Tuesday’s Stock Watch

• July 15, 2002
• TradingMarkets Editors

After trending down for
most of the session, the major indexes staged a late-session rally
that brought the Nasdaq into positive territory, while the Dow and S&P 500
closed slightly negative. Volume on the NYSE and Nasdaq exchanges was above
average. Leading the action were semiconductors, computer hardware, networking,
and telecoms, as gold and silver, oil, and pharmaceuticals closed deepest in the
red. New 52-week lows held their dominant trend against the highs, with drugs,
electronics, and utilities posting the most numbers. Stocks on our watch lists
were mixed.

Market breadth was mostly negative, with NYSE
declining issues over advancing issues by a ratio of 2.72, and down volume over
up volume by a 2.16 ratio. Nasdaq declining issues over advancing issues came in
at 1.64, and up volume beat down volume by a 2.17 ratio.

The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.52% at 8639.19. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.38% at 917.86.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed up 0.62%
at 138211.

 

Top sectors:

Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), up 4.76% at
395.15.

GSTI Hardware Index
(
$GHA.X |
Quote |
Chart |
News |
PowerRating), up
4.18% at
185.77.

Losing sectors:

Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), down 4.37% at
72.75.

Oil Index
(
$OIX |
Quote |
Chart |
News |
PowerRating), down 2.24% at
288.56.

Sectors with Most New 52-Week Highs (10 or more):

None

Watch List Action:

Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) lost 0.239% on average volume for a distribution
day. At its low today the stock dipped below the half-way point of its base,
though rallied back with the indexes to close above its 50-day moving average.
This one still looks like it could break out, so we’re going to watch it.

Christopher & Banks
(
CHBS |
Quote |
Chart |
News |
PowerRating) fell 6.17% on above average volume for a
distribution day. The stock made its second close in a row below its 50-day
moving average, and has fallen below its channel line. This is another red flag
for the stock.

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.

Christopher & Banks
(
CHBS |
Quote |
Chart |
News |
PowerRating), down 6.60% on
above-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
Christopher & Banks	( CHBS | Quote | Chart | News | PowerRating)	94	36.90	– 2.61	392,300	33.60	42.45

Stocks Forming a Handle

Apollo Group Inc.
(
APOL |
Quote |
Chart |
News |
PowerRating), down 0.24% size=2>
on
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
Apollo Group Inc.	( APOL | Quote | Chart | News | PowerRating)	84	37.40	– 0.09	2,418,400	40.08

Stocks Building A Base

Coach Inc.
(
COH |
Quote |
Chart |
News |
PowerRating), down 4.18%
on average volume for a distribution day.

DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), up 1.16% size=2>
on above-average
volume for an accumulation day.

Penn National Gaming
(
PENN |
Quote |
Chart |
News |
PowerRating), up 2.53% size=2>
on light
volume.

Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating), down 2.67%
on above-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
Coach Inc.	( COH | Quote | Chart | News | PowerRating)	79	21.75	– 0.95	1,216,200
DR Horton Inc.	( DHI | Quote | Chart | News | PowerRating)	83	23.40	+ 0.27	1,332,700
Penn National Gaming	( PENN | Quote | Chart | News | PowerRating)	85	16.20	+ 0.40	546,000
Winnebago Industries	( WGO | Quote | Chart | News | PowerRating)	86	41.86	– 1.15	206,700

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

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