Wednesday’s Stock Watch
The markets
were mixed today as average volume led the Dow to a slight gain, and
the S&P 500 and Nasdaq to losses. NYSE volume printed a distribution day, though
the steepest declines were in technology, as networking stocks took the heaviest
selling. The new 52-week lows list still remains nearly empty, with the new
highs list quieting some. The stocks on our watch list were mixed, with our most
recent breakouts putting in accumulation days.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.03, and down volume over
up volume by a 1.18 ratio. Nasdaq declining issues over advancing issues came in
at 1.39, and down volume beat up volume by a 5.06 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up
0.19%Â to
10,632.35. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed
down 0.22% to
1,165.58.
The Nasdaq [$COMPQ |$COMPQ] closed
down 1.67% to
1,897.12.
Â
1,545
1,481
Issues
1,599
2,056
587,359,000
282,055,000
692,878,000
1,428,538,000
Volume
1,299,799,000
1,725,061,000
Highs
35
25
1
1
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) up 2.33% at 64.01.
Oil Service Sector Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) up
1.99% at 100.74.
Losing sectors:
Networking
Index
(
$NWX.X |
Quote |
Chart |
News |
PowerRating) down 5.87% at 261.94.
GSTI Multimedia Networking Index
(
$GIP.X |
Quote |
Chart |
News |
PowerRating) down
4.66% to 107.43.
Watch List Action:
Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating) pushed up 3.81% on above average volume for its
second accumulation day in a row. This is encouraging as the stock remains
almost a dollar away from its 52-week high.
Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) impressed with another gain of 2.27% on above average
volume for an accumulation day. This stock is now up over $9 from its pivot buy
point a little over two 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.
Group 1 Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating), up 2.27% on above average volume for an
accumulation day.
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 3.80% on above-average volume
for its second accumulation day in a row.
size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), down 5.24% on below-average volume for a
distribution day.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 3.56%
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 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 96 | 42.33 | + 0.94 | 314,200 | 33.14 | 41.50 |
size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 32.70 | + 1.20 | 361,100 | 30.91 | 33.74 |
| size=2>Nvidia Corp. | size=2> ( NVDA | Quote | Chart | News | PowerRating) | 85 | 54.59 | – 3.02 | 11,155,300 | 52.67 | 72.66 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 94 | 54.99 | – 2.03 | 427,900 | 14.55 | 64.94 |
Stocks Forming a Handle
DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), down 1.80% 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 |
DRS Technologies | ( DRS | Quote | Chart | News | PowerRating) | 95 | 39.18 | – 0.72 | 231,600 | 42.90s |
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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