Wednesday’s Stock Watch
The markets were weighed
down by selling pressure, as the exchanges chalked up above-average volume.
The biggest gainers were in International , REITs, and chemical stocks; with
the biggest losers in computer hardware, networking, Internet, semiconductors,
healthcare, and airlines. New 52-week highs were relatively few, with real
estate and banking once again the most popular. The new 52-week lows dominated,
as telecommunications, electronics, drugs and software led the way. Stocks on
our watch list were mixed.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.21, and down volume over
up volume by a 2.17 ratio. Nasdaq declining issues over advancing issues came in
at 1.59, and down volume beat up volume by a 6.06 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.66% at 9126.82. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 1.66% at 976.14.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed
down 2.48% at 1424.00.
1,370
1,325
Issues
1,659
2,113
453,581,000
260,263,000
982,514,000
1,578,060,000
Total
Volume
1,446,135,000
1,849,690,000
Highs
20
10
33
50
Top sectors:
FTSE Eurotop 100 Index
(
$TOP.X |
Quote |
Chart |
News |
PowerRating), up 2.69% at
2316.91.
Dow Jones Equity REIT Index
(
$DJR.X |
Quote |
Chart |
News |
PowerRating), up
0.70% at
162.46.
Losing sectors:
GSTI Hardware Index
(
$GHA.X |
Quote |
Chart |
News |
PowerRating), down 5.19% at
172.42.
GSTI Multimedia Networking Index
(
$GIP.X |
Quote |
Chart |
News |
PowerRating) down 5.11% at
60.47.
Sectors with Most New 52-Week Highs (10 or more):
Real Estate – 25
Banking – 18
Watch List Action:
Chicos FAS
(
CHS |
Quote |
Chart |
News |
PowerRating) fell 3.33% on heavy volume for a distribution day. The
stock is back under its pivot buy point, and is vulnerable to further downside.
Panera Bread
(
PNRA |
Quote |
Chart |
News |
PowerRating) fell 3.90% on average volume. The stock split 2 for 1
today. This stock may be in the process of filling out a handle, though further
downside will take away from this event.
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.
Chicos FAS Inc.
(
CHS |
Quote |
Chart |
News |
PowerRating), down 3.34% on
heavy volume for a distribution day.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
5.45% on average volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 3.14% on
below-average volume.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 3.91%
on 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 | 52-Week High |
| Chicos FAS Inc. | ( CHS | Quote | Chart | News | PowerRating) | 92 | 37.01 | – 1.28 | 697,900 | 38.08 | 42 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 95 | 40.36 | – 2.33 | 390,300 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 72 | 37.28 | – 1.21 | 266,900 | 33.14 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 93 | 33.85 | – 1.38 | 481,600 | 33.12 | 36.80 |
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
Apollo Group Inc.
(
APOL |
Quote |
Chart |
News |
PowerRating), up 2.67% on
above average volume for an accumulation day.
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 6.81% on above
average volume for a distribution day.
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating), down 5.51% on
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 |
Apollo Group Inc. | ( APOL | Quote | Chart | News | PowerRating) | 82 | 37.95 | + 0.99 | 2,176,200 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 89 | 25.16 | – 1.84 | 1,512,500 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 89 | 42.02 | – 2.47 | 198,500 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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