Action:
Panera Bread
(
PNRA |
Quote |
Chart |
News |
PowerRating) fell 3.93% on average volume as the stock closed
lower than yesterday’s low. Now that the stock is under its 50-day moving
average it appears to be more vulnerable. In looking at the chart, we can see
somewhat of a climactic move into its highs. This serves as a sell signal for
many, especially now after closing below its 50-day MA.
Erasing yesterday’s intraday reversal was Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating) as it
fell 8.30% on almost twice average volume. The stock closed below its 200-day
moving average, and is closing in on its pivot buy point.
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.
size=2>Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating), down 3.84% on below average volume.
size=2>MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating), down 5.94% on over twice average
volume for a distribution day.
size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), down 6.83% on above 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 |
| size=2>Copart Inc. | size=2> ( CPRT | Quote | Chart | News | PowerRating) | 90 | 20.48 | – 0.82 | 979,700 | 8.60 | 25.82 |
| size=2>Genesis Microchip | size=2> ( GNSS | Quote | Chart | News | PowerRating) | 95 | 39.27 | – 3.56 | 2,286,900 | 38 | 74.90 |
| size=2>MTR Gaming Group | size=2> ( MNTG | Quote | Chart | News | PowerRating) | 95 | 15.99 | – 1.01 | 560,500 | 14.30 | 17.16 |
| size=2>Nvidia Corp. | size=2> ( NVDA | Quote | Chart | News | PowerRating) | 93 | 52.50 | – 3.85 | 8,562,300 | 52.67 | 72.66 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 95 | 51.45 | – 2.11 | 347,700 | 14.55 | 64.94 |
Stocks Forming a Handle
American Medical Systems Holdings
(
AMMD |
Quote |
Chart |
News |
PowerRating),
up 5.32% on above average volume.
DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), up 3.20% 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 |
American Medical Systems Holdings | ( AMMD | Quote | Chart | News | PowerRating) | 94 | 23.55 | + 1.19 | 277,300 |
DRS Technologies | ( DRS | Quote | Chart | News | PowerRating) | 95 | 39.34 | + 1.22 | 281,300 |
Stocks Building A Base
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), down 4.49% on above 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 |
| size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 28.03 | – 1.32 | 315,200 |
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href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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