Wednesday’s Stock Watch
The markets
were able to close with slight gains as the NYSE and Nasdaq both
qualified for accumulation days. Airline and semiconductor stocks led the pack, with gold and silver, and Internet stocks holding up the rear. New 52-week
highs weren’t too shy, as the combined NYSE and Nasdaq made for 72. The stocks
on our watch list were mixed, with a nice accumulation made on one of our most
recent breakouts.Â
Market breadth was positive, with NYSE
advancing issues over declining issues by a ratio of 1.47, and up volume over
down volume by a 1.32 ratio. Nasdaq advancing issues over declining issues came
in at 1.27, and up volume beat down volume by a 1.11 ratio.Â
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 0.69%Â to
10,353.36. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed up 0.58% to
1138.49.
The Nasdaq [$COMPQ |$COMPQ] closed up 0.64% to 1824.17.
Â
1,882
1,992
Issues
1,282
1,568
664,061,000
845,911,000
501,659,000
758,982,000
Volume
1,175,100,000
1,637,969,000
Highs
41
31
4
3
Top sectors:
Airline Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) up 3.57% at 103.60.
GSTI Semiconductor Index
(
$GSM.X |
Quote |
Chart |
News |
PowerRating) up
2.49% at 282.13.
Losing sectors:
Gold and
Silver
Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) down 2.78% at 68.13.
Morgan Stanley Internet
Index
(
$MOX.X |
Quote |
Chart |
News |
PowerRating) down
2.59% to 11.62.
New 52-Week Highs Consolidations:
Banking – 27
Real Estate – 13
Food and Beverage – 11
Health Services – 9
Wholesale -Â 7
Metals and Mining – 6
Computer Software – 6
Specialty Retail – 6
Consumer Non-Durables – 5
Diversified Services – 5
Insurance – 5
Utilities – 5
Energy – 4
Leisure – 4
Manufacturing – 4
Telecommunications – 4
Retail – 4
Drugs – 3
Electronics – 3
Tobacco – 3
Transportation – 3
Watch List Action:
Krispy Kreme Doughnuts
(
KKD |
Quote |
Chart |
News |
PowerRating) fell 0.29% on almost half its average volume
for its second distribution day in a row. So far this handle is looking good as
the price action slopes down and volume drops off.Â
Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) gained a nice 3.19% on below average volume for an
accumulation day.
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 3.19% on below-average volume for an
accumulation day.
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 0.29% on below-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 |
Group 1 Automotive | ( GPI | Quote | Chart | News | PowerRating) | 95 | 40.16 | + 1.24 | 315,400 | 33.14 | 43.69 |
size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 34.20 | + 0.10 | 367,400 | 30.91 | 37.05 |
Stocks Forming a Handle
Direct Focus Inc.
(
DFXI |
Quote |
Chart |
News |
PowerRating) up 0.74% on
low-volume.
Krispy Kreme Doughnuts
(
KKD |
Quote |
Chart |
News |
PowerRating), down 0.28% on
almost half its average volume for its second distribution day in a row.
size=2>
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), down 0.38%
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 |
Direct Focus Inc. | ( DFXI | Quote | Chart | News | PowerRating) | 91 | 35.31 | + 0.26 | 811,700 | 36.54 |
Krispy Kreme Doughnuts | ( KKD | Quote | Chart | News | PowerRating) | 81 | 41.29 | – 0.12 | 706,500 | 44.12 |
size=2>Panera Bread Co | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 95 | 62.77 | -0.24 | 448,800 | 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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