Wednesday’s Stock Watch
The major indexes have
kicked off the week with two days of losses, as overall volume
remains on the light side. As market breadth remains slightly negative, it
appears ongoing geopolitical concerns keep major players sidelined. Nothing new.
Stocks on our watch list are showing slight signs of
crumbling with some of our “breakout” members showing distribution. The search
continues for top quality stocks meeting our strict fundamental and technical
criteria.
From Tuesday’s action:
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.79, and down volume over
up volume by a 6.59 ratio. Nasdaq declining issues over advancing issues came in
at 1.64, and down volume beat up volume by a 2.96 ratio.
Dow Jones Industrial Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating)
closed –1.69%
at 7,704.87. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
closed -1.53% at
821.99.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed
-0.94% at
1,307.77.
1,062
1,223
Declining Issues
1,963
2,001
160,078,000
288,758,000
1,003,171,000
909,533,000
Total
Volume
1,177,969,000
1,210,785,000
Highs
11
5
53
14
Top sectors:
Internet, Gold and Silver, Software, Drugs, and
Fiber Optics.
Watch List Action:
International Game Technology
(
IGT |
Quote |
Chart |
News |
PowerRating) put in a distribution day Monday as it
shied away from making new highs. This has been a long standing member of our
“breakout” list, and is in the process of forming a new base.
Garmin Ltd.
(
GRMN |
Quote |
Chart |
News |
PowerRating) put in a distribution day Tuesday as it turned away from
an all time high made Monday. The stock is consolidating above all its major
moving averages, though has made three distribution days in the past two 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.
| 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 |
Coach Inc. | ( COH | Quote | Chart | News | PowerRating) | 92 | 34.80 | -0.63 | 991,100 | 28.35 | 35.70 |
Garmin Ltd. | ( GRMN | Quote | Chart | News | PowerRating) | 97 | 32.90 | -0.70 | 489,500 | 23.46 | 32.07 |
International Game Technology | ( IGT | Quote | Chart | News | PowerRating) | 87 | 77.32 | -0.52 | 1,121,100 | 74.84 | 80.10 |
Stocks Forming a Handle
| 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 |
Apollo Group | ( APOL | Quote | Chart | News | PowerRating) | 91 | 45.29 | -0.16 | 1,955,600 | 45.84 |
CECO | ( CECO | Quote | Chart | News | PowerRating) | 88 | 46.83 | +0.22 | 882,100 | 48.07 |
Expeditors International of Washington | ( EXPD | Quote | Chart | News | PowerRating) | 86 | 34.13 | -0.15 | 909,300 | 34.54 |
UCBH Holdings | ( UCBH | Quote | Chart | News | PowerRating) | 81 | 42.24 | -0.16 | 181,300 | 45.20 |
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 | Pivot |
None | Â | Â | Â | Â | Â | Â |
If you are new to the “IT” strategy, be sure to
take a look at our
intermediate-term online trading course.
Intermediate-Term Traders
Report is posted on
Tuesdays and Fridays. For other intermediate-term commentary, be sure to read
Mark Boucher (Fridays),
Tim Truebenbach (Tuesdays and Thursdays), and
Gary Kaltbaum (Mondays and Thursdays).