Tuesday’s Stock Watch
The major indexes kicked
off the first trading day of June with a sell off, as overall
below-average volume made for distribution on the NYSE. Gold and silver and the
Japan stocks were the only positive areas, with biotechnology, semiconductors,
computer hardware, utilities, networking, oil, airlines, Internet, and software
down sharply. New 52-week lows perked up across the exchanges, easily dominating
a low count of 52-week highs. Stocks on our watch list closed mostly negative.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 2.66, and down volume over
up volume by a 7.28 ratio. Nasdaq declining issues over advancing issues came in
at 2.86, and down volume beat up volume by a whopping 12.92 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 2.17% at 9709.79. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 2.48% at 1040.58.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed down 3.31% at 1562.19.
Â
872
903
Issues
2,321
2,583
156,173,000
114,389,000
1,137,446,000
1,478,574,000
Total
Volume
1,301,019,000
1,605,859,000
Highs
8
7
29
64
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), up 3.00% at
86.77.
Japan Index
(
$JPN.X |
Quote |
Chart |
News |
PowerRating),
up 1.09% at 125.21.
Losing sectors:
Disk Drive
Index
(
$DDX.X |
Quote |
Chart |
News |
PowerRating)
down 5.82% at 78.68.
Biotechnology
Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), down 5.71% at 381.89.
Sectors with Most New 52-Week Highs:
Banking – 14
Watch List Action:
Chicos FAS
(
CHS |
Quote |
Chart |
News |
PowerRating) fell 3.47% on below average volume. The stock is just
above its 50-day moving average, and has made two accumulation days and five
distribution days in the past three weeks.
Bucking the trend of the overall market,
Right Management Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating) rose 0.471% on below average volume.
The stock is consolidating near its pivot buy point.
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.
Chicos FAS Inc.
(
CHS |
Quote |
Chart |
News |
PowerRating), down 3.47% on
below-average volume.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
4.12% on below-average volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 5.77% on
above-average volume for a distribution day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.46%
on above-average
volume.
Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), up 0.47% 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 | Pivot | 52-Week High |
| Chicos FAS Inc. | ( CHS | Quote | Chart | News | PowerRating) | 89 | 36.94 | – 1.33 | 660,700 | 38.08 | 42 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 92 | 38.14 | – 1.64 | 418,900 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 84 | 40.28 | – 2.47 | 255,400 | 42.23 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 89 | 62.00 | – 0.29 | 413,200 | 66.74 | 73.60 |
Right Mgt. Consultants | ( RMCI | Quote | Chart | News | PowerRating) | 92 | 27.71 | + 0.13 | 336,400 | 28.15 | 33.57 |
Stocks Forming a Handle
| 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 |
None | Â | Â | Â | Â | Â | Â |
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 |
None | Â | Â | Â | Â | Â |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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