Thursday’s Stock Watch
The markets
were hit by a selling crowd today as below-average overall volume sank the
three major indexes. Gold and silver represented the only decent gains of the
sectors, with Internet, airline, software, and the semiconductors with the
steepest declines. While the volume trend still supports the long side,
technology and the Nasdaq remain a soft spot that seems to keep the overall
market from rolling higher. The number of new 52-week highs for the NYSE tapered
off to less than half of yesterday’s selling. Stocks on our watch list were
mixed, with a couple of accumulation days made.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 2.12, and down volume over
up volume by a 2.58 ratio. Nasdaq declining issues over advancing issues came in
at 1.58, and down volume beat up volume by a 5.13 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.25% to
10,501.57. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 1.57% to
1,151.85.
The Nasdaq [$COMPQ |$COMPQ] closed down 2.54% to 1832.95.
1,014
1,372
Issues
2,149
2,171
351,693,000
239,450,000
908,668,000
1,229,296,000
Volume
1,268,017,000
1,531,192,000
Highs
41
27
7
1
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) up 1.70% at 65.67
Morgan Stanley Helathcare Index
(
$BMX.X |
Quote |
Chart |
News |
PowerRating) up
1.99% at 117.31.
Losing sectors:
GSTI Software
Index
(
$GSTO.X |
Quote |
Chart |
News |
PowerRating) down 4.39% at 162.97.
GSTI Internet
Index
(
$GIN.X |
Quote |
Chart |
News |
PowerRating) down
4.26% to 96.59.
Watch List Action:
Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating) had a slight gain as it rose 0.028% on above-average volume for its fourth accumulation day in a row. After trading to a new
52-week high today, the stock settled back at the bottom of its daily range.
On below-average volume, Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) rose 0.40% for an accumulation day as it extended its tight
trading range. The stock is still well above its major moving averages.
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.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 0.40% on below-average volume for an
accumulation day.
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 0.02% on above-average volume
for its fourth
accumulation day in a row.
| 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 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 96 | 39.95 | + 0.16 | 326,400 | 33.14 | 43.69 |
size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 35.40 | + 0.01 | 366,500 | 30.91 | 37.05 |
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 2.06%
on average volume for an accumulation day. This one looks to be on the verge of
forming a new handle for the base it just carved out.
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