Thursday’s Stock Watch
The markets fell to
another round of selling pressure, as slightly below-average volume was
registered on the exchanges. Leading to the upside was healthcare,
transportation, and forest and paper products, with the downside weighed down by
semiconductors, computer hardware, networking, and Internet issues. Real estate
and banking remained the dominant groups on the new 52-week highs list, with
electronics and telecommunications leading the new 52-week lows list. Stocks on
our watch list were mixed.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.70, and down-volume over
up-volume by a 2.46 ratio. Nasdaq declining issues over advancing issues came in
at 2.21, and down-volume beat up-volume by a whopping 9.19 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.49% at 9561.15. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 1.65% at 1019.99. The
Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed down 2.98%
at 1496.84.
1,115
1,087
Issues
1,899
2,415
326,898,000
157,207,000
897,183,000
1,526,681,000
Total
Volume
1,239,714,000
1,707,049,000
Highs
bad data
bad data
bad data
bad data
Top sectors:
Morgan Stanley Health Provider Index
(
$RXH.X |
Quote |
Chart |
News |
PowerRating), up 0.80% at
368.90.
Dow Jones Transportation Average
Index
(
$TRAN.X |
Quote |
Chart |
News |
PowerRating), up 1.57% at
114.37.
Losing sectors:
Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), down 6.73% at
412.19.
GSTI Hardware Index
(
$GHA.X |
Quote |
Chart |
News |
PowerRating), down
5.50% at
186.50.
Sectors with Most New 52-Week Highs (10 or more):
Banking — 19
Real Estate — 14
Watch List Action:
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) was our biggest gainer of the day as it bucked
the overall trend and rose 1.99% on below-average volume. We would like to see
more volume support this move, which is counter to the trend of the last couple of
months.
Christopher and Banks
(
CHBS |
Quote |
Chart |
News |
PowerRating) fell 0.90% on above-average volume for a
distribution day. The stock remains comfortably above its pivot buy point,
though has not been an impressive performer.
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.
Chico’s FAS Inc.
(
CHS |
Quote |
Chart |
News |
PowerRating), up 0.55% on
below-average volume for an accumulation day.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
0.89% on above-average volume for a distribution day.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 1.98% on
below-average volume.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 1.51%
on above-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 |
| Chico’s FAS Inc. | ( CHS | Quote | Chart | News | PowerRating) | 92 | 40.05 | + 0.22 | 697,900 | 38.08 | 42.00 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 95 | 40.82 | – 0.37 | 390,300 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 72 | 39.01 | + 0.76 | 266,900 | 33.14 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 93 | 71.07 | + 1.06 | 481,600 | 66.23 | 73.60 |
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 |
Stocks Building A Base
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating), up 1.65% 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 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 89 | 46.58 | + 0.76 | 198,500 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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