Thursday’s Stock Watch

• February 27, 2002
• TradingMarkets Editors

The markets
pushed higher in early trading, though an afternoon sell off left the
major averages well down from their intraday highs. Continuing to show strength
on the NYSE is the new 52-week highs, as 74 were made with only 2 issues making
new lows. Technology remains the weakness in this market. Stocks on our watch
list were mixed, with three issues selling their way off our lists, and our most
recent breakout moving decisively higher. 

Market breadth was slightly positive on
the big board and negative on the Nasdaq, with NYSE
advancing issues over declining issues by a ratio of 1.56, and up volume over
down volume by a 1.49 ratio. Nasdaq advancing issues over declining issues came
in at 1.06, though down volume beat up volume by a 1.78 ratio.

The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up
0.12% to
10,127.58. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down
0.07% to
1,108.62.
The Nasdaq [$COMPQ |$COMPQ] closed down
0.85% to
1,751.91.

 

Top sectors:

Airline Index
(
$MXY.X |
Quote |
Chart |
News |
PowerRating) up
2.09% at 97.58.

Nasdaq Transportation Index
(
$TRAN.X |
Quote |
Chart |
News |
PowerRating)
up 1.96% at 1369.33.

Losing sectors:

GSTI Hardware
Index
(
$GHA.X |
Quote |
Chart |
News |
PowerRating) down 2.75% at 226.68.

Networking Index
(
$IXTC.X |
Quote |
Chart |
News |
PowerRating)
down 2.70% at 235.46.

Watch List Action:

From our “Stocks Forming a Handle List” is DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating) as it
rose 3.32% on below average volume. Ideally we like to see a handle form for a
week or two before breaking out. This one is long over due, and showing less
potential each day.

With its second accumulation day in a row after breaking out, Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) rose 5.65% on over two times average volume. So far so
good. This one has made five accumulation days and one clear distribution day in
three weeks.

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 13.99% on over twice average
volume for a distribution day. This one’s out of here. 

size=2>Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating), up 2.26% on above average
volume.

Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 5.65% on over two times average volume for its
third accumulation day in a row.

size=2>MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating), down 8.82% on almost four times
average volume. This one is out of here.

size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), down 3.36%% on above average volume.

size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 3.35% 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	52-Week High
size=2>Copart Inc.	size=2> ( CPRT | Quote | Chart | News | PowerRating)	85	17.14	– 2.79	1,014,700	8.60	25.82
Group 1 Automotive	( GPI | Quote | Chart | News | PowerRating)	91	36.45	+ 1.95	282,200	33.14	34.99
size=2>Genesis Microchip	size=2> ( GNSS | Quote | Chart | News | PowerRating)	90	41.00	+ 0.91	3,361,400	38	74.90
size=2>MTR Gaming Group	size=2> ( MNTG | Quote | Chart | News | PowerRating)	96	12.40	– 1.20	584,900	14.30	17.16
size=2>Nvidia Corp.	size=2> ( NVDA | Quote | Chart | News | PowerRating)	88	53.15	– 1.85	9,673,200	52.67	72.66
size=2>Panera Bread Co.	size=2> ( PNRA | Quote | Chart | News | PowerRating)	91	53.23	+ 1.73	370,400	14.55	64.94

Stocks Forming a Handle

American Medical Systems Holdings
(
AMMD |
Quote |
Chart |
News |
PowerRating),
down 6.66% on above average volume for a distribution day. This one is out
of here.

DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), up 3.32% on below
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
American Medical Systems Holdings	( AMMD | Quote | Chart | News | PowerRating)	92	21.30	– 1.52	303,300
DRS Technologies	( DRS | Quote | Chart | News | PowerRating)	95	39.52	+ 1.27	275,700

Stocks Building A Base

size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 0.52% on below 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
size=2>Multimedia Games Inc.	size=2> ( MGAM | Quote | Chart | News | PowerRating)	size=2>99	28.80	+ 0.15	326,000

 

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