Thursday’s Stock Watch
The markets closed mixed,
with the NYSE making a distribution day, and the Nasdaq an accumulation day.
The top gainers were pharmaceuticals, healthcare, and computer
technology; with telecoms, networking, Internet, and airlines, and foreign
stocks taking the biggest losses. New 52-week highs were scarce, with only
banking making ten or more as a group, while new 52-week lows dominated by
electronics, telecommunications, drugs, and software producing the largest
numbers. Stocks on our watch list were mixed.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.45, and down volume over
up volume by a 2.77 ratio. Nasdaq declining issues over advancing issues came in
at 1.47, and down volume beat up volume by a 1.29 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.07% at 9120.11. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.26% at 973.52.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed up
0.38% at 1429.42.
1,281
1,404
Issues
1,800
2,088
616,379,000
850,861,000
1,324,350,000
1,022,785,000
Total
Volume
1,954,671,000
2,030,629,000
Highs
9
5
50
50
Top sectors:
Pharmaceutical Index
(
$DRG.X |
Quote |
Chart |
News |
PowerRating), up 2.49% at
307.99, and the
Disk Drive Index
(
$DDX.X |
Quote |
Chart |
News |
PowerRating), up
1.98% at
64.75.
Losing sectors:
North American Telecoms Index
(
$XTC.X |
Quote |
Chart |
News |
PowerRating), down 6.86% at
378.45.
Mexico Index
(
$MXT.X |
Quote |
Chart |
News |
PowerRating) down 6.86% at
378.45.
Sectors with Most New 52-Week Highs (10 or more):
Banking – 10
Watch List Action:
Christopher & Banks Co.
(
CHBS |
Quote |
Chart |
News |
PowerRating) rose 1.59% on almost two times average
volume for an accumulation day. For the past three weeks, the stock has made
four accumulation days and one distribution day .
Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) rose 1.77% on below-average volume. The stock is new to
our “building a base” list, and is currently facing resistance on its daily
chart. It would be typical for the stock to form a handle in this zone, and it
would be ideal if it did so on decreasing volume while sloping down in a tight
formation.
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.
Chicos FAS Inc.
(
CHS |
Quote |
Chart |
News |
PowerRating), down 1.13% on
above-average volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 3.16% on
average volume for a distribution day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.73%
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 |
| Chicos FAS Inc. | ( CHS | Quote | Chart | News | PowerRating) | 88 | 36.59 | – 0.42 | 697,900 | 38.08 | 42 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 94 | 41.00 | + 0.64 | 390,300 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 81 | 36.10 | – 1.18 | 266,900 | 33.14 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 93 | 33.60 | – 0.25 | 481,600 | 33.12 | 36.80 |
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
Apollo Group Inc.
(
APOL |
Quote |
Chart |
News |
PowerRating), up 1.76% on
below-average volume.
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), up 1.15% on below-average volume.
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating), up 2.16% 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 |
Apollo Group Inc. | ( APOL | Quote | Chart | News | PowerRating) | 82 | 38.62 | + 0.67 | 2,176,200 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 89 | 25.45 | + 0.29 | 1,512,500 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 89 | 42.93 | + 0.91 | 198,500 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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