Thursday’s Stock Watch
Volume was
strong today, as the three major indexes advanced. Both
the NYSE and Nasdaq qualified for accumulation days. Leading the action was
biotechnology and gold and silver, with broker/dealers, telecoms, and Internet
stocks making the biggest losses. New 52-week highs for the NYSE hit an
eye-opening 215, with the the lows list still quiet. Our “handles” list had two
breakouts.
Market breadth was mostly positive, with NYSE
advancing issues over declining issues by a ratio of 2.54, and up volume over
down volume by a 1.94 ratio. Nasdaq advancing issues over declining issues came
in at 1.49, and down volume beat up volume by a 1.14 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 1.69% at 10381.73. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up 1.13% at 1130.46.
The Nasdaq [$COMPQ |$COMPQ] closed up 1.40% at 1767.08.
Â
2,263
2,114
Issues
891
1,420
928,572,000
298,868,000
7,624,000
903,219,000
Total
Volume
,431,869,000
1,028,375,000
Highs
215
88
7
7
Top sectors:
Biotechnology Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating)
up 5.61% at 100.57.
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) up
4.61% at 69.80.
Losing sectors:
North American
Telecom
Index
(
$XTC.X |
Quote |
Chart |
News |
PowerRating) down 1.53% at
565.36,
and the
GSTI Internet Index
(
$GIN.X |
Quote |
Chart |
News |
PowerRating) down 0.88% to 88.93.
New 52-Week Highs Consolidations:
Banking – 71
Real Estate – 63
Consumer Non-Durables – 28
Retail – 23
Diversified Services – 20
Leisure – 20
Health Services – 19
Insurance – 19
Manufacturing – 15
Automotive – 14
Food and Beverages – 14
Materials and Construction – 14
Specialty Retail – 12
Utilities – 12
Financial Services – 11
Consumer Durables – 10
Wholesale – 9
Aerospace/Defense – 6
Chemicals – 5
Drugs – 4
Telecommunications – 4
Tobacco – 4
Watch List Action:
Breaking out today we had Panera Bread Company
(
PNRA |
Quote |
Chart |
News |
PowerRating) rising 9.69% on over
two times average volume. Things didn’t look too promising after yesterday’s
distribution, but this breakout is good. Panera was part of this report before as it was one of our best performers for months. The company’s
last two quarters of earnings were 67% and 88% respectively, with 2002 earnings
estimated at 45%. The company also announced a stock split today.Â
Also breaking out today we had Movie Gallery
(
MOVI |
Quote |
Chart |
News |
PowerRating), up 6.90% on just
under two times average volume. This company’s last two quarters of earnings
growth came in at 400% and 175% respectively, with 2002 earnings estimates at
29%. As a cautionary note, the company has a return on equity rate of 7%, where
ideally we want 17% or higher. We will monitor this breakout for signs of
strength in the market.
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),Â
down 0.76% on above-average volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 4.26% on
slightly
above-average volume for an accumulation day.
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 4.96%
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 | Pivot | 52-Week High |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 91 | 37.75 | – 0.29 | 532,800 | 33.60 | 36.64 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 90 | 43.10 | + 1.81 | 313,700 | 38.19 | + 1.09 |
size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 33.40 | + 1.55 | 369,700 | 30.91 | 37.05 |
Stocks Forming a Handle
Krispy Kreme Doughnuts
(
KKD |
Quote |
Chart |
News |
PowerRating), up 1.76% on
below average volume for an accumulation day.
Movie Gallery
(
MOVI |
Quote |
Chart |
News |
PowerRating), up 6.90%% on almost
twice average volume for a breakout.
size=2>
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 9.75% on
over twice average volume for a breakout.
| 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 |
Krispy Kreme Doughnuts | ( KKD | Quote | Chart | News | PowerRating) | 75 | 39.87 | + 0.69 | 620,500 | 44.12 |
Movie Gallery | ( MOVI | Quote | Chart | News | PowerRating) | 97 | 18.12 | +1.17 | 381,300 | 17.99 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 92 | 68.16 | + 6.02 | 436,300 | 66.23 |
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 |
Â
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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