Tuesday’s Stock Watch

• April 29, 2002
• TradingMarkets Editors

The markets
closed in negative territory, with average volume keeping the major
averages in downtrends for the day. Making slight gains were healthcare,
computer box makers, utilities, and gold and silver, with telecoms, Internet,
biotechnology, and computer hardware experiencing the steepest declines. New
52-week lows dominated the highs across the exchanges. Stocks on our watch lists
were mixed.

Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.25, and down volume over
up volume by a 3.15 ratio. Nasdaq declining issues over advancing issues came in
at 1.48, and down volume beat up volume by a 1.72 ratio.

The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.91% at 9819.87 The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 1.00% at 1065.45.
The Nasdaq [$COMPQ |$COMPQ] closed down 0.41% at 1656.93.

 

Top sectors:

Morgan Stanley Healthcare Index

(
$HMO.X |
Quote |
Chart |
News |
PowerRating), up 0.89% at 614.36, and the

Computer Boxmaker  Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating),
up 0.87% at 92.04.

Losing sectors:

North American Telecoms Index
(
$XTC.X |
Quote |
Chart |
News |
PowerRating)  down 4.41% at
534.90,
and the

GSTI Internet Internet
Index
(
$GIN.X |
Quote |
Chart |
News |
PowerRating) down 2.89% at 79.70.

Sectors with Most New 52-Week Highs:

Banking – 27

Retail – 12

Health Services – 10

Watch List Action:

Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating) was our biggest gainer today as it advanced 2.11% on
average volume. We are now entering the seventh week of the stock’s base, which
fulfills the minimum requirement of what we’re looking for to preclude a
breakout.

Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) dropped 2.54% on below average volume. The stock’s
price action is getting choppy, though it is a good sign to see volume low on
its down days. For the past three weeks, the stock has made four accumulation
days and two distribution days. 

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 Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), up
0.61% on low volume for an accumulation day.

Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 2.55% on
below-average volume.

size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.81%

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
Christopher & Banks	( CHBS | Quote | Chart | News | PowerRating)	89	37.54	+ 0.24	515,300	33.60	39.25
Group 1 Automotive	( GPI | Quote | Chart | News | PowerRating)	95	42.39	– 1.11	303,900	42.23	43.69
size=2>Panera Bread Co	size=2> ( PNRA | Quote | Chart | News | PowerRating)	92	66.45	– 0.54	395,200	66.74	– 0.82

Stocks Forming a Handle

Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), up 2.11% 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
Beazer Homes	( BZH | Quote | Chart | News | PowerRating)	86	87.44	+ 1.81	581,100	91.45

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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