Tuesday’s Stock Watch
The major indexes made nice
advances, though volume was light, giving less conviction to the move.
Leading the action were semiconductors, software, Internet, and computer
hardware stocks, with healthcare, Japan, and utilities in the red. New 52-week
highs were relatively quiet, with only the banking sector accumulating at least
ten new highs. We have added a new issue to our “handles” list, where action
there today was also relatively quiet.
Market breadth was positive, with NYSE advancing
issues over declining issues by a ratio of 1.64, and up volume over down volume
by a 2.65 ratio. Nasdaq advancing issues over declining issues came in at 1.50,
and up volume beat down volume by a 3.06 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 1.70% at 10109.66. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up 1.85% at 1074.58.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed up 3.23% at 1652.67.
Â
1,979
2,112
Issues
1,206
1,411
778,257,000
1,217,077,000
296,464,000
397,604,000
Total
Volume
1,084,814,000
1,635,241,000
Highs
35
16
11
4
Top sectors:
Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), up 6.07% at
255.10.
Morgan Stanley Internet Index
(
$MOX.X |
Quote |
Chart |
News |
PowerRating),
up 4.72% at 9.08.
Losing sectors:
Morgan Stanley Healthcare
Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating) down
2.00% at
597.17.
Japan
Index
(
$JPN.X |
Quote |
Chart |
News |
PowerRating)
down 1.66% at 119.86.
Sectors with Most New 52-Week Highs:
Banking – 23
Watch List Action:
Christopher & Banks Co.
(
CHBS |
Quote |
Chart |
News |
PowerRating) was our biggest gainer today as
it rose 1.56% on below-average volume for an accumulation day. The stock is
holding the gains made from its breakout day last Thursday.
New to our “handles” list is Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating) as it fell 0.123% on
average volume for a slight distribution day. The company possesses strong
fundamentals, with last quarter’s earnings coming in at a 50% increase from last
year, and revenue up 29%. On a negative note, the last three years of earnings
did not increase consistently, with levels from 1999 to 2001 coming in at 28%,
21% and 41%. This might not represent an ideal buy setup, though watching a
potential breakout will help us measure this market better.
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), up 1.16% on
below-average volume.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), up
1.55% on below-average volume for an accumulation
day.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 1.35% on
below-average volume for a distribution day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 1.35%
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 | Pivot | 52-Week High |
| Chicos FAS Inc. | ( CHS | Quote | Chart | News | PowerRating) | 94 | 39.15 | + 0.45 | 659,100 | 38.08 | 40.73 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 92 | 40.38 | + 0.62 | 518,100 | 33.60 | 39.25 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 95 | 49.48 | – 0.67 | 277,600 | 42.23 | 46.72 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 92 | 68.24 | + 0.91 | 408,700 | 66.74 | 72.05 |
Stocks Forming a Handle
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), up 1.34%
size=2>
on below-average volume
for an accumulation day.
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 0.67% on
below-average volume for a distribution day.
Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), up 1.12% on
low volume.
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating) down 0.12% 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 |
Beazer Homes | ( BZH | Quote | Chart | News | PowerRating) | 79 | 84.30 | + 1.12 | 596,800 | 91.45 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 87 | 25.00 | – 0.17 | 2,271,800 | 27.14 |
Right Mgt. Consultants | ( RMCI | Quote | Chart | News | PowerRating) | 90 | 27.77 | + 0.31 | 307,700 | 28.95 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 95 | 48.44 | – 0.06 | 234,900 | 49.60 |
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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