Thursday’s Stock Watch
The Bulls
held the edge today as the major averages finished the session with strong
closes. Airline, biotechnology, and banking stocks held the biggest
gains, with semiconductors and internet stocks suffering mild losses. The NYSE
had another impressive collection of new-52 week highs as it made 100. TRhe
stocks on our watch lists were mixed, with one of our recent breakouts erasing
its recent gains.
Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 2.63, and up volume over
down volume by a 4.30 ratio. Nasdaq advancing issues over declining issues came
in at 1.77, and up volume beat down volume by a 2.28 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up
1.35% to
10,574.29. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up
1.45% to
1,162.76.
The Nasdaq [$COMPQ |$COMPQ] closed up
1.29% to
1,890.37.
2,300
2,271
Issues
873
1,281
1,224,535,000
1,276,213,000
285,030,000
558,901,000
Volume
1,516,415,000
1,885,911,000
Highs
100
41
2
1
Top sectors:
Biotechnology
Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) up 5.41% at
513.69.
North American Telecoms
Index
(
$XTC.X |
Quote |
Chart |
News |
PowerRating) up
5.36% at 696.47.
Losing sector:
GSTI Hardware Index
(
$GHA.X |
Quote |
Chart |
News |
PowerRating) down 0.96% to 242.35.
Semiconductor
Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) down 0.96% at
607.97.
Watch List Action:
Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating) fell another 6.84% on above average volume for a
distribution day. This is exactly what we don’t like to see happen after a
breakout.
Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) rose 1.10% on below average volume. This owner and operator
of auto dealerships is apart of the Specialty Retailer group, and is met in high
RS and ER ranking by Circuit City Carmax
(
KMX |
Quote |
Chart |
News |
PowerRating) and Sonic Auto
(
SAH |
Quote |
Chart |
News |
PowerRating).
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 1.09%% on below-average volume.
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), down 6.85% on above-average volume
for a distribution day.
size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), down 3.14% on above-average volume for a
distribution day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 2.64%
on 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 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 95 | 39.56 | + 0.43 | 319,800 | 33.14 | 34.99 |
size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 29.50 | – 2.17 | 347,000 | 30.91 | 32.51 |
| size=2>Nvidia Corp. | size=2> ( NVDA | Quote | Chart | News | PowerRating) | 84 | 57.06 | – 1.85 | 10,563,000 | 52.67 | 72.66 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 89 | 57.53 | + 1.48 | 402,800 | 14.55 | 64.94 |
Stocks Forming a Handle
DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), up 4.39% on
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 |
DRS Technologies | ( DRS | Quote | Chart | News | PowerRating) | 94 | 42.75 | + 1.80 | 218,100 | 43.20 |
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