Tuesday’s Stock Watch
The Bulls did
it again, as last Friday’s rally carried over on even bigger volume
for accumulation days across the indexes. Technology led the action, with the
semiconductor index bucking a downward trend line that began in January of 2001.
The NYSE showed an awesome display of new 52-week highs as it clocked in 190,
over 5 new 52-week lows. The stocks on our watch lists all closed in the green,
with our most recent breakouts faring the best.
Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 2.41, and up volume over
down volume by a 4.42 ratio. Nasdaq advancing issues over declining issues came
in at 1.83, and up volume beat down volume by a 3.27 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up
2.10% to
10,586.82. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up
1.93% to
1,153.58.
The Nasdaq [$COMPQ |$COMPQ] closed up
3.14% to
1,859.32.
cellPadding=0 width=”70%” border=1 height=”202″>
| NYSE | size=2>NASDAQ |
|
| Advancing Issues | 2,239 | 2,302 |
| Declining Issues |
930 | 1,235 |
| Advancing Volume | 1,293,544,000 | 1,471,010,000 |
| Declining Volume |
292,927,000 | 388,690,000 |
| Total Volume |
1,593,342,000 | 1,878,557,000 |
| New 52-week Highs |
190 | 13 |
| New 52-week Lows | 5 | 0 |
Top sectors:
CBOE Internet Index
(
$INX.X |
Quote |
Chart |
News |
PowerRating) up 10.44% at 124.48.
GSTI Multimedia Networking Index
(
$GIP.X |
Quote |
Chart |
News |
PowerRating) up
7.33% at 103.80.
Losing sector:
Morgan Stanley
Healthcare
Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating) down 2.86% at 465.28.
Morgan Stanley Healthcare Provider Index
(
$RXH.X |
Quote |
Chart |
News |
PowerRating) down
1.44% to 288.22.
Watch List Action:
Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating) was our biggest gainer of the day as it followed
up on its breakout from last Thursday. The stock rose 7.18% on average volume.
Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) continued to show impressive strength today as the the
stock gapped up 5% on above average volume.
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 5.0% on above-average volume for an
accumulation day.
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 7.18% average volume.
size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), up 5.57% on above-average volume for an
accumulation.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 4.11%
on 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) |
95 | 39.90 | + 1.90 | 319,800 | 33.14 | 34.99 |
| size=2>Multimedia Games Inc. |
size=2> ( MGAM | Quote | Chart | News | PowerRating) |
size=2>99 |
33.27 | + 2.23 | 347,000 | 30.91 | |