Wednesday’s Stock Watch
The markets
were down today as disappointing news accompanied the indexes lower
throughout the day. Volume came in just below average, with the Dow and NYSE
qualifying for distribution, though the heaviest selling remained in tech.
Airline, healthcare, and banking stocks took the day’s top spots, with Internet,
software, and networking stocks making the biggest losses. The Nasdaq and the
Dow are now trading below their upward trend lines, while the S&P 500 rests on
this mark. New 52-week highs remained strong, with banking and real estate once
again flexing their might. Stocks on our watch lists were mixed.
Market breadth was mixed, with NYSE
advancing issues over declining issues by a ratio of 1.37, and down volume over
up volume by a 1.09 ratio. Nasdaq declining issues over advancing issues came
in at 1.21, and down volume beat up volume by a 4.45 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.39% at 10208.67. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down 0.66% at 1117.79.
The Nasdaq [$COMPQ |$COMPQ] closed down 2.42% at 1742.51.
Â
1,739
1,594
Issues
1,379
1,926
570,590,000
298,868,000
621,631,000
693,351,000
Total
Volume
1,206,797,000
1,330,813,000
Highs
130
62
10
6
Top sectors:
Airline Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating)
up 1.90% at 100.39.
Morgan Stanley Healthcare Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating) up
0.93% at 531.03.
Losing sectors:
Combined
Computer
Index
(
$IXCO.X |
Quote |
Chart |
News |
PowerRating) down 4.10% at 830.43.
GSTI Software Index
(
$GSO.X |
Quote |
Chart |
News |
PowerRating) down 3.55% to 144.13.
New 52-Week Highs Consolidations:
Real Estate – 66
Banking – 50
Consumer Non-Durables – 18
Diversified Services – 17
Leisure – 17
Health Services – 16
Insurance – 16
Materials and Construction – 15
Manufacturing – 12
Specialty Retail – 12
Wholesale – 8
Automotive – 7
Media – 7
Financial Services – 6
Utilities – 6
Food and Beverages – 5
Conglomerates – 4
Consumer Durables – 6
Drugs – 3
Telecommunications – 3
Watch List Action:
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) had another powerful gain as it moved up 4.58%
on slightly below average volume. This one looks to challenge its 52-week high.
Christopher & Banks Corporation
(
CHBS |
Quote |
Chart |
News |
PowerRating) managed another gain by
closing up 0.132% on just under twice average volume. This one has had a great
run since breaking out, and as volume decreases it is showing signs of slowing
down.
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),Â
up 0.13% on just under twice average volume.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 4.58% on
slightly
below average volume.
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 3.47%
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) | 91 | 38.04 | + 0.05 | 532,800 | 33.60 | 36.64 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 90 | 41.29 | + 1.81 | 313,700 | 38.19 | + 1.09 |
size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 31.85 | + 1.07 | 369,700 | 30.91 | 37.05 |
Stocks Forming a Handle
Krispy Kreme Doughnuts
(
KKD |
Quote |
Chart |
News |
PowerRating), up 0.38% on
below average volume.
Movie Gallery
(
MOVI |
Quote |
Chart |
News |
PowerRating), up 1.25% on above
average volume for an accumulation day.
size=2>
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 4.66%
on above 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 |
Krispy Kreme Doughnuts | ( KKD | Quote | Chart | News | PowerRating) | 75 | 39.18 | + 0.15 | 620,500 | 44.12 |
Movie Gallery | ( MOVI | Quote | Chart | News | PowerRating) | 97 | 16.95 | + 0.21 | 381,300 | 17.99 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 92 | 62.14 | – 3.04 | 436,300 | 66.23 |
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 |
Â
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
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