Thursday’s Stock Watch

• February 20, 2002
• TradingMarkets Editors

The markets
staged a key intraday reversal today, with above-average volume
marking accumulation across the indexes. Technology made the top of the gainers
list, with telecoms and biotechs leading the way. The NYSE showed its strength
with 55 new 52-week highs over the Nasdaq’s 12. Stocks on our watch list were
mixed, with a couple of nice accumulation days made.

Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 1.55, and up volume over
down volume by a 1.82 ratio. Nasdaq advancing issues over declining issues came
in at 1.29, and up volume beat down volume by a 2.15 ratio.

The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up
2.01%  to
9,941.17. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up
1.33% to
1,097.76.
The Nasdaq [$COMPQ |$COMPQ] closed closed up
1.43% to
1,775.59.

 

Top sectors:

Biotechnology Index

(
$BTK.X |
Quote |
Chart |
News |
PowerRating) up 3.68% at 496.96.

Disk Drive Index
(
$DDX.X |
Quote |
Chart |
News |
PowerRating) up
3.34% at 93.64.

Losing sectors:

Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) down 1.32% at 63.10.

Oil Service Sector Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) down
1.00% to 85.56.

Watch List Action:

Making a strong move out of a base we had MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating), up
5.92% on almost 50% over its average volume. We will look for this crash through
its upper trend line to give the stock more upside momentum. Moves like the one
today accompanied by high volume can be indications of lasting strength for a
stock. As a member of the Leisure and Gaming sector, this one has been doing
very nicely.

Having a huge reversal day was Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating), up 6.41% on
almost two times average volume for an accumulation day. The stock fell briefly
below its 200-day moving average before closing above it on a strong rally. This
stock is trading dangerously close to its pivot buy point of 38.

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>Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating), down 0.60% on below average volume.

size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), up 5.22% on high volume.

size=2>Panera Bread Co.
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.52% on almost twice average
volume for a distribution 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
size=2>Copart Inc.	size=2> ( CPRT | Quote | Chart | News | PowerRating)	90	21.30	– 0.13	979,700	8.60	25.82
size=2>Genesis Microchip	size=2> ( GNSS | Quote | Chart | News | PowerRating)	95	42.83	+ 2.58	2,286,900	38	74.90
size=2>MTR Gaming Group	size=2> ( MNTG | Quote | Chart | News | PowerRating)	95	17.00	+ 0.95	560,500	14.30	17.16
size=2>Nvidia Corp.	size=2> ( NVDA | Quote | Chart | News | PowerRating)	93	56.35	+ 2.80	8,562,300	52.67	72.66
size=2>Panera Bread Co.	size=2> ( PNRA | Quote | Chart | News | PowerRating)	95	53.56	– 0.28	347,700	14.55	64.94

Stocks Forming a Handle

American Medical Systems Holdings
(
AMMD |
Quote |
Chart |
News |
PowerRating),
down 4.85% on over twice average volume for a distribution day.

DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), down 1.11% 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
American Medical Systems Holdings	( AMMD | Quote | Chart | News | PowerRating)	94	22.36	– 1.14	277,300
DRS Technologies	( DRS | Quote | Chart | News | PowerRating)	95	38.12	– 0.43	281,300

Stocks Building A Base

size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 6.72% 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
size=2>Multimedia Games Inc.	size=2> ( MGAM | Quote | Chart | News | PowerRating)	size=2>99	29.35	+ 1.85	315,200

 

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