Wednesday’s Stock Watch
Action was
mixed today as the Dow and the S&P 500 closed negatively, and the
Nasdaq slightly positive. Volume was above average, though not enough to out-do
yesterday’s accumulations. The semis, broker dealers, and health care issues led
the upside action, with retail and airline stocks taking the biggest losses.Â
Stocks on our watch lists were mixed.
Market breadth was mixed, with NYSE
advancing issues over declining issues by a ratio of 1.03, and down volume over
up volume by a 1.30 ratio. Nasdaq advancing issues over declining issues came
in at 1.12, and up volume beat down volume by a 1.96- ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 1.44%Â to
10425.05. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating) closed down 0.66% to
1,146.14.
The Nasdaq [$COMPQ |$COMPQ] closed up
0.37% to
1,866.30.
Â
1,586
1,897
Issues
1,547
1,696
649,659,000
1,325,096,000
843,418,000
676,301,000
Volume
1,523,522,000
2,047,110,000
Highs
72
32
0
2
Top sectors:
Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) up 2.16% at 613.90.
Securities Broker/Dealer
Index
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) up
1.75% at 516.03.
Losing sector:
S&P Retail
Index
Index
(
$RLX.X |
Quote |
Chart |
News |
PowerRating) down 3.32% at 928.10.
Airline Index
(
$RXH.X |
Quote |
Chart |
News |
PowerRating) down
3.19% to 102.60.
Â
Watch List Action:
Multimedia Games
(
MGAM |
Quote |
Chart |
News |
PowerRating) fell 4.80% on average volume today. The stock
has put in three accumulation days over three distribution days in the past
three weeks.
Group 1
Automotive
(
GPI |
Quote |
Chart |
News |
PowerRating) had its first negative close since breaking out a week ago
Monday. The stock fell 1.92% above average volume.Â
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), down 1.92% on above-average volume.
size=2>Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), down 4.80% on above-average volume.
size=2>Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), down 0.25% on above-average volume.
size=2>Panera Bread Co
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 0.04%
on below 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) | 95 | 39.13 | – 0.77 | 319,800 | 33.14 | 34.99 |
size=2>Multimedia Games Inc. | size=2> ( MGAM | Quote | Chart | News | PowerRating) | size=2>99 | 31.67 | – 1.60 | 347,000 | 30.91 | 32.51 |
| size=2>Nvidia Corp. | size=2> ( NVDA | Quote | Chart | News | PowerRating) | 84 | 58.91 | – 0.25 | 10,563,000 | 52.67 | 72.66 |
| size=2>Panera Bread Co. | size=2> ( PNRA | Quote | Chart | News | PowerRating) | 89 | 56.05 | + 0.02 | 402,800 | 14.55 | 64.94 |
Stocks Forming a Handle
DRS Technologies
(
DRS |
Quote |
Chart |
News |
PowerRating), up 2.37% 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 | Pivot |
DRS Technologies | ( DRS | Quote | Chart | News | PowerRating) | 94 | 40.95 | + 2.37 | 218,100 | 43.20 |
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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