Thursday’s Stock Watch
The bears did
damage again, with all three indexes closing in the red
on above-average volume. Oil and oil
service stocks were king for the day, while the gold and silver index, along
with Internet and biotechnology, represented the biggest losses of the day. New
52-week lows outnumbered the highs, as down volume convincingly dominated up
volume. Stocks on our watch list were mostly down, with another breakout
candidate finding its way off the list.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.70, and down volume
over up volume by a 2.07 ratio. Nasdaq declining issues over advancing issues came in
at 1.95, and down volume beat up volume by a 2.38 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down
0.33% to
9,653.39. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down
0.67% to
1,082.68.
The Nasdaq [$COMPQ |$COMPQ] closed down
1.39% to
1,812.92.
1,134
1,208
Issues
1,936
2,365
531,646,000
605,824,000
1,101,981,000
1,445,585,000
Volume
1,650,413,000
2,065,393,000
Highs
18
8
28
22
Top sectors:
Oil
Service Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) up 1.48% at 83.31.
Oil Index
(
$OIX.X |
Quote |
Chart |
News |
PowerRating) up
1.05% at 294.45.
Losing sectors:
Dow Jones Internet
Commerce Index
(
$ECM.X |
Quote |
Chart |
News |
PowerRating) down 5.77% at 44.24.
Airline Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating), down
3.66% to 84.23.
Sectors With New
Highs:
Sorry, due to a technical problem there is no data available today. We are
working to correct this.
Watch List Action
Our biggest gainer of the day was NVIDIA Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), up 2.50% on above-average volume. This designer, developer, and marketer of graphics processors
and software has a 2002 estimated growth of 65%, and has experienced two
distribution days in the past five days.
Sure enough, the day after Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating) was mentioned here as
one of our better performers, it experienced heavy distribution by falling 7.37%
on almost four times average volume. The stock was downgraded by Morgan Keegan to
Market Perform from Outperform.
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.
size=2>American Healthways Inc.
(
AMHC |
Quote |
Chart |
News |
PowerRating), down 2.49% on below-average volume for a
distribution day.
size=2>Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating), down 2.59% on below-average volume for a
distribution day.
size=2>Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating), down 0.33% on below-average volume.
MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating), down 1.17% on below-volume
for a distribution day.
size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), up 2.49% on above-average volume.
size=2>PEC Solutions
(
PECS |
Quote |
Chart |
News |
PowerRating), down 2.31% on almost half its average
volume. The stock has now fallen over 10% from its pivot point and is 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 | 52-Week High |
| size=2>American Healthways Inc. | size=2> ( AMHC | Quote | Chart | News | PowerRating) | 94 | 24.98 | – 0.64 | 326,300 | 24.93 | 37.32 |
| size=2>Copart Inc. | size=2> ( CPRT | Quote | Chart | News | PowerRating) | 85 | 23.23 | – 0.62 | 1,053,000 | 8.60 | 25.82 |
| size=2>Genesis Microchip | size=2> ( GNSS | Quote | Chart | News | PowerRating) | 98 | 53.55 | – 0.18 | 3,162,000 | 38 | 74.90 |
| size=2>MTR Gaming Group | size=2> ( MNTG | Quote | Chart | News | PowerRating) | 96 | 15.20 | – 0.18 | 605,100 | 14.30 | 17.16 |
| size=2>Nvidia Corp. | size=2> ( NVDA | Quote | Chart | News | PowerRating) | 95 | 62.02 | + 1.51 | 9,036,400 | 52.67 | 72.66 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 97 | 60.40 | – 4.81 | 285,500 | 14.55 | 64.94 |
| size=2>PEC Solutions | size=2> ( PECS | Quote | Chart | News | PowerRating) | 86 | 24.91 | – 0.59 | 704,400 | 26.92 | 44.44 |
Stocks Forming a Handle
Integra Lifesciences
(
IART |
Quote |
Chart |
News |
PowerRating) down 2.70% 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 |
| size=2>Integra Lifesciences | size=2> ( IART | Quote | Chart | News | PowerRating) | 89 | 29.14 | – 0.81 | 332,800 |
Stocks Building A Base
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), down 4.57% 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 |
| size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 38.00 | – 1.82 | 192,300 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com