Wednesday’s Stock Watch
The markets were hit with
another round of selling, as above average volume hit the NYSE with a
distribution day. The only index to close positive was the Japan
Index, while gold and silver, Internet, semiconductors, and airlines had the
heaviest losses. New-52-week lows held a convincing edge over new highs, as
software, telecommunications, drugs, and electronics put up the most numbers.
Stocks on our watch lists were all down, with one of our breakout candidates
coming off.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 3.11, and down volume over
up volume by a 7.33 ratio. Nasdaq declining issues over advancing issues came in
at 3.02, and down volume beat up volume by a 6.79 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.12% at 9007.68. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 2.12% at 948.04.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed down
3.27% at 1357.81.
Â
 769
 851
Declining Issues
 2,394
 2,564
 232,344,420
 231,393,300
 1,785,136,090
 1,602,305,200
Total
Volume
  2,025,397,370
  1,843,248,900
Highs
 64
86
172
277
Top sectors:
Japan Index
(
$JPN.X |
Quote |
Chart |
News |
PowerRating), up 0.41% at
112.29.
Losing sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), down 6.55% at
70.27.
GSTI Internet Index
(
$GIN.X |
Quote |
Chart |
News |
PowerRating) down 5.44% at
64.27.
Sectors with Most New 52-Week Highs (10 or more):
Banking – 16
Watch List Action:
We put Dollar Tree Stores
(
DLTR |
Quote |
Chart |
News |
PowerRating) on our “base building” list Monday.
This one’s not looking so good as it fell 1.58% on above average volume and
threatens to break down from its base. The stock meets all of our fundamental
criteria, though if it does in fact break south of its range, it comes off the
list.
Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) fell 2.19% on below average volume. The stock is
holding its handle formation, though we would like to see volume decrease more
in here.
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), down 3.90% on
below-average volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 5.39% on
above-average volume for its second distribution day in a row. The stock
violated its pivot buy point, and will be coming off the list. This has been
one of our better performers over the past months, and has made profits for
those quick to take them in this tough environment.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 1.32%
on below-average volume for a distribution 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 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 94 | 40.09 | – 1.63 | 346,500 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 76 | 34.01 | – 1.94 | 274,200 | 33.14 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 93 | 32.75 | – 0.44 | 924,600 | 33.12 | 36.80 |
Stocks Forming a Handle
Apollo Group Inc.
(
APOL |
Quote |
Chart |
News |
PowerRating), down 2.20% 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) | 84 | 38.19 | – 0.86 | -0.23 | 2,210,600 |
Stocks Building A Base
Coach Inc.
(
COH |
Quote |
Chart |
News |
PowerRating), down 2.92% on below-average
volume for a distribution day.
Dollar Tree Stores Inc.
(
DLTR |
Quote |
Chart |
News |
PowerRating), down 1.59%
on above average volume.
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 3.77% on above-average volume
for a distribution.
Penn National Gaming
(
PENN |
Quote |
Chart |
News |
PowerRating), down 5.37% on
below average volume.
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating), down 6.25% on
average volume for a distribution 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 |
Coach Inc. | ( COH | Quote | Chart | News | PowerRating) | 91 | 51.16 | – 1.54 | 611,700 |
Dollar Tree Stores Inc. | ( DLTR | Quote | Chart | News | PowerRating) | 91 | 36.47 | – 0.59 | 1,323,600 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 88 | 25.48 | – 1.00 | 1,508,400 |
Penn National Gaming | ( PENN | Quote | Chart | News | PowerRating) | 88 | 15.68 | – 0.89 | 639,200 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 90 | 41.40 | – 2.76 | 209,900 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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