Wednesday’s Stock Watch
The bulls
took over today with all three major indexes making nice advances,
and above-average volume qualifying for accumulation across the exchanges.
Biotechnology, Internet, software, and forest and paper were the big gainers of
the day, with gold and silver taking the heaviest losses. Also down were
airline, oil service, Japan, and retail stocks as the made slight losses on the
day. New 52-week highs came in at encouraging levels, and easily outnumbered the
lows. The four remaining stocks on our watch lists were mixed.
Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 2.35, and up volume over
down volume by a 3.17 ratio. Nasdaq advancing issues over declining issues came
in at 1.71, and up volume beat down volume by a 3.13 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 1.26% at 9944.84. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up 1.07% at 1076.87.
The Nasdaq [$COMPQ |$COMPQ] closed up 1.86% at 1687.90.
2,217
2,240
Issues
944
1,312
1,153,065,000
1,535,123,000
364,182,000
489,803,000
Total
Volume
1,531,500,000
2,051,356,000
Highs
63
28
7
10
Top sectors:
GSTI Internet Index
(
$GIN.X |
Quote |
Chart |
News |
PowerRating), up
4.25% at 83.09.
Biotechnology Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating),
up 4.00% at 43.65.
Losing sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) down 3.78% at 73.96,
and the
Airline
Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) down 1.87% at 92.73.
Sectors with Most New 52-Week Highs:
Banking – 50
Diversified Services – 20
Health Services – 13
Insurance – 13
Consumer Non-Durables – 12
Manufacturing – 12
Leisure – 10
Materials and Construction – 10
Real Estate – 10
Watch List Action:
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating) rose 1.24% on slightly below average volume. The shape
of the base here lacks the depth and smooth price action desired for a favorable
buying opportunity, though the recent accumulation is a positive sign.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) was our biggest gainer today as it rose 3.42% on
below average volume for an accumulation day. At its low today, the stock was at
its 20-day moving average.
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
0.95% on low volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 3.42% on
below-average volume for an accumulation day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 2.47%
on above-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 | 52-Week High |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 89 | 37.17 | – 0.36 | 515,300 | 33.60 | 39.25 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 95 | 43.84 | + 1.45 | 303,900 | 42.23 | 43.69 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 92 | 67.07 | + 1.62 | 395,200 | 66.74 | – 0.82 |
Stocks Forming a Handle
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), up 1.23% 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) | 86 | 88.52 | + 1.08 | 581,100 | 91.45 |
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 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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