Wednesday’s Stock Watch
The markets
continued to sell off today, as the Nasdaq made its biggest losing
day of the year. Volume was on the light side, giving the move less conviction.
New 52-week highs on the day matched new 52-week lows. Stocks on our watch list
were mixed.
Market breadth was negative, with NYSE
advancing issues over declining issues by a ratio of 2.09, and down volume led
up volume by a 4.92 ratio. Nasdaq declining issues over advancing issues came in
at 2.39, and down volume beat up volume by a 9.67 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down
1.61%Â to
9,743.83. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down
1.95% to
1,082.63.
The Nasdaq [$COMPQ |$COMPQ] closed
down
3.07%
to 1749.85.
Â
1,015
1,049
Issues
2,120
2,506
197,070,000
160,964,000
968,947,000
1,556,645,000
Volume
1,179,913,000
1,731,672,000
Highs
15
12
16
17
Top sectors:
Airline Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) up 1.70% at 92.53.
Losing sectors:
Gold and
Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) down
5.11%
at 63.95, and the
The Street.com Internet Index
(
$DOT.X |
Quote |
Chart |
News |
PowerRating) down
5.00% to 138.27.
Watch List Action:
Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating) was our biggest loser on the day as it shed
10.07% on above average volume for a distribution day. The stock was halted at
its 200-day moving average.
Panera Bread Company
(
PNRA |
Quote |
Chart |
News |
PowerRating) put in its second day of distribution in a
row as it fell 4.71% on average volume. The stock closed below its 50-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.
size=2>Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating), down 4.67% on average volume for its third distribution day
in a row.
size=2>MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating), up 3.41% on half its average volume.
size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), down 6.62% on high 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 |
| size=2>Copart Inc. | size=2> ( CPRT | Quote | Chart | News | PowerRating) | 90 | 21.43 | – 1.05 | 979,700 | 8.60 | 25.82 |
| size=2>Genesis Microchip | size=2> ( GNSS | Quote | Chart | News | PowerRating) | 95 | 40.25 | – 4.51 | 2,286,900 | 38 | 74.90 |
| size=2>MTR Gaming Group | size=2> ( MNTG | Quote | Chart | News | PowerRating) | 95 | 16.05 | + 0.53 | 560,500 | 14.30 | 17.16 |
| size=2>Nvidia Corp. | size=2> ( NVDA | Quote | Chart | News | PowerRating) | 93 | 53.55 | – 3.80 | 8,562,300 | 52.67 | 72.66 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 95 | 53.84 | – 2.67 | 347,700 | 14.55 | 64.94 |
Stocks Forming a Handle
American Medical Systems Holdings
(
AMMD |
Quote |
Chart |
News |
PowerRating),
down 0.80% on below average volume.
DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), down 1.78% on 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 |
American Medical Systems Holdings | ( AMMD | Quote | Chart | News | PowerRating) | 94 | 23.50 | – 0.19 | 277,300 |
DRS Technologies | ( DRS | Quote | Chart | News | PowerRating) | 95 | 38.55 | – 0.70 | 281,300 |
Stocks Building A Base
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 0.29% 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 |
| size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 27.50 | + 0.08 | 315,200 |
Â
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com
Â