Wednesday’s Stock Watch
The markets opened after a
long weekend with another day of selling. Volume was on the light
side, though qualified for distribution across the exchanges. The biggest
gainers were gold and silver, biotechnology, and healthcare, with the losers
column weighed down by forest and paper, computer hardware, Internet, and
software. The new 52-week highs and lows remained sluggish, as the major indexes
pon our watch lists were hit with
distribution.
Market breadth was mostly
negative, with NYSE
declining issues over advancing issues by a ratio of 1.27, and down volume over
up volume by a 2.14 ratio. Nasdaq declining issues over advancing issues came in
at 1.20, and up volume beat down volume by a 1.05 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.20% at 9982.06. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.85% at 1074.56.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed down 0.56% at 1652.16.
Â
1,395
1,587
Issues
1,777
1,902
296,975,000
653,689,000
636,338,000
622,976,000
Total
Volume
953,131,000
1,301,685,000
Highs
21
20
3
9
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), up 3.34% at
145.65.
Biotechnology Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating),
up 2.16% at 424.83.
Losing sectors:
GSTI Internet Index
(
$GIN.X |
Quote |
Chart |
News |
PowerRating),
down 1.91% at 83.53.
Mexico
Index
(
$MXY.X |
Quote |
Chart |
News |
PowerRating)
down 1.87% at 112.98.
Sectors with Most New 52-Week Highs:
Duet to a technical problem this data is not available.
Watch List Action:
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating) was hit with distribution today as it fell
1.39% on below average volume. The stock also fell below its 50-day moving
average, which is a bad sign. At its low today, the stock was almost 9% off the high of its handle. We’ll keep it on the list as long as it doesn’t go
past 10% to 15%.Â
From our recent breakouts list, Right Management Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating) was up
0.94% on low volume. This one is still bullish looking as it traces out a flag
pattern.
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 0.54% on
above-average volume for a distribution day.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
2.17% on below-average volume for a distribution day.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 0.98% on
average volume for a distribution day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.16%
on below-average volume for a distribution day.
Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), up 0.94% 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) | 92 | 38.30 | – 0.21 | 616,300 | 38.08 | 42 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 94 | 40.06 | – 0.89 | 423,900 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 93 | 45.10 | – 0.45 | 248,000 | 42.23 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 91 | 67.78 | – 0.11 | 394,000 | 66.74 | 73.60 |
Right Mgt. Consultants | ( RMCI | Quote | Chart | News | PowerRating) | 94 | 31.00 | + 0.29 | 329,900 | 290,200 | 33.57 |
Stocks Forming a Handle
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 2.41%
on low volume.
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating) down 1.39%
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 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 87 | 25.06 | – 0.62 | 2,058,600 | 27.29 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 93 | 45.80 | – 0.65 | 237,700 | 49.81 |
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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