Tuesday’s Stock Watch
The markets
were quiet today as low volume led the Dow and the S&P 500 to slight losses,
and the Nasdaq to a slight gain. Gold and silver, Internet, and the oil service
sector led the pack, with Japan related issues, networking, and computer hardware
stocks in the red. The new 52-week highs list continues its bullish trend, with
the new 52-week lows list practically vacant. We have added two new stocks to
our watch lists, with a couple of accumulations made on our two most recent
breakouts.
Market breadth was slightly positive, with NYSE
advancing issues over declining issues by a ratio of 1.27, and up volume over
down volume by a 1.40 ratio. Nasdaq declining issues over advancing issues came
in at 1.22, and up volume beat down volume by a 1.02 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.27%Â to
10,577.75. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.05% to
1,165.55.
The Nasdaq [$COMPQ |$COMPQ] closed up 0.46% to 1877.06.
Â
1,766
1,950
Issues
1,393
1,595
601,854,000
719,640,000
527,816,000
737,162,000
Volume
1,144,800,000
1,529,426,000
Highs
66
48
4
1
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) up 4.61% at 64.78
CBOE Internet Index
(
$INX.X |
Quote |
Chart |
News |
PowerRating) up
3.19% at 123.33.
Losing sectors:
Dow Jones
Equity REIT
Index
(
$DJR.X |
Quote |
Chart |
News |
PowerRating) down 2.04% at 157.07.
Japan
Index
(
$JPN.X |
Quote |
Chart |
News |
PowerRating) down
1.39% to 121.17.
Watch List Action:
Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating) rose another 2.67% on below average volume for
its second accumulation day in a row. The stock closed at a 52-week high.
Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) attempted to regain some of its recent losses as it rose
0.50% on below average volume for an accumulation day. The stock has made 6
accumulation days and one distribution day in the past three weeks.
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.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 0.50% on below-average volume.
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 2.66% on below-average volume
for its second
accumulation day in a row.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 5.36%
on above 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 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 96 | 39.95 | +0.20 | 326,400 | 33.14 | 41.50 |
size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 34.27 | + 0.89 | 366,500 | 30.91 | 33.74 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 93 | 63.21 | +3.22 | 438,600 | 14.55 | 64.94 |
Stocks Forming a Handle
Affiliated Computer Services
(
ACS |
Quote |
Chart |
News |
PowerRating), up 6.99%
on above average volume for an accumulation day. This one is new to our
“handles” list, and would have made a breakout today if it were supported
with more volume. We will see if the stock can follow through on at least
40% higher that average volume tomorrow.
DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), up 2.41% on
below-average volume.
Krispy Kreme Doughnuts
(
KKD |
Quote |
Chart |
News |
PowerRating), up 2.05% on
below-average volume. This one comes back on our list in a new
cup-with-handle base after breaking out and falling off our list earlier
this year.
| 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 |
Affiliated Computer Services | ( ACS | Quote | Chart | News | PowerRating) | 82 | 56.75 | + 3.71 | 1,809,600 | 54.60 |
DRS Technologies | ( DRS | Quote | Chart | News | PowerRating) | 94 | 39.02 | +0.92 | 227,700 | 42.90 |
Krispy Kreme Doughnuts | ( KKD | Quote | Chart | News | PowerRating) | 85 | 47.71 | +0.84 | 730,900 | 42.06 |
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 |
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href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com