Thursday’s Stock Watch

• April 17, 2002
• TradingMarkets Editors

The markets
were unable to carry over yesterday’s enthusiasm, as the major
averages turned in negative performances. Gold and silver, healthcare, oil, and
networking stocks made the biggest gains, with software, computer box makers,
and pharmaceuticals furthest in the red. Despite the negative price action,
market breadth held positive. New 52-week highs on the day also came down some,
though still produced healthy numbers. Stocks on our watch list were mixed, with
our two most recent breakouts putting in distribution days.

Market breadth was mostly positive, with NYSE
advancing issues over declining issues by a ratio of 1.12, and up volume over
down volume by a 1.37 ratio. Nasdaq declining issues over advancing issues came
in at 1.11, and up volume beat down volume by a 1.38 ratio. 

The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.78% at 10220.78. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.20 at 1123.37.
The Nasdaq [$COMPQ |$COMPQ] closed down 0.32 at 1810.86.

 

Top sectors:

Gold and Silver
Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) up 5.17% at
101.73,
and the

Oil Service Sector
Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) up 2.96% to 102.93.

Losing sectors:

GSTI Software Index
(
$GSO.X |
Quote |
Chart |
News |
PowerRating), down 3.80% at
144.29.

Computer Boxmaker Index
(
$BMX.X |
Quote |
Chart |
News |
PowerRating),
down 2.14% at 94.92.

New 52-Week Highs Consolidations:

Due to a technical problem this data cannot be posted tonight.

Watch List Action:

Ameristar Casinos
(
ASCA |
Quote |
Chart |
News |
PowerRating) fell another 0.71% on above average volume for its
third distribution day in a row. This is an ugly handle, though at its low today
it was 9.2% from its high point which keeps it on our list.

Christopher & Banks Corp
(
CHBS |
Quote |
Chart |
News |
PowerRating) gave back most of
yesterday’s gains as it fell 2.48% on below average volume for a distribution
day. The stock is still trading in a bullish 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.

Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
2.48%
on below-average volume for a distribution day.

Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 0.30% on
below average volume.

size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 2.98%
on below-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
Christopher & Banks	( CHBS | Quote | Chart | News | PowerRating)	90	38.03	– 0.97	570,700	33.60	38.69
Group 1 Automotive	( GPI | Quote | Chart | News | PowerRating)	94	41.85	– 0.13	323,500	38.19	43.69
size=2>Panera Bread Co	size=2> ( PNRA | Quote | Chart | News | PowerRating)	94	66.90	– 2.06	465,500	66.23	69.70

Stocks Forming a Handle

Ameristar Casninos
(
ASCA |
Quote |
Chart |
News |
PowerRating), down 0.70% on

above-average volume for its third distribution day in a row.

Krispy Kreme Doughnuts
(
KKD |
Quote |
Chart |
News |
PowerRating), down 3.72% on
over twice average volume for its second distribution day. The stock cruised
below its 50-day moving average and will be coming off the 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
Ameristar Casninos	( ASCA | Quote | Chart | News | PowerRating)	96	28.00	– 0.20	171,000	30.90
Krispy Kreme Doughnuts	( KKD | Quote | Chart | News | PowerRating)	77	37.95	– 1.47	628,100	44.12

Stocks Building A Base

Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), up 1.88% on below-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
Beazer Homes	( BZH | Quote | Chart | News | PowerRating)	86	81.15	+ 1.50	538,900

 

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