Wednesday’s Stock Watch

• June 4, 2002
• TradingMarkets Editors

The markets put in mixed
performance as above average volume made for distribution on the Dow,
and accumulation on the S&P 500 and Nasdaq. Semiconductors, computer hardware,
and Internet issues represented the strength of the day;  as
networking, Japan, healthcare, finance, and airline stocks were the weakest. New
52-week highs were scarce, though the banking sector broke its trend of making
at least 10 as a group, as the metals and mining sector came on strong with 11
new highs. New 52-week lows dominated the highs for the second day in a row.
Stocks on our watch list were mixed. 

Market breadth was mostly negative, with NYSE
declining issues over advancing issues by a ratio of 1.26, and down volume over
up volume by a 1.71 ratio. Nasdaq declining issues over advancing issues came in
at 1.17, though up volume beat down volume by a 1.60 ratio.

The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.22% at 9687.84. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed unchanged at 1040.69.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed up 0.99% at 1578.10.

 

Top sectors:

Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), up 3.43% at
153.36.

GSTI Software Index
(
$GSO.X |
Quote |
Chart |
News |
PowerRating),
up 3.10% at 119.05.

Losing sectors:

Japan Index
(
$JPN.X |
Quote |
Chart |
News |
PowerRating), down 1.99% at
122.71.

Networking Index
(
$NWX.X |
Quote |
Chart |
News |
PowerRating),
down 1.94% at 189.09.

Sectors with Most New 52-Week Highs:

Metals and Mining – 11

Watch List Action:

Chicos FAS
(
CHS |
Quote |
Chart |
News |
PowerRating) put in an accumulation day with a 0.704% increase on
above average volume. Today’s low was 4.78% below its pivot buy point, which is
denoted by the blue line. We will watch this stock as long as it remains above
the 8% mark. Last Thursday’s heavy distribution doesn’t bode well for this one.

Right Management Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating) fell 1.94% on below average volume as
it trades just below its pivot buy point. This one has been holding  well
considering the heavy selling in the markets.

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), up 0.70% on
above-average volume for an accumulation day.

Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
5.03% on above-average volume for a distribution day.

Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 5.28% on
over twice average volume for its second distribution day in a row.

size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 0.96%

on above-average
volume for an accumulation day.

Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), down 1.94% on
low 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)	89	37.20	+ 0.26	660,700	38.08	42
Christopher & Banks	( CHBS | Quote | Chart | News | PowerRating)	92	36.22	– 1.92	418,900	33.60	42.45
Group 1 Automotive	( GPI | Quote | Chart | News | PowerRating)	84	38.15	– 2.13	255,400	42.23	50.08
size=2>Panera Bread Co	size=2> ( PNRA | Quote | Chart | News | PowerRating)	89	62.60	+ 0.60	413,200	66.74	73.60
Right Mgt. Consultants	( RMCI | Quote | Chart | News | PowerRating)	92	27.17	– 0.54	336,400	28.15	33.57

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	Â	Â	Â	Â	Â	Â

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	Â	Â	Â	Â	Â

href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com

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