Tuesday’s Stock Watch

• April 8, 2002
• TradingMarkets Editors

The major
indexes were knocked lower this morning on negative news from IBM and Iraq,
though were able to push higher throughout today for mixed closes. Volume was
below average, with the Nasdaq making for an accumulation day. Leading the
Nasdaq and S&P 500 to positive closes were software, Internet, and energy
stocks, while the Dow closed negative along with computer box makers, telecoms,
and airline stocks. New 52-week highs continued to crank away, with real estate
and banking issues making the strongest showings. Stocks on our watch list were
mixed, with our most recent breakout pusjing even higher.

Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 1.37, and up volume over
down volume by a 1.22 ratio. Nasdaq advancing issues over declining issues came
in at 1.16, and up volume beat down volume by a 1.34 ratio.

The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.21% at 10249.08. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up 0.22% at 1125.29.
The Nasdaq [$COMPQ |$COMPQ] closed up 0.88% at 1785.78.
 

 

Top sectors:

GSTI Software
Index
(
$GSO.X |
Quote |
Chart |
News |
PowerRating)
up 1.88% at 523.84.

TheSteet.com Index
(
$DOT.X |
Quote |
Chart |
News |
PowerRating) up
2.46% at 147.79.

Losing sectors:

Computer
Boxmaker
Index
(
$BMX.X |
Quote |
Chart |
News |
PowerRating) down 2.54% at
95.37.

North American Telecoms
Index
(
$XTC.X |
Quote |
Chart |
News |
PowerRating) down 2.17% to  591.06.

 New 52-Week Highs Consolidations:

Real Estate – 45

Banking – 33

Insurance – 13

Health Services – 12

Retail – 12

Consumer Non-Durables – 11

Leisure – 11

Specialty Retail – 10

Manufacturing – 8

Automotive – 6

Computer Software – 6

Materials and Construction – 6

Utilities – 6

Consumer Durables – 5

Food and Beverage – 5

Wholesale – 5

Media – 4

Metals and Mining – 4

Electronics – 3

Financial Services – 3

Watch List Action:

Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) gained another 3.38% on slightly below average
volume. This stock has been looking nice for the past couple of sessions though
we wuld like to see more volume support these gains. 

Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating) continued along its breakout
move as it gained 5.65% on over twice average volume. So far so good.

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 5.64% on over twice average volume.

Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 3.37% on
below average volume for an accumulation day.

size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), down 2.56%
below average volume for an accumulation 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)	91	37.99	+ 2.03	532,800	33.60	36.64
Group 1 Automotive	( GPI | Quote | Chart | News | PowerRating)	90	39.48	+ 1.29	313,700	38.19	+ 1.09
size=2>Multimedia Games Inc.	size=2> ( MGAM | Quote | Chart | News | PowerRating)	size=2>99	30.78	– 0.81	369,700	30.91	37.05

Stocks Forming a Handle

Krispy Kreme Doughnuts
(
KKD |
Quote |
Chart |
News |
PowerRating), down 1.36% on
below average volume for an distribution day.

Movie Gallery
(
MOVI |
Quote |
Chart |
News |
PowerRating), up 2.63%
below average volume for an accumulation day.

size=2>
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 1.13%
below average volume for an accumulation 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
Krispy Kreme Doughnuts	( KKD | Quote | Chart | News | PowerRating)	75	39.03	– 0.54	620,500	44.12
Movie Gallery	( MOVI | Quote | Chart | News | PowerRating)	97	16.74	+ 0.43	381,300	17.99
size=2>Panera Bread Co	size=2> ( PNRA | Quote | Chart | News | PowerRating)	92	65.18	+ 0.73	436,300	66.23

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