Monday’s Stock Watch

• March 15, 2002
• TradingMarkets Editors

Stocks posted
gains in pre-St. Patrick’s Day trading, with NYSE and Nasdaq volume making
for accumulation days. Oil service, banks, and biotechnology stocks
took top honors, with Internet, computer hardware, and software stocks down the
hardest. New 52-week highs for the combined NYSE and Nasdaq came in at an
impressive 131. Stocks on our watch lists were mostly up,  with some nice
accumulations made.

Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 1.46, and up volume over
down volume by a 2.56 ratio. Nasdaq advancing issues over declining issues came
in at 1.25, and up volume beat down volume by a 1.02 ratio.

The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 0.85% to
10,607.23. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up 1.13% to
1,166.16.
The Nasdaq [$COMPQ |$COMPQ] closed up 0.76 to 1868.29.

 

Weekly Perspective:

The major averages ended mixed for the
week, with the Dow moving up 34.74 points for a 0.03% gain, the S&P 500 gained
1.85 points for a 0.02% gain, and the Nasdaq lost 61,.37 points for a 3.1% gain.
For the last five days, the NYSE made two accumulation days and one distribution
day, and the Nasdaq made one accumulation day with no distribution. As the Dow,
SPX.X, and Nasdaq trace out handles on cups, it is encouraging to see the up
days supported with more volume, and the down days decrease in volume. We will
wait to see if the bulls return next week to break the current trading ranges.

Top sectors:

Oil Service Sector Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) up 3.33% at 100.14.

S&P Banks Index Index
(
$BIX.X |
Quote |
Chart |
News |
PowerRating) up
2.72% at 694.65.

Losing sectors:

GSTI Internet
Index
(
$GIN.X |
Quote |
Chart |
News |
PowerRating) down 1.90% at 98.33.

GSTI Hardware

Index
(
$GHA.X |
Quote |
Chart |
News |
PowerRating) down
1.05% to 240.81.

Watch List Action:

Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating) edged 1.46% higher on low volume for an
accumulation day as it comes closer to a new 52-week high.The stock now has 5
accumulation days and one distribution day for the past three weeks. 

Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) came off of two days of distribution for a 3.52% rise on
below average volume. Tough markets like this are often played best with quick
profits, and the last two days of distribution are not a good sign for the near
term. 

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 3.52% on below-average volume.

size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 1.45% on low volume for an
accumulation day.

size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), up 4.22% on below-average volume for an
accumulation day. Seeing as how this stock has run its course since breaking
out, it will be coming off the list.

size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 2.61%
on less than 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)	94	39.75	+.35	326,400	33.14	41.50
size=2>Multimedia Games Inc.	size=2> ( MGAM | Quote | Chart | News | PowerRating)	size=2>99	33.38	+0.48	366,500	30.91	33.74
size=2>Nvidia Corp.	size=2> ( NVDA | Quote | Chart | News | PowerRating)	65	52.77	+2.14	10,382,200	52.67	72.66
size=2>Panera Bread Co.	size=2> ( PNRA | Quote | Chart | News | PowerRating)	93	59.99	+1.53	438,600	14.55	64.94

Stocks Forming a Handle

DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), down 3.78% on

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
DRS Technologies	( DRS | Quote | Chart | News | PowerRating)	94	38.10	-1.50	227,700	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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