Thursday’s Stock Watch
Due to a change in
scheduling, the Intermediate-Term Traders
Report will now be posted on Tuesdays
and Fridays. For other intermediate-term commentary, be sure to read Mark
Boucher (Fridays), Tim
Truebenbach (Tuesdays and Thursdays), and Gary
Kaltbaum (Mondays and Thursdays).
The markets held on to
gains for the day, with above average volume showing slight accumulation.
Leading the action was biotechnology, Internet, and healthcare, while computer
hardware, gold and silver, telecoms, insurance, and semiconductors represented
the day’s weakness. New 52-week lows were made mostly by diversified services,
electronics, and drugs, as they easily outnumbered the highs. Our watch list is
no reduced to three stocks, another negative sign for the health of the overall
market.
Market breadth was mostly positive, with NYSE
advancing issues over declining issues by a ratio of 1.19, and down volume over
up volume by a 1.09 ratio. Nasdaq advancing issues over declining issues came
in at 1.18, and up volume beat down volume by a 1.43 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 0.81% at 8541.79. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up 0.55% at 905.96.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed up 1.58%
at 1397.12.
1,759
1,867
Declining Issues
1,364
1,460
1,117,872,950
1,129,970,480
1,094,085,400
774,538,300
Total
Volume
2,241,540,600
1,956,339,800
Highs
26
52
109
111
Top sectors:
Biotechnology Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), up 7.33% at
342.11.
CBOE Internet Index
(
$INX.X |
Quote |
Chart |
News |
PowerRating), up
4.16% at
77.00.
Losing sectors:
GSTI Hardware Index
(
$GHA.X |
Quote |
Chart |
News |
PowerRating), down 2.81% at
180.26, and the
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), down
2.75% at
69.90.
Sectors with Most New 52-Week Highs (10 or more):
None
Watch List Action:
DR Horton
(
DHI |
Quote |
Chart |
News |
PowerRating) closed the day up 0.408% on heavy volume for an
accumulation day. The stock is now sitting on its 200-day moving average, and
very close to knocking out the lows of its base.
Penn National Gaming
(
PENN |
Quote |
Chart |
News |
PowerRating) fell 3.99% on below average volume for a
distribution day. This stock is also sitting on its 200-day moving average and
very close to knocking out the lows of its base.
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.
Christopher & Banks
(
CBK |
Quote |
Chart |
News |
PowerRating), This stock
began trading on the NYSE today under the new symbol CBK. We apologize that
no data is available today.
| Company Name | Symbol | 12 Month RS | Price | Price Change | Average Volume | Pivot | 52-Week High |
Christopher & Banks | ( CBK | Quote | Chart | News | PowerRating) | 94 | No Data | No Data | 392,300 | 33.60 | 42.45 |
Stocks Forming a Handle
| Company Name | Symbol | 12 Month RS | Price | Price Change | Average Volume | Pivot |
None |
Stocks Building A Base
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), up 0.77% on heavy
volume for an accumulation day.
Penn National Gaming
(
PENN |
Quote |
Chart |
News |
PowerRating), down 3.99%
on low
volume.
Company Name | Symbol | 12 Month RS | Price | Price Change | Average Volume |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 83 | 22.22 | + 0.17 | 1,332,700 |
Penn National Gaming | ( PENN | Quote | Chart | News | PowerRating) | 85 | 15.12 | – 0.63 | 546,000 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
If you are new to the “IT” strategy, be sure to
take a look at our
intermediate-term online trading course.
For commentary on IT trading be sure to read
Mark Boucher,
Tim Truebenbach, and
Gary Kaltbaum.