Monday’s Stock Watch
Market action was mixed
today as above average volume made for distribution on the NYSE and accumulation
on the Nasdaq. The top gainers were airlines, Internet, telecoms, and
computer hardware, while gold and silver, pharmaceuticals, oil service, and
semiconductors were deepest in the red. New 52-week highs dominated the lows, as
banking, real estate, and consumer non-durables showed the highest numbers as
groups. Stocks on our watch list were mixed.
Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 1.97, and up volume over
down volume by a 1.61 ratio. Nasdaq advancing issues over declining issues came
in at 1.43, and up volume beat down volume by a 1.04 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.33% at 9239.25. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.11% at 989.49.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed up
0.23% at 1462.63.
Â
2,019
2,117
Issues
1,023
1,293
 1,475,086,440
 1,109,486,400
 905,075,860
 936,264,800
Total
Volume
 2,391,302,340
 2,072,010,100
Highs
164
198
89
156
Weekly Perspective:
This past week gave us some thrills as
the S&P 500 and Nasdaq flirted with their September lows, though in the end,
price action was little changed. The Dow lost 10.53 points for a 0.11% decline,
the S&P 500 inched up 0.68 points for a 0.07% increase, and the Nasdaq moved
ahead 22.25 points for a 1.5% gain. For the past three weeks, the NYSE has
clocked in one accumulation day, and seven distribution days, while the Nasdaq
made five accumulation days and three distribution days.
On a positive note, we were able to
shrug off two accounting scandals. The markets were simply telling us that they
didn’t care about the bad news. The possibility of the S&P 500 and Nasdaq
putting in double bottoms is plausible, though not clear until we see follow
through via high volume upside movement. Picking bottoms is very often a losers
game. Let the market work for you.
From our watch lists, we lost Chicos
FAS
(
CHS |
Quote |
Chart |
News |
PowerRating). Mark Boucher’s
Top
RS and ER List remained slightly bullish for the highs, though perked up
with lows.
Top sectors:
FTSE Eurotop 100 Index
(
$TOP.X |
Quote |
Chart |
News |
PowerRating), up 4.05% at
2376.70.
Airline Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating), up
3.94% at
70.02.
Losing sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), down 2.66% at
71.46.
S&P Healthcare Index
(
$HCX.X |
Quote |
Chart |
News |
PowerRating) down 2.56% at
319.19.
Sectors with Most New 52-Week Highs (10 or more):
Banking – 40
Real Estate – 27
Consumer Non-Durables – 12
Watch List Action:
Christopher & Banks Corp.
(
CHBS |
Quote |
Chart |
News |
PowerRating) rose 1.32% on above average volume. The
stock is building a base, and has made four accumulation days and one
distribution day in the past three weeks.
Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) fell 0.554% on average volume. The stock has made seven
accumulation days and two distribution days in the past three weeks.
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
(
CHBS |
Quote |
Chart |
News |
PowerRating), up 1.31% on
above average volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 3.24% on
below-average volume for an accumulation day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.11%
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 | Pivot | 52-Week High |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 94 | 42.30 | + 0.55 | 346,500 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 76 | 38.15 | + 1.20 | 274,200 | 33.14 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 93 | 34.75 | – 0.04 | 924,600 | 33.12 | 36.80 |
Stocks Forming a Handle
| 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 |
None | Â | Â | Â | Â | Â | Â |
Stocks Building A Base
Apollo Group Inc.
(
APOL |
Quote |
Chart |
News |
PowerRating), down 0.58% on
average volume.
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), up 2.27% on below-average volume.
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating), down 0.92% 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 |
Apollo Group Inc. | ( APOL | Quote | Chart | News | PowerRating) | 84 | 39.41 | -0.23 | 2,210,600 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 88 | 26.03 | + 0.58 | 1,508,400 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 90 | 44.00 | – 0.41 | 209,900 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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