Thursday’s Stock Watch
The markets
put in an intraday reversal today, with above-average volume chalking
in accumulation for the Nasdaq. The semiconductor, oil service, and retail
stocks led the action, while Internet stocks bore the heaviest brunt of the
selling. Stocks on our watch lists were mixed, with nice accumulation made in
one of the gaming stocks.
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 1.33 ratio. Nasdaq advancing issues over declining issues came in
at 1.20, and up volume beat down volume by a 1.27 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up
1.50% to
9,762.86. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up
0.98% to
1,111.4.
The Nasdaq [$COMPQ |$COMPQ] closed up
1.08% to
1,913.42.

Issues
1,114,063,000
1,128,677,000
837,626,000
889,521,000
Volume
1,966,088,000
2,047,692,000
Highs
Top sectors:
Semiconductor Index
(
SOX.X |
Quote |
Chart |
News |
PowerRating) up
4.15% to 554.88.
Oil Service Sector Index
(
OSX.X |
Quote |
Chart |
News |
PowerRating)
up 2.92 83.05.
Losing sectors:
GSTI Internet Index
(
$GIN.X |
Quote |
Chart |
News |
PowerRating) down 2.31% at
98.89
Amex Hong Kong Index
(
$HKX.X |
Quote |
Chart |
News |
PowerRating) down 2.31% to 531.20.
Sectors With New
Highs:
Construction – 7 –
(
NVR |
Quote |
Chart |
News |
PowerRating),
(
SHLR |
Quote |
Chart |
News |
PowerRating),
(
BZH |
Quote |
Chart |
News |
PowerRating),
(
DHI |
Quote |
Chart |
News |
PowerRating),
(
LEN |
Quote |
Chart |
News |
PowerRating)
(
RYL |
Quote |
Chart |
News |
PowerRating)
(
CTX |
Quote |
Chart |
News |
PowerRating).
Restaurants – 5 –
(
CMPP |
Quote |
Chart |
News |
PowerRating),
(
BOBE |
Quote |
Chart |
News |
PowerRating),
(
STAR |
Quote |
Chart |
News |
PowerRating),
(
RYAN |
Quote |
Chart |
News |
PowerRating),
(
PFCB |
Quote |
Chart |
News |
PowerRating).
Trucking – 5 –
(
HTLD |
Quote |
Chart |
News |
PowerRating),
(
WERN |
Quote |
Chart |
News |
PowerRating),
(
KNGT |
Quote |
Chart |
News |
PowerRating),
(
SWFT |
Quote |
Chart |
News |
PowerRating),
(
JBHT |
Quote |
Chart |
News |
PowerRating).
Business Services – 5 –
(
XRX |
Quote |
Chart |
News |
PowerRating),
(
GKSRA |
Quote |
Chart |
News |
PowerRating),
(
PXR |
Quote |
Chart |
News |
PowerRating),
(
EEFT |
Quote |
Chart |
News |
PowerRating),
(
ABCO |
Quote |
Chart |
News |
PowerRating).
Medical – 3 –
(
IMDC |
Quote |
Chart |
News |
PowerRating),
(
ZMH |
Quote |
Chart |
News |
PowerRating),
(
HSIC |
Quote |
Chart |
News |
PowerRating).
Recreational Vehicles – 3 –
(
THOR |
Quote |
Chart |
News |
PowerRating),
(
COA |
Quote |
Chart |
News |
PowerRating),
(
WGO |
Quote |
Chart |
News |
PowerRating).
Gold – 3 –
(
BVN |
Quote |
Chart |
News |
PowerRating),
(
GG |
Quote |
Chart |
News |
PowerRating),
(
AEM |
Quote |
Chart |
News |
PowerRating).
Textiles – 3 –
(
COH |
Quote |
Chart |
News |
PowerRating),
(
NKE |
Quote |
Chart |
News |
PowerRating),
(
AIN |
Quote |
Chart |
News |
PowerRating).
Watch List Action
Direct Focus Inc.
(
DFXI |
Quote |
Chart |
News |
PowerRating) put in a gain of 2.52% as it attempted to
regain some ground from its last two days of distribution.

From our “Stocks Building a Base” list, Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating) gained
5.26% on average volume for its second accumulation day in a row, and was our
biggest gainer of the day. This leisure and gaming company provides linked
high-stakes and electronic based games to the Indian gaming industry. The
company’s last two quarters of earnings came in at 71% and 80% respectively, and
has a 2002 estimated earnings growth rate of 106%.

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.
American Healthways Inc.
(
AMHC |
Quote |
Chart |
News |
PowerRating), up 2.33% on
below-average volume.
size=2>Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating), down 0.62% on below-average volume for a
distribution day.
size=2>Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating), down 0.53% on above-average volume.
MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating), up 4.61% on below-average
volume.
size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), up 1.15% on above-average volume.
size=2>PEC Solutions
(
PECS |
Quote |
Chart |
News |
PowerRating), up 2.85% on below-average volume.
Panera Bread Co.
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 0.87% on above-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>American Healthways Inc. | size=2> ( AMHC | Quote | Chart | News | PowerRating) | 97 | 28.00 | + 0.64 | 313,200 |
| size=2>Copart Inc. | size=2> ( CPRT | Quote | Chart | News | PowerRating) | 87 | 22.35 | – 0.14 | 1,000,300 |
| size=2>Direct Focus Inc. | size=2> ( DFXI | Quote | Chart | News | PowerRating) | 92 | 35.85 | + 0.88 | 907,800 |
| size=2>Genesis Microchip | size=2> ( GNSS | Quote | Chart | News | PowerRating) | 98 | 57.70 | – 0.31 | 3,050,000 |
| size=2>MTR Gaming Group | size=2> ( MNTG | Quote | Chart | News | PowerRating) | 96 | 15.56 | + 0.73 | 586,800 |
| size=2>Nvidia Corp. | size=2> ( NVDA | Quote | Chart | News | PowerRating) | 95 | 65.44 | + 0.78 | 9,010,900 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 96 | 60.05 | + 0.51 | 273,800 |
| size=2>PEC Solutions | size=2> ( PECS | Quote | Chart | News | PowerRating) | 95 | 26.69 | + 0.74 | 743,100 |
Stocks Forming a Handle
Integra Lifesciences
(
IART |
Quote |
Chart |
News |
PowerRating) down 0.22% 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>Integra Lifesciences | size=2> ( IART | Quote | Chart | News | PowerRating) | 90 | 31.20 | – 0.07 | 344,100 |
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 |
| size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 37.00 | + 1.85 | 187,600 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com