Wednesday’s Stock Watch
The markets succumbed to
the bears again, as slightly below average volume qualified for distribution on
the NYSE. Gold and silver was the biggest gainer, with networking and
oil service also positive with marginal gains. Deepest in the red were
healthcare, drugs, biotechnology, and semiconductors. There were no sectors
putting up new 52-week highs as a group, as the lows once again held the edge
with electronics, drugs, and software dominating. Stocks on our watch list were
almost all negative, with on attempting to breakout.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.62, and down volume over
up volume by a 3.95 ratio. Nasdaq declining issues over advancing issues came in
at 1.36, and down volume beat up volume by a 2.79 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.93% at 9095.53. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 2.47% at 952.84.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed down
1.74% at 1381.14.
1,226
1,459
Declining Issues
1,907
1,958
325,326,780
381,874,500
1,263,141,200
1,052,316,100
Total
Volume
1,597,838,290
1,455,661,400
Highs
45
81
83
129
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), up 8.00% at
136.73.
Oil Service Index
(
$MXY.X |
Quote |
Chart |
News |
PowerRating), up 0.23% at
89.78.
Losing sectors:
S&P 500 Healthcare Index
(
$HCX.X |
Quote |
Chart |
News |
PowerRating), down 4.62% at
294.29, and the
Pharmaceutical Index
(
$DRG.X |
Quote |
Chart |
News |
PowerRating), down 4.38% at
284.15.
Sectors with Most New 52-Week Highs (10 or more):
None
Watch List Action:
Christopher and Banks Co.
(
CHBS |
Quote |
Chart |
News |
PowerRating) was our only gainer of the day as it
rose 0.207% on above average volume for its second accumulation day in a row.
The stock is attempting to come out of its base, though shows weakness as it
closed at the bottom of its daily range.
Coach Inc.
(
COH |
Quote |
Chart |
News |
PowerRating) was our biggest loser of the day as it fell 4.30% on above
average volume for a distribution day. At this point we want to see the stock
form the right side of the base with accumulation. Today’s action is a red flag.
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
(
CHBS |
Quote |
Chart |
News |
PowerRating), up 0.20 on
above average volume for its second accumulation day in a row.
| 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) | 94 | 43.49 | + 0.09 | 358,000 | 33.60 | 42.45 |
Stocks Forming a Handle
Apollo Group Inc.
(
APOL |
Quote |
Chart |
News |
PowerRating), down 0.54% size=2>
on
below average volume.
| 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 Inc. | ( APOL | Quote | Chart | News | PowerRating) | 83 | 38.24 | – 0.21 | 2,314,200 | 40.08 |
Stocks Building A Base
Coach Inc.
(
COH |
Quote |
Chart |
News |
PowerRating), down 4.31% size=2>
on above-average
volume for a distribution day.
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 1.33% size=2>
on below-average
volume for a distribution day.
Penn National Gaming
(
PENN |
Quote |
Chart |
News |
PowerRating), down 3.67% size=2>
on below-average
volume.
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating), down 2.43% size=2>
on below-average
volume.
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 |
Coach Inc. | ( COH | Quote | Chart | News | PowerRating) | 91 | 24.65 | – 1.09 | 1,214,600 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 88 | 25.04 | – 0.34 | 1,392,200 |
Penn National Gaming | ( PENN | Quote | Chart | News | PowerRating) | 88 | 16.25 | – 0.62 | 606,300 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 89 | 42.90 | – 1.07 | 217,600 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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