Wednesday’s Stock Watch
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).
The markets suffered yet
another day of heavy selling with distribution made on the NYSE and Nasdaq.
Leading the losers were gold and silver, natural gas, utilities,
telecom, banks, and Internet. The only sectors closing positive were consumer
and healthcare issues. New 52-week highs were nearly non-existent, with the lows
dominated by electronics, drugs, software, banking, utilities, insurance, and
diversified services.
Due to market conditions, this report no longer has
a single stock that qualifies.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 4.70, and down volume over
up volume by a 4.27 ratio. Nasdaq declining issues over advancing issues came in
at 3.48, and down volume beat up volume by a 8.39 ratio.
The Dow Jones Industrial Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) closed down 1.05% at 7702.34. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
closed down 2.45% at 799.85.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed down 4.18% at 1229.01.
561
774
Declining Issues
2,634
2,695
538,015,280
220,404,436
2,300,564,880
1,828,125,057
Total
Volume
2,857,286,770
2,072,488,871
Highs
18
65
594
437
Top sectors:
Morgan Stanley Consumer Index
(
$CMR.X |
Quote |
Chart |
News |
PowerRating), up 0.47% at 452.94.
Morgan Stanley Healthcare Index
(
$RXH.X |
Quote |
Chart |
News |
PowerRating), up 0.27% at 286.30.
Losing sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), down 11.05% at
59.24.
Natural Gas
Index
(
$XNG.X |
Quote |
Chart |
News |
PowerRating), down
9.14% at
109.15.
Sectors with Most New 52-Week Highs (10 or more):
None
Watch List Action:
Christopher & Banks
(
CBK |
Quote |
Chart |
News |
PowerRating) was the last standing breakout on our list.
The stock is now off the report as it dropped over 10% below its pivot buy
point.
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 |
None |
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 |
None |
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 | |||||
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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).