Wednesday’s Stock Watch
The markets were hit with
selling pressure again, as below-average volume qualified for
distribution across the exchanges. Gold and silver was the biggest gainer of the
day, with utilities, banks, and healthcare providers comprising the rest of the
upside action. Leading to the downside were computer hardware, Internet,
software, biotechnology, and semiconductors. The new 52-week lows and highs
lists were relatively quiet, with on only the banking sector collecting more
than 10 highs. Stocks on our watch list were all down, with key distribution
made.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.78, and down volume over
up volume by a 2.27 ratio. Nasdaq declining issues over advancing issues came in
at 1.76, and down volume beat up volume by a 5.29 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.21% at 10105.71. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 1.09% at 1079.90.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed down 2.19% at 1664.19.
Â
1,132
1,277
Issues
2,017
2,253
347,418,000
254,505,000
787,586,000
1,347,012,000
Total
Volume
1,167,253,000
1,638,254,000
Highs
20
15
2
13
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), up 2.12% at
84.95.
Utility Sector Index
(
$UTY.X |
Quote |
Chart |
News |
PowerRating),
up 0.81% at 289.96.
Losing sectors:
Internet
Index
(
$INX.X |
Quote |
Chart |
News |
PowerRating) down
3.98% at
96.53.
Disk Drive Index
(
$DDX.X |
Quote |
Chart |
News |
PowerRating), down 3.74% at 87.03.
Sectors with Most New 52-Week Highs:
Banking – 12
Watch List Action:
Right Management Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating) gave back 5.19% on below-average
volume. After two days of powerful upside momentum, it looks like this one is
pulling back now. The good news here is that it’s on light volume.
Down with distribution, we had Chicos FAS
(
CHS |
Quote |
Chart |
News |
PowerRating) as it fell 7.42% on heavy
volume. Obviously investors aren’t reacting to well to the company’s annual
report released yesterday. Today’s price action erases all the gains it made
since breaking out a couple of weeks ago.
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 7.42% on
heavy volume for a distribution day.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
5.00% on average volume for a distribution day.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 4.41% on average volume
for a distribution day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 1.19%
on
on below-average volume.
Right Mgt. Consultants
(
RMCI |
Quote |
Chart |
News |
PowerRating), down 5.20% 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) | 93 | 37.90 | -3.04 | 609,000 | 38.08 | 42 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 93 | 38.55 | – 2.19 | 437,800 | 33.60 | 42.45 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 95 | 46.60 | – 2.15 | 261,400 | 42.23 | 50.08 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 89 | 67.70 | – 0.82 | 401,000 | 66.74 | 73.60 |
Right Mgt. Consultants | ( RMCI | Quote | Chart | News | PowerRating) | 91 | 30.61 | – 1.68 | 290,200 | 290,200 | 28.95 |
Stocks Forming a Handle
DR Horton Inc.
(
DHI |
Quote |
Chart |
News |
PowerRating), down 3.37%
on below-average volume for a distribution day.
Winnebago Industries
(
WGO |
Quote |
Chart |
News |
PowerRating) down 3.31%
on 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) | 85 | 24.88 | – 0.87 | 2,132,800 | 27.14 |
Winnebago Industries | ( WGO | Quote | Chart | News | PowerRating) | 94 | 47.00 | – 1.61 | 232,700 | 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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