Thursday’s Stock Watch

  • May 8, 2002
  • TradingMarkets Editors


The markets exploded to the
upside today with heavy volume accounting for accumulation across the indexes.
The rally kicked off with Cisco Systems beating their earnings expectations.
Topping the advancers list were Internet, networking, computer, software,
semiconductors, and broker dealers, with only the gold and silver and REITs in
the red. The number of new 52-week highs totaled 57 for the NYSE and Nasdaq, a
small number given the session’s huge gain. We had one breakout today, with the
rest of the stocks on our watch list negative.



Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 1.68, and up volume over
down volume by a 4.35 ratio. Nasdaq advancing issues over declining issues came
in at 2.25, and up volume beat down volume by a 5.82 ratio.




The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 3.10% at 10141.83. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up 3.74% at 1088.84.
The Nasdaq [$COMPQ |$COMPQ] closed up 7.78% at 1696.27.





 




cellPadding=0 width=”70%” border=1 height=”202″>

































  NYSE size=2>NASDAQ
Advancing Issues
1,989
2,465
Declining
Issues
1,181
1,094
Advancing Volume
1,194,160,000
2,000,971,000
Declining Volume

274,467,000
343,859,000

Total
Volume

1,484,540,000
2,370,575,000
New 52-week
Highs
36
21
New 52-week Lows
3
4

Top sectors:

Interactive Week Internet Index
(
$IIX.X |
Quote |
Chart |
News |
PowerRating), up 15.53% at
166.73.

Combined Computer Index
(
$IXCO.X |
Quote |
Chart |
News |
PowerRating),
up 12.63% at 803.94.

Losing sectors:


Gold and
Silver
Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) down
0.74% at
76.92.

Dow Jones Equity REIT
Index
(
$DJR.X |
Quote |
Chart |
News |
PowerRating)
down 0.32% at 158.18.

Sectors with Most New 52-Week Highs:

Banking – 39

Retail – 14

Consumer Non-Durables – 11

Diversified Services – 10

Insurance – 10

Watch List Action:

Breaking out today we had Chicos FAS Inc.
(
CHS |
Quote |
Chart |
News |
PowerRating) as the stock gained 7.26%
on almost twice its average volume. From a technical stand point, the breakout
is clean but the handle is sloppy. Technical faults aside, this is not a great
market to buy into breakouts. We will monitor the progress of this one for signs
of overall market health.





Panera Bread Co.
(
PNRA |
Quote |
Chart |
News |
PowerRating) was hit with distribution today as the stock fell
2.82% on above average volume. This move erased the gains of its most recent
breakout of 05/02. We have been following the stock from the breakout it made
4/10.                                      




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 Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
0.67% on average volume for a distribution day.



Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 1.71% on
below-average volume for a distribution day.



size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 2.83%

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
Pivot
52-Week High

Christopher & Banks


(
CHBS |
Quote |
Chart |
News |
PowerRating)
92
 37.00
– 0.25
503,900
33.60
39.25

Group 1 Automotive

(
GPI |
Quote |
Chart |
News |
PowerRating)
95
47.52
– 0.83
304,700
42.23
46.72

size=2>Panera Bread Co
size=2>
(
PNRA |
Quote |
Chart |
News |
PowerRating)
94
69.30
– 2.00
408,600
66.74
72.05

Stocks Forming a Handle


Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), down 0.51%
size=2>
on below average volume.


Chicos FAS Inc.
(
CHS |
Quote |
Chart |
News |
PowerRating), up 7.26% for a
breakout day.


DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 0.30% on below
average volume.


Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), down 2.89% on
light 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

Beazer Homes

(
BZH |
Quote |
Chart |
News |
PowerRating)
84
87.30
– 0.45
592,200
91.45

Chicos FAS Inc.

(
CHS |
Quote |
Chart |
News |
PowerRating)
94
38.84
+ 2.63
628,000
38.08

DR Horton Inc.

(
DHI |
Quote |
Chart |
News |
PowerRating)
88
26.03
– 0.17
2,339,100
27.14

Right Mgt. Consultants

(
RMCI |
Quote |
Chart |
News |
PowerRating)
91
26.95
– 0.66
323,200
28.95

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
 
 
 
 
 

href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com


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