Wednesday’s Stock Watch
The major indexes ended
mixed, with NYSE and Nasdaq volume making for distribution. Leading
the action was retail, computer hardware, forest and paper, and banks; with the
steepest losses in gold and silver, healthcare, natural gas, and airlines. The
new 52-week highs list was light, with the Nasdaq’s lows list standing out.
Despite all the day’s declines, Nasdaq up volume outdid down volume, with the
Semiconductor Index closing at the top of its range. Stocks from our watch list
were mixed, with some distribution days made.
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 1.55 ratio. Nasdaq declining issues over advancing issues came in
at 1.43, and up volume beat down volume by a 1.18 ratio. .
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 0.25% at 9836.55.04. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.30% at 1049.49.
The Nasdaq [$COMPQ |$COMPQ] closed down 0.29% at 1573.81.
Â
1,395
1,449
Issues
1,761
2,068
521,486,000
350,288,000
808,905,000
1,117,305,000
Total
Volume
1,343,622,000
950,707,000
Highs
20
19
12
39
Top sectors:
Retail
Index
(
$RLX.X |
Quote |
Chart |
News |
PowerRating), up 1.70% at
917.12.
Dow 10 Index
(
$MUT.X |
Quote |
Chart |
News |
PowerRating),
up 0.78% at 94.48.
Losing sectors:
Disk Driver
Index
(
$DDX.X |
Quote |
Chart |
News |
PowerRating) down
2.87% at
82.14,
and the
Gold and Silver
Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating)
down 2.69% at 77.50.
Sectors with Most New 52-Week Highs:
Banking – 28
Metals and Mining – 11
Watch List Action:
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) was our biggest loser of the day as it fell
2.86% on below average volume. The stock had a nice run last week and is puling
back.
New to our “handles” list, Right Management Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating) rose 2.30%
on light volume. This stock meets our technical and fundamental requirements,
and is set up in a six month long base. On a cautionary note, this is still a
bad market for breakouts, and the handle is riddled with red flags. Two failed
breakouts and two weeks of recent up-trending are not what we look for, though
any breakout from this one will be worth watching as an indication of market
strength.
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 Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
0.93% on below-average volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 2.87% on
below-average volume.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.33%
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 | 52-Week High |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 92 | Â 37.25 | – 0.35 | 503,900 | 33.60 | 39.25 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 95 | 48.35 | – 1.43 | 304,700 | 42.23 | 46.72 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 94 | 71.30 | – 0.24 | 408,600 | 66.74 | 72.05 |
Stocks Forming a Handle
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), up 1.37%
size=2>
on light volume.
Chicos FAS Inc.
(
CHS |
Quote |
Chart |
News |
PowerRating), up 0.05% on below-average
volume.
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 0.30% on average volume for
its second distribution day in a row.
Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), up 2.29% 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 |
Beazer Homes | ( BZH | Quote | Chart | News | PowerRating) | 84 | 87.75 | + 1.19 | 592,200 | 91.45 |
Chicos FAS Inc. | ( CHS | Quote | Chart | News | PowerRating) | 94 | 36.21 | + 0.02 | 628,000 | 38.08 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 88 | 26.20 | – 0.08 | 2,339,100 | 27.14 |
Right Mgt. Consultants | ( RMCI | Quote | Chart | News | PowerRating) | 91 | 27.61 | + 0.62 | 323,200 | 28.95 |
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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