Wednesday’s Stock Watch
Another day
of trading marked another day of distribution on the indexes, as
heavy selling in the last hour left few sectors in the green. Telecoms,
networking, and Internet stocks led the charge down, with healthcare issues
closing positive. The number of new 52-week highs outnumbered the lows,
indicating weakness gaining momentum. Stocks on our watch list were mixed, with
our most recent breakout triggering a stop loss.
Market breadth was negative, with NYSE
declining issues over advancing issues by a ratio of 1.36, and down-volume
over up-volume by a 2.45 ratio. Nasdaq declining issues over advancing issues came in
at 1.5, and down-volume beat up volume by a 6.11 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down
0.02% to
9,685.43. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down
0.43% to
1,089.77.
The Nasdaq [$COMPQ |$COMPQ] closed down
0.916% to
1,838.52.
1,306
1,416
Issues
1,777
2,124
497,901,000
255,787,000
1,220,109,000
1,563,722,000
Volume
1,750,216,000
2,080,840,000
Highs
30
10
28
21
Top sectors:
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating),
up 3.96% to 67.84.
Morgan Stanley Healthcare Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating),
up 2.74% to 486.62.
Losing sectors:
North American Telecoms
Index
(
$XTC.X |
Quote |
Chart |
News |
PowerRating), down 5.38%
at 666.06.
GSTI
Multimedia Networking Index
(
$GIP.X |
Quote |
Chart |
News |
PowerRating), down
4.39% to 104.66.
Sectors With New
Highs:
Due to a technical problem there is no data available today.
Watch List Action
Direct Focus Inc.
(
DFXI |
Quote |
Chart |
News |
PowerRating) erased itself from our “Recent Breakout” list
with a loss of 8.83% on over twice-average volume. The stock at its low today
was over 11% from its 33.34 pivot, adding to the graveyard of short-lived IT
candidates in this market.
One of our better performers of late has been Panera Bread Co.
(
PNRA |
Quote |
Chart |
News |
PowerRating),
putting its second day in a row of accumulation, the stock was up 0.87% on over
three times average volume.
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>American Healthways Inc.
(
AMHC |
Quote |
Chart |
News |
PowerRating), up 1.82% on low-volume for an
accumulation day.
size=2>Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating), up 1.35% on below-average volume for an
accumulation day.
size=2>Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating), down 1.97% on above-average volume for
its second distribution
distribution day in a row.
MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating), down 4.05% on low-volume.
size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), down 0.98% on above-average volume for a
distribution day.
size=2>PEC Solutions
(
PECS |
Quote |
Chart |
News |
PowerRating), up 1.88% on almost half its 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 |
| size=2>American Healthways Inc. | size=2> ( AMHC | Quote | Chart | News | PowerRating) | 94 | 25.62 | + 0.46 | 326,300 | 24.93 | 37.32 |
| size=2>Copart Inc. | size=2> ( CPRT | Quote | Chart | News | PowerRating) | 85 | 23.85 | + 0.32 | 1,053,000 | 8.60 | 25.82 |
| size=2>Genesis Microchip | size=2> ( GNSS | Quote | Chart | News | PowerRating) | 98 | 53.73 | – 1.08 | 3,162,000 | 38 | 74.90 |
| size=2>MTR Gaming Group | size=2> ( MNTG | Quote | Chart | News | PowerRating) | 96 | 15.38 | – 0.65 | 605,100 | 14.30 | 17.16 |
| size=2>Nvidia Corp. | size=2> ( NVDA | Quote | Chart | News | PowerRating) | 95 | 60.51 | – 0.60 | 9,036,400 | 52.67 | 72.66 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 97 | 65.21 | + 0.56 | 285,500 | 14.55 | 64.94 |
| size=2>PEC Solutions | size=2> ( PECS | Quote | Chart | News | PowerRating) | 86 | 25.50 | + 0.50 | 704,400 | 26.92 | 44.44 |
Stocks Forming a Handle
Integra Lifesciences
(
IART |
Quote |
Chart |
News |
PowerRating) down 2.94% 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 |
| size=2>Integra Lifesciences | size=2> ( IART | Quote | Chart | News | PowerRating) | 89 | 29.95 | – 0.91 | 332,800 |
Stocks Building A Base
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), down 1.76% 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 |
| size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 39.82 | – 0.90 | 192,300 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com