Thursday’s Stock Watch
The broader
markets began
the New Year in sell mode, then did an about face around 10:30 ET,
and
all three major indexes closed in positive territory. Volume was below average,
as it appears many traders are still away from the market. Technology led the
action, with the bellwether Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) tacking on a 4.45%
gain. Stocks on our watch list weren’t so hot today, as more distribution was
seen.
Market breadth was neutral on the
NYSE and positive on the Nasdaq.
NYSE advancing issues led declining issues by a ratio of 1.06, and down volume
over up volume by a 1.03 ratio. Nasdaq advancing issues over declining
issues came in at 1.14, and up volume beat down volume by over a 2.47 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed
up 0.52% to
10,073.4. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up
0.45% to
1,153.29.
The Nasdaq [$COMPQ |$COMPQ] closed up
1.48% to
1,979.26.
| NYSE | NASDAQ | |
| Advancing Issues | 1,645 |
1,984 |
| Declining Issues | 1,544 |
1,700 |
| Advancing Volume |
585,070,000 |
1,046,762,000 |
| Declining Volume |
562,584,000 |
423,376,000 |
| Total Volume | 1,166,571,000 |
1,491,665,000 |
| New 52-week Highs | 8 | 6 |
| New 52-week Lows | 5 | 0 |
Top sectors:
Neworking Index
(
$NWX.X |
Quote |
Chart |
News |
PowerRating) up 5.40% at 336.09
The Computer Hardware Index
(
$HWI.X |
Quote |
Chart |
News |
PowerRating) up
5.32% at 163.29.
Losing sectors:
Biotechnology
Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) down 1.61% at 571.22.
Morgan Stanley Healthcare Product Index
(
$RXP.X |
Quote |
Chart |
News |
PowerRating) down
3.13% to 521.91.
Sectors With New Highs:
No data available today.
Watch List Action
Krispy Kreme
(
KKD |
Quote |
Chart |
News |
PowerRating), fell 2.70% on average volume for a distribution day.
The stock is now challenging its recent pivot point.
Our biggest loser of the day was MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating), down 6.24% on
above-average volume for a distribution day. This owner of a racetrack, resort,
and golf course in West Virginia, and Ramada Inns and casinos in Nevada,
reported its
last two quarters of earnings at 18% and 32%, with 2002 growth estimated at 51%.
Ideally, we like to see back-to-back earnings growth of at least 30% for the last
two quarters. The stock’s durability in this market is endorsed by Alliance
Gaming Corp
(
ALLY |
Quote |
Chart |
News |
PowerRating), which has been in a strong uptrend for three months. .
Recent Breakouts
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.
American Healthways Inc
(
AMHC |
Quote |
Chart |
News |
PowerRating), down 4.35% on average volume for a
distribution day.
Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating), down 2.72% on
average volume.
Ebay
(
EBAY |
Quote |
Chart |
News |
PowerRating), down 1.09% on below-average
volume for a distribution day.
Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating), up 1.61% on
average volume for an accumulation day.
Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), up 0.59% on average volume
for an accumulation day.
Panera Bread Co.
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 2.42% on
average volume.
PEC Solutions
(
PECS |
Quote |
Chart |
News |
PowerRating), down 1.64% on low volume.
THQ Inc.
(
THQI |
Quote |
Chart |
News |
PowerRating), down 3.32% on above-average volume for
its fourth distribution day in a row.
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| American Healthways Inc. | ( AMHC | Quote | Chart | News | PowerRating) |
97 | 30.60 | – 1.34 | 305,300 |
| Copart Inc. | ( CPRT | Quote | Chart | News | PowerRating) |
90 | 35.44 | – 0.93 | 690,400 |
| Ebay | ( EBAY | Quote | Chart | News | PowerRating) |
91 | 65.99 | – 0.91 | 7,628,600 |
| Genesis Microchip | ( GNSS | Quote | Chart | News | PowerRating) |
99 | 67.09 | + 0.97 | 2,597,800 |
| Krispy Kreme Doughnuts | ( KKD | Quote | Chart | News | PowerRating) |
94 | 42.95 | – 1.25 | 905,200 |
| MTR Gaming Group | ( MNTG | Quote | Chart | News | PowerRating) |
97 | 15 | – 1 | 482,200 |
| Nvidia Corp. | ( NVDA | Quote | Chart | News | PowerRating) |
98 | 67.30 | + 0.40 | 9,443,600 |
| Panera Bread Co. | ( PNRA | Quote | Chart | News | PowerRating) |
95 | 50.83 | – 1.21 | 277,600 |
| PEC Solutions | ( PECS | Quote | Chart | News | PowerRating) |
99 | 36.87 | – 0.74 | 626,300 |
| THQ Inc. | ( THQI | Quote | Chart | News | PowerRating) |
83 | 46.77 | – 1.70 | 1,575,300 |
Stocks Forming a Handle
Career Education Corp.
(
CECO |
Quote |
Chart |
News |
PowerRating), unchanged on average volume.
Direct Focus Inc.
(
DFXI |
Quote |
Chart |
News |
PowerRating), down 5.64% on
average volume for a distribution day.
Integra LifeSciences
(
IART |
Quote |
Chart |
News |
PowerRating) down 2.84% on
below-average
volume for a distribution day.
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| Career Education Corp. | ( CECO | Quote | Chart | News | PowerRating) |
84 | 34.28 | 0.00 | 613,700 |
| Direct Focus Inc. | ( DFXI | Quote | Chart | News | PowerRating) |
92 | 29.50 | – 1.70 | 667,300 |
| Integra LifeSciences | ( IART | Quote | Chart | News | PowerRating) |
86 | 25.59 | – 0.75 | 300,500 |
Stocks Building A Base
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| None |