Wednesday’s Stock Watch
A
late-session sell-off gave the major index losses, as average volume
on the NYSE, and above average volume on the Nasdaq made for distribution. Oil
service, gold and silver, energy, and telecom stocks made slight gains on the
day, with Internet, semiconductors, networking, and computer hardware issues
suffering the heaviest losses. Banking and retail stocks were the top 52-week
high consolidations, with utilities making a good show. Stocks on our watch list
were mixed, with a breakout from yesterday reversing.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.01, and down volume over
up volume by a 1.19 ratio. Nasdaq declining issues over advancing issues came in
at 1.17, and down volume beat up volume by a 3.55 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.46% at 10089.24 The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.62% at 1100.96.
The Nasdaq [$COMPQ |$COMPQ] closed down
down 1.61% at 1730.30.
1,567
1,633
Issues
1,590
1,907
591,195,000
419,762,000
703,735,000
1,489,010,000
Total
Volume
1,312,255,000
1,921,478,000
Highs
63
28
8
11
Top sectors:
Oil Service Sector
Index
(
$XOSX.X |
Quote |
Chart |
News |
PowerRating) up 1.91% at
104.96.
Gold and Silver
Index
(
$XALX.X |
Quote |
Chart |
News |
PowerRating) up 1.38% at 73.72.
Losing sectors:
CBOE Internet Index
(
$INX.X |
Quote |
Chart |
News |
PowerRating), down 4.89% at 94.76.
GSTI Multimedia Networking Index
(
$GIP.X |
Quote |
Chart |
News |
PowerRating),
down 3.18% at 89.71.
New 52-Week Highs Consolidations:
Banking – 22
Retail – 18
Utilities – 17
Leisure – 16
Health Services – 12
Materials and Construction – 11
Diversified Services – 11
Insurance – 10
Consumer Non-Durables – 8
Energy – 7
Manufacturing – 7
Consumer Durables – 6
Food and Beverage – 6
Real Estate – 5
Financial Services – 4
Media – 4
Specialty Retail – 4
Aerospace/Defense – 3
Automotive – 3
Financial – 3
Metals and Mining – 3
Wholesale – 3
Watch List Action:
Reversing on its breakout from yesterday, Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) fell
4.09% on above average volume. Today’s volume slightly out-did yesterday’s,
which is usually not a good sign. Failed breakouts have been a common sight in
this market, though we have been watching this one from a fairly successful
breakout of almost two months ago.
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating) came up another 6.14% on almost twice its average
volume for its second accumulation day in a row. The stock is moving up the
right side of its base very nicely, though we would like to see it pause and
form a handle to shake out weak holders to create a buying opportunity. When
weak hands exit the path of least resistance is further cleared to the upside.
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.
Ameristar Casninos
(
ASCA |
Quote |
Chart |
News |
PowerRating), down 1.20% on
above-average volume.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating), down
0.66%
on below-average volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), down 4.10% on above-average volume for a
distribution day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 2.40%
on below-average volume for its second accumulation day
in a row.
| 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 |
Ameristar Casninos | ( ASCA | Quote | Chart | News | PowerRating) | 95 | 32.90 | – 0.40 | 187,000 | 30.90 | 32.55 |
Christopher & Banks | ( CHBS | Quote | Chart | News | PowerRating) | 88 | 37.60 | – 0.25 | 524,200 | 33.60 | 39.25 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 91 | 43.00 | – 1.84 | 304,800 | 42.23 | 43.69 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 92 | 68.61 | + 1.61 | 405,800 | 66.74 | – 0.82 |
Stocks Forming a Handle
| 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 |
None |
Stocks Building A Base
Beazer Homes
(
BZH |
Quote |
Chart |
News |
PowerRating), up 6.13%
on almost twice average volume for its second accumulation day
in a row.
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 |
Beazer Homes | ( BZH | Quote | Chart | News | PowerRating) | 82 | 89.90 | + 5.20 | 539,000 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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