Wednesday’s Stock Watch
Sellers
dominated the day’s action, with the Nasdaq making its fourth day of
distribution in ten trading sessions. Computer hardware and
semiconductors led the charge down, stuffing the Naz below its 200-day moving
average. Health care and pharmaceutical stocks were the day’s strength, with
modest gains on the day. Stocks on our watch lists were mixed, with some
significant distribution occurring.
Market breadth was negative, with
NYSE declining issues over advancing issues by a ratio of 1.28, and down volume
over up volume by a 1.67 ratio. Nasdaq declining issues over advancing issues
came in at 1.73, and down volume beat up volume by a 3.47 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down
0.59% to
9,713.8. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down
0.73% to
1,119.38.
The Nasdaq [$COMPQ |$COMPQ] closed down
2.47% to
1,882.55.
Issues
479,684,000
396,753,000
803,271,000
1,380,308,000
Volume
1,298,804,000
1,797,975,000
Highs
Top sectors:
Forrest and Paper Product Index
(
$FPP.X |
Quote |
Chart |
News |
PowerRating)
up 2.65% to 321.55.
Morgan Stanley Healthcare Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)
up 1.62% to 1053.71.
Losing sectors:
Airline Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating)
down 2.54% to 89.16.
GSTI Hardware Index
(
$GHA.X |
Quote |
Chart |
News |
PowerRating) down
5.13% to 252.22.
Sectors With New
Highs:
No data available today.
Watch List Action
Direct Focus Inc.
(
DFXI |
Quote |
Chart |
News |
PowerRating) managed to gain 3.63% on above-average volume
for an accumulation day. The stock traded as high as 34.99 today, attempting to
retake its pivot buy point of 33.34.
Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating) was our biggest loser on the day, shedding
12.80% on over three times average volume for a distribution day. Friday the
stock experienced heavy volume yet only sold off over 2%, suggesting that buyers
were still interested. Today’s action clearly does indicates a dominance of
sellers.
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.
American Healthways Inc.
(
AMHC |
Quote |
Chart |
News |
PowerRating), up 0.89% on
average volume for an accumulation day.
Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating), down 0.53% on below-average
volume. The stock had 3 for 2 split today.
size=2>Ebay
(
EBAY |
Quote |
Chart |
News |
PowerRating), down 1.21% on average volume for a distribution
day.
MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating), up 6.77% on above-average
volume for an accumulation day.
Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), down 2.50% on average
volume for a distribution day.
Panera Bread Co.
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 0.29% on below-average volume.
PEC Solutions
(
PECS |
Quote |
Chart |
News |
PowerRating), down 8.14% on 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 |
| size=2>American Healthways Inc. | size=2> ( AMHC | Quote | Chart | News | PowerRating) | 98 | 30.29 | + 0.27 | 310,200 |
| size=2>Copart Inc. | size=2> ( CPRT | Quote | Chart | News | PowerRating) | 82 | 21.65 | – 0.12 | 768,400 |
| size=2>Direct Focus Inc. | size=2> ( DFXI | Quote | Chart | News | PowerRating) | 88 | 33.99 | + 1.19 | 835,200 |
| size=2>Ebay | size=2> ( EBAY | Quote | Chart | News | PowerRating) | 72 | 59.45 | – 0.73 | 6,479,300 |
| size=2>Genesis Microchip | size=2> ( GNSS | Quote | Chart | News | PowerRating) | size=2>99 | 57.70 | – 8.48 | 2,593,200 |
| size=2>MTR Gaming Group | size=2> ( MNTG | Quote | Chart | News | PowerRating) | 93 | 15.91 | + 1.01 | 558,500 |
| size=2>Nvidia Corp. | size=2> ( NVDA | Quote | Chart | News | PowerRating) | 96 | 62.20 | – 1.60 | 9,395,900 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 95 | 57.25 | + 0.17 | 270,100 |
| size=2>PEC Solutions | size=2> ( PECS | Quote | Chart | News | PowerRating) | 97 | 26.40 | – 2.34 | 685,700 |
Stocks Forming a Handle
Integra Lifesciences
(
IART |
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 |
| size=2>Integra Lifesciences | size=2> ( IART | Quote | Chart | News | PowerRating) | 93 | 29.95 | – 0.55 | 340,100 |
Stocks Building A Base
Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 1.21% 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 |
| size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 36.62 | + 0.44 | 179,000 |
href=”mailto:danielb@tradingmarkets.com”>danielb@tradingmarkets.com