Thursday’s Stock Watch
The markets were brought
down with selling pressure, as the third consecutive day of light
volume made for second days of distribution on the NYSE and Nasdaq. Healthcare,
banks, pharmaceuticals, and forest and paper, were the best performers; as
computer hardware, gold and silver, semiconductors, and biotechnology issues
were the worst. New 52-week highs gained no ground, as the lows move up a little
in their numbers, though are still quiet. All of the stocks on our watch list
were in negative territory with distribution days made.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.36, and down volume over
up volume by a 2.11 ratio. Nasdaq declining issues over advancing issues came in
at 1.66, and down volume beat up volume by a 5.53 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.57% at 9924.08. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.63% at 1067.69.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed down 1.68% at 1624.37.
Â
1,342
1,309
Issues
1,826
2,169
337,167,000
211,355,000
712,598,000
1,168,635,000
Total
Volume
1,061,956,000
1,409,899,000
Highs
22
18
13
12
Top sectors:
Morgan Stanley Healthcare Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating), up 1.50% at
614.30.
Dow Jones Equity REIT Index
(
$DJR.X |
Quote |
Chart |
News |
PowerRating),
up 0.83% at 160.23.
Losing sectors:
Mexico
Index
(
$MXY.X |
Quote |
Chart |
News |
PowerRating)
down 3.81% at 108.67 and the
Disk Drive Index
(
$DDX.X |
Quote |
Chart |
News |
PowerRating), down 3.41% at 83.43.
Sectors with Most New 52-Week Highs:
Duet to a technical problem this data is not available.
Watch List Action:
Our old friend Panera Bread Company
(
PNRA |
Quote |
Chart |
News |
PowerRating) fell below its 50-day moving
average for a 3.27% drop on above average volume. The stock has made only one
accumulation day with three distribution days in the past three weeks. This
stock has made very little progress since breaking out April 10.
From our recent breakouts list, Right Management Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating) was up
0.94% on low volume. This one is still bullish looking as it traces out a flag
pattern.
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 2.87% on
above-average volume for its second distribution day in a row.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
3.44% on below-average volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 2.43% on
below-average volume.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 3.27%
on above-average volume for its second distribution day
in a row.
Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), down 6.90% on
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) | 92 | 37.20 | – 1.10 | 616,300 | 38.08 | 42 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 94 | 38.68 | – 1.38 | 423,900 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 93 | 44.00 | – 1.10 | 248,000 | 42.23 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 91 | 65.56 | – 2.22 | 394,000 | 66.74 | 73.60 |
Right Mgt. Consultants | ( RMCI | Quote | Chart | News | PowerRating) | 94 | 28.86 | – 2.14 | 329,900 | 290,200 | 33.57 |
Stocks Forming a Handle
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 1.03%
on below-average volume.
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating) down 3.49%
on above-average volume for its second distribution day
in a row. The handle has now moved below its 50-day moving average with
two days of distribution in a row, and will be coming off this list.
| 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 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 87 | 24.80 | – 0.26 | 2,058,600 | 27.29 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 93 | 44.20 | – 1.60 | 237,700 | 49.81 |
Stocks Building A Base
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 |
None | Â | Â | Â | Â | Â |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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