Wednesday’s Stock Watch
The markets rallied today
with technology blazing the way to the upside. Heavy volume qualified
for accumulation across the exchanges, and a sign of follow through from last Wednesday’s action. At
the top of the gainers list were semiconductors, Internet, software, and
biotechnology. New 52-weeks were dominated by banking, with retail and consume
non-durables also perking up. The biggest decliners were gold and silver,
healthcare, oil service, and utilities. Stocks on our watch list were mixed.
Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 2.25, and up volume over
down volume by a 4.01 ratio. Nasdaq advancing issues over declining issues came
in at 2.18, and up volume beat down volume by a 1.99 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 1.86% at 10298.42. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up 2.11% at 1097.33.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed up 4.04% at 1719.35.
Â
2,212
2,439
Issues
983
1,119
1,114,544,000
1,644,472,000
278,053,000
827,617,000
Total
Volume
1,401,537,000
2,485,725,000
Highs
56
49
5
3
Top sectors:
Interactive Week Internet Index
(
$IIX.X |
Quote |
Chart |
News |
PowerRating), up 6.48% at
102.08.
GSTI Software Index
(
$GSO.X |
Quote |
Chart |
News |
PowerRating),
up 6.43% at 133.49.
Losing sectors:
Gold
and Silver
Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating)
down 5.49% at 76.34.
Morgan Stanley Healthcare Provider
Index
(
$RXH.X |
Quote |
Chart |
News |
PowerRating)
down 0.63% at 346.87.
Sectors with Most New 52-Week Highs:
Banking – 46
Retail – 15
Consumer Non-Durables – 14
Diversified Services – 10
Watch List Action:
Christopher & Banks Co.
(
CHBS |
Quote |
Chart |
News |
PowerRating) hit a new 52-week high today as the
stock rose 3.84% on average volume for an accumulation day. The stock
benefited from bullish news in the retail sector.
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating) rose 4.51% on average volume for an accumulation day. The
stock is forming a choppy handle, making any breakout less attractive.Â
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 3.72% on
below-average volume for an accumulation day.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), up
3.07% on average volume for its second accumulation
day in a row.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 0.56% on
below-average volume.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.24%
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 |
| Chicos FAS Inc. | ( CHS | Quote | Chart | News | PowerRating) | 94 | 40.61 | + 1.46 | 659,100 | 38.08 | 40.73 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 92 | 41.62 | + 1.24 | 518,100 | 33.60 | 39.25 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 95 | 49.20 | – 0.28 | 277,600 | 42.23 | 46.72 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 92 | 68.07 | – 0.17 | 408,700 | 66.74 | 72.05 |
Stocks Forming a Handle
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), up 4.50%
size=2>
on average volume
for its second accumulation day in a row.
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), up 4.88% on
below-average volume.
Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), down 2.16% on
below average volume for a distribution day.
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating) up 0.30% on average volume for an accumulation 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 |
Beazer Homes | ( BZH | Quote | Chart | News | PowerRating) | 79 | 88.10 | + 3.80 | 596,800 | 91.45 |
DR Horton Inc. | ( DHI | Quote | Chart | News | PowerRating) | 87 | 26.22 | + 1.22 | 2,271,800 | 27.14 |
Right Mgt. Consultants | ( RMCI | Quote | Chart | News | PowerRating) | 90 | 27.17 | -0.60 | 307,700 | 28.95 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 95 | 48.59 | + 0.15 | 234,900 | 49.60 |
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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