Tuesday’s Stock Watch
The markets were hit with
selling pressure with the three major averages taking steep losses.
The day made for light volume on the NYSE, and average volume on the Nasdaq.
Gold and silver, healthcare, forest and paper, and utilities were the only
sectors to close green, with biotechnology, computer hardware, Internet, and
software sectors hit with heavy losses. Stocks on our watch list were hit with
distribution, as we have added three new issues to our “handles” list.
Market breadth was clearly negative, with NYSE
declining issues over advancing issues by a ratio of 2.03, and down volume over
up volume by a 4.62 ratio. Nasdaq declining issues over advancing issues came in
at 2.01, and down volume beat up volume by a 3.96 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.98% at 9808.04. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 1.93% at 1052.66.
The Nasdaq [$COMPQ |$COMPQ] closed down 2.14% at 1578.42.
Â
1,036
1,181
Issues
2,102
2,375
192,374,000
350,288,000
887,887,000
1,386,647,000
Total
Volume
1,107,540,000
1,759,782,000
Highs
40
25
18
44
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), up 1.64% at
79.65.
Morgan Stanley Healthcare Provider
Index
(
$RXH.X |
Quote |
Chart |
News |
PowerRating),
up 0.61% at 362.88.
Losing sectors:
Oil Service Sector
Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) down 4.96% at
105.53.
Biotechnology
Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating)
down 5.75% at 386.16.
Sectors with Most New 52-Week Highs:
Banking – 65
Consumer Non-Durables – 21
Insurance – 19
Leisure – 17
Materials and Construction – 16
Real Estate – 16
Materials and Mining – 13
Retail – 13
Utilities – 13
Diversified Services – 12
Specialty Retail – 11
Wholesale – 11
Watch List Action:
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) bucked the overall trend today as it gained
1.34% on below average volume. This company’s sales for the quarter ending March
31st rose 2% vs. this quarter last year. We look for our candidates to possess
at least 20% sales from quarter to quarter to qualify as a potential breakout,
though we will keep this on our list as it has already broke out.
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating) came down 4.92% on above average volume for a
distribution day. The stock is still in a handle formation, though is less
attractive after posting distribution here. We will watch to see how the stock
behaves above its 50-day moving average.
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), down
1.05% on below-average volume for a distribution.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 1.34% on
below-average volume.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.13%
on below-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) | 92 | Â 37.52 | – 0.48 | 503,900 | 33.60 | 39.25 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 95 | 49.78 | + 0.66 | 304,700 | 42.23 | 46.72 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 94 | 71.54 | – 0.10 | 408,600 | 66.74 | 72.05 |
Stocks Forming a Handle
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), down 4.93%
size=2>
on above-average
volume for a distribution day.
Chicos FAS Inc.
(
CHS |
Quote |
Chart |
News |
PowerRating), down 3.44% on average
volume for a distribution day.
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 2.19% on below
average volume for a distribution day.
Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), up 0.82% 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 |
Beazer Homes | ( BZH | Quote | Chart | News | PowerRating) | 84 | 86.56 | – 4.49 | 592,200 | 91.45 |
Chicos FAS Inc. | ( CHS | Quote | Chart | News | PowerRating) | 94 | 36.19 | – 1.29 | 628,000 | 38.08 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 88 | 26.28 | – 0.59 | 2,339,100 | 27.14 |
Right Mgt. Consultants | ( RMCI | Quote | Chart | News | PowerRating) | 91 | 26.99 | + 0.22 | 323,200 | 28.95 |
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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