Thursday’s Stock Watch
The markets closed red for
the third straight session, as above average volume on the NYSE and
average volume on the Nasdaq qualified for distribution days. The only sectors
to close green were Disk Drive Index and the Gold and Silver Index. The biggest
percentage losers on the day were biotechnology, utilities, pharmaceuticals,
healthcare, and semiconductors. New-52-week lows easily outnumbered the highs,
with drugs, electronics, and health services leading the way down. Stocks on our
watch lists were mostly down.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 3.22, and down volume over
up volume by a 3.38 ratio. Nasdaq declining issues over advancing issues came in
at 2.13, and down volume beat up volume by a 2.81 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 3.10% at 8813.50. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 3.39% at 920.47.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed down
2.54% at 1346.01.
760
1,076
Declining Issues
2,369
2,290
284,760,150
420,863,531
1,777,203,430
1,183,328,655
Total
Volume
2,072,750,680
1,623,557,482
Highs
49
87
183
232
Top sectors:
Disk Drive Index
(
$DDX.X |
Quote |
Chart |
News |
PowerRating), up 0.88% at
65.14, and the
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), up 0.39% at
78.27.
Losing sectors:
Biotechnology Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), down 7.03% at
280.09.
Dow Jones Utilities Index
(
$UTIL.X |
Quote |
Chart |
News |
PowerRating), down
5.92% at
237.99.
Sectors with Most New 52-Week Highs (10 or more):
None
Watch List Action:
Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) was our only gainer today as it rose 0.18% on
average volume for an accumulation day. The stock is tracing out a handle, and
is poised for a breakout.
Coach Inc.
(
COH |
Quote |
Chart |
News |
PowerRating) was fell 5.80% on above average volume for its third
distribution day in a row. The stock is currently above its 200-day moving
average of 21.71 and is looking to test it. We’ll watch the stock around the
200-day average to see if it can bounce back. If not the stock comes off the
list.
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), down 2.34% on
above 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 | 42.47 | – 1.02 | 358,000 | 33.60 | 42.45 |
Stocks Forming a Handle
Apollo Group Inc.
(
APOL |
Quote |
Chart |
News |
PowerRating), up 0.18% size=2>
on above-average volume
for an accumulation 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 |
Apollo Group Inc. | ( APOL | Quote | Chart | News | PowerRating) | 83 | 38.31 | + 0.07 | 2,314,200 | 40.08 |
Stocks Building A Base
Coach Inc.
(
COH |
Quote |
Chart |
News |
PowerRating), down 5.80% size=2>
on above-average
volume for its third distribution day in a row.
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 1.35% size=2>
on below-average
volume for a distribution day.
Penn National Gaming
(
PENN |
Quote |
Chart |
News |
PowerRating), unchanged size=2>
on below-average
volume for an accumulation day.
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating), down 2.07% size=2>
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 |
Coach Inc. | ( COH | Quote | Chart | News | PowerRating) | 91 | 23.20 | – 1.43 | 1,214,600 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 88 | 24.70 | – 0.34 | 1,392,200 |
Penn National Gaming | ( PENN | Quote | Chart | News | PowerRating) | 88 | 16.25 | unch | 606,300 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 89 | 42.01 | – 0.89 | 217,600 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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