Tuesday’s Stock Watch
The broader markets
we’re in a slump today as traders focused on speculation for
tomorrow’s FOMC meeting. Light volume on the session left all sectors in the
red. There were only a handful of new highs on the session, with market breadth
easily dominated to the down side with 2:1 declining issues over advancing
issues, and down volume over up volume by 3:1 on the NYSE, and 2:1 on the Nasdaq.
The overall action on our watch list was mixed, with some newly added
selections.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down
1.27% to
9,921.45. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down
1.58% to
1,139.99.
The Nasdaq [$COMPQ |$COMPQ] closed down
1.43% to
1,992.12.
| NYSE | NASDAQ | |
| Advancing Issues | 967 | 1,346 |
| Declining Issues | 2,156 |
2,307 |
| Advancing Volume | 260,137,000 |
453,401,000 |
| Declining Volume |
908,700,000 |
1,187,273,000 |
| Total Volume | 1,177,481,000 |
1,658,926,000 |
| New 52-week Highs | 5 | 22 |
| New 52-week Lows | 8 | 1 |
Top sectors:
None
Losing sectors:
Biotechnology
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) down
4.26% at 575.45
Networking Index
(
$NWX.X |
Quote |
Chart |
News |
PowerRating) down3.15% to 352.64.
Sectors With New Highs:
Business Equipment – 1
Business Services – 6
Business Software and Services – 3
Medical Appliances and Equipment – 3
Medical Instruments and Supplies – 4
Regional Banks – 3
REITs – 4
Semiconductors Integrated Circuits – 2
Semiconductor Specialized – 3
Watch List Action
PEC
Solutions
(
PECS |
Quote |
Chart |
News |
PowerRating) fell another 0.293% today on over two times average
volume. Part of the IT mindset goes to stomach harsh moves like this, though a
difficult market environment has most likely kept a lot of players out of this
one. We are still watching and waiting for potential leadership.
Our biggest gainer of the day was American Healthways
(
AMHC |
Quote |
Chart |
News |
PowerRating), up 7.81%
on over eight times volume for an accumulation day. I apologize for this chart’s
inability to to portray the price action with split adjustments. The stock made
another 52-week high, and has yet to pullback from its breakout a couple of
weeks ago. This company’s position as a leader in its field is matched by MIM
Corp
(
MIMS |
Quote |
Chart |
News |
PowerRating), a pharmacy management company with an RS of 99 and earnings
88% and 280% for the past two quarters. It is important for a stock’s action to
have at least one other in its field support the move.
Recent Breakouts
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.
Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating) down 2.97% on below-average volume
for a distribution day.
Ebay
(
EBAY |
Quote |
Chart |
News |
PowerRating) down 1.39% on
below-average volume.
Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating) up 3.05% on
average volume for an accumulation day.
MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating) up 0.23% on
below-average
volume.
Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating) down 1.00% on below-average volume.
Panera Bread Co.
(
PNRA |
Quote |
Chart |
News |
PowerRating) down 1.15% on below-average
volume.
THQ Inc.
(
THQI |
Quote |
Chart |
News |
PowerRating) down 2.87% on below-average
volume.
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| American Healthways Inc. | ( AMHC | Quote | Chart | News | PowerRating) |
99 | 36.01 | + 2.61 | 228,300 |
| Copart Inc. | ( CPRT | Quote | Chart | News | PowerRating) |
94 | 34.57 | – 1.06 | 296,100 |
| Ebay | ( EBAY | Quote | Chart | News | PowerRating) |
93 | 67.00 | – 0.95 | 9,042,100 |
| Genesis Microchip | ( GNSS | Quote | Chart | News | PowerRating) |
99 | 61.47 | + 1.82 | 2,627,300 |
| Krispy Kreme Doughnuts | ( KKD | Quote | Chart | News | PowerRating) |
93 | 38.70 | – 1.30 | 874,200 |
| MTR Gaming Group | ( MNTG | Quote | Chart | News | PowerRating) |
94 | 12.88 | + 0.03 | 334,400 |
| Nvidia Corp. | ( NVDA | Quote | Chart | News | PowerRating) |
97 | 60.55 | + 0.60 | 10,451,700 |
| Panera Bread Co. | ( PNRA | Quote | Chart | News | PowerRating) |
95 | 49.99 | + 0.57 | 305,900 |
| PEC Solutions | ( PECS | Quote | Chart | News | PowerRating) |
99 | 99 | – 0.10 | 482,400 |
| THQ Inc. | ( THQI | Quote | Chart | News | PowerRating) |
94 | 56.04 | – 1.66 | 1,594,300 |
Stocks Forming a Handle
BioReliance Corp.
(
BREL |
Quote |
Chart |
News |
PowerRating) up 1.34% on
below-average volume.
Career Education Corp.
(
CECO |
Quote |
Chart |
News |
PowerRating) up 0.80% on
below-average volume.
Direct Focus Inc.
(
DFXI |
Quote |
Chart |
News |
PowerRating) up 2.40% on over
twice average volume.
Integra LifeSciences
(
IART |
Quote |
Chart |
News |
PowerRating) down 0.90% on
average volume for a distribution day.
Krispy Kreme Doughnuts
(
KKD |
Quote |
Chart |
News |
PowerRating) down 1.30% on
average volume.
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| BioReliance Corp. | ( BREL | Quote | Chart | News | PowerRating) |
99 | 31.60 | + 0.42 | 285,900 |
| Career Education Corp. | ( CECO | Quote | Chart | News | PowerRating) |
91 | 33.98 | + 0.27 | 836,600 |
| Direct Focus Inc. | ( DFXI | Quote | Chart | News | PowerRating) |
89 | 31.46 | + 0.74 | 644,300 |
| Integra Lifesciences | ( IART | Quote | Chart | News | PowerRating) |
93 | 27.25 | – 0.25 | 331,700 |
| Krispy Kreme Doughnuts | ( KKD | Quote | Chart | News | PowerRating) |
94 | 38.70 | – 1.30 | 876,600 |
Stocks Building A Base
Cholestech Corp.
(
CTEC |
Quote |
Chart |
News |
PowerRating) down 2.96% on
average volume.
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| Cholestech Corp. | ( CTEC | Quote | Chart | News | PowerRating) |
99 | 23.58 | – 0.72 | 370,100 |