Wednesday’s Stock Watch
The broader
markets were
mixed, with select Internet and semiconductor issues leading the
action, and computer hardware and blue chips lagging. Overall volume came in
around average, as a respectable number of new 52-week highs were made on the
NYSE and Nasdaq. Our watch list had a breakout, and we will now add it to our
“breakouts” list.
Market breadth was slightly positive, with
NYSE advancing issues over declining issues by a ratio of 1.07, and up volume
over down volume by a 1.81 ratio. Nasdaq advancing issues over declining
issues came in at 1.24, and up volume beat down volume by a 1.44 ratio.
The Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down
0.46% to
10,150.55. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating)
closed down
0.36% to
1,160.71.
The Nasdaq [$COMPQ |$COMPQ] closed up
0.92% to
2,055.74.
| NYSE | NASDAQ | |
| Advancing Issues | 1,631 |
1,998 |
| Declining Issues | 1,519 |
1,603 |
| Advancing Volume |
432,128,000 |
1,081,185,000 |
| Declining Volume |
784,490,000 |
749,749,000 |
| Total Volume | 1,228,617,000 |
1,850,542,000 |
| New 52-week Highs | 32 | 33 |
| New 52-week Lows | 3 | 3 |
Top sectors:
Nasdaq Computer Index
(
$IXCO.X |
Quote |
Chart |
News |
PowerRating),
up 1.36% to 103.59.
Nasdaq Transportation Index
(
TRAN.X |
Quote |
Chart |
News |
PowerRating),
up 1.15% to 1362.02.
Losing sectors:
The Computer Hardware Index
(
$HWI.X |
Quote |
Chart |
News |
PowerRating), down
3.80% to 166.15.
Dow Jones Internet Commerce Index
(
$ECM.X |
Quote |
Chart |
News |
PowerRating),
down 2.31 at 56.95.
Sectors With New Highs:
Business – 8
Electronics – 4
Home Furnishings – 4
Internet – 5
Medical – 4
Paper Products – 3
Regional Banks – 5
Restaurants – 3
Semiconductors – 5
Trucking – 4
Watch List Action
Krispy Kreme
(
KKD |
Quote |
Chart |
News |
PowerRating), made a comeback after six days of losses with a gain
of 5.16% on above-average volume for a distribution day.
Creating a pivot buy point today was Direct Focus Inc.
(
DFXI |
Quote |
Chart |
News |
PowerRating), up 5.67%
on over 100% average volume. This marketing company which develops “premium
quality” and “premium priced” products such as Bowflex and Nautilus Sleep
Systems, has its last two quarters of growth coming in at 78% and 48%
respectively, and 2002 earnings estimates at 27%. If you watched this stock
during the day, you would have noticed that the heavy volume and price boost
came in the last hour of trading, certifying its status as a pivot point. Let’s
hope this one sticks.
Recent Breakouts
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 1.79%
on average volume.
Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating), down 3.30% on average volume
for a distribution day.
Ebay
(
EBAY |
Quote |
Chart |
News |
PowerRating), up 1.10% on below-average
volume for an accumulation day.
Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating), up 2.26% on
less than half its average volume.
MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating), up 4.58% on
average volume.
Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), up 1.18% on below-average volume.
Panera Bread Co.
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 2.33% on below-average volume for an accumulation day.
PEC Solutions
(
PECS |
Quote |
Chart |
News |
PowerRating), down 4.17% on average
volume.
THQ Inc.
(
THQI |
Quote |
Chart |
News |
PowerRating), down 1.26% on below-average volume.
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| American Healthways Inc. | ( AMHC | Quote | Chart | News | PowerRating) |
96 | 28.99 | + 0.51 | 324,400 |
| Copart Inc. | ( CPRT | Quote | Chart | News | PowerRating) |
87 | 32.79 | – 1.12 | 666,700 |
| Direct Focus Inc. | ( DFXI | Quote | Chart | News | PowerRating) |
89 | 30.86 | + 0.55 | 689,900 |
| Ebay | ( EBAY | Quote | Chart | News | PowerRating) |
89 | 67.54 | + 0.74 | 7,238,200 |
| Genesis Microchip | ( GNSS | Quote | Chart | News | PowerRating) |
99 | 69.55 | + 1.54 | 2,597,800 |
| Krispy Kreme Doughnuts | ( KKD | Quote | Chart | News | PowerRating) |
91 | 43.90 | + 2.44 | 887,900 |
| MTR Gaming Group | ( MNTG | Quote | Chart | News | PowerRating) |
96 | 16.65 | + 0.73 | 487,300 |
| Nvidia Corp. | ( NVDA | Quote | Chart | News | PowerRating) |
98 | 68.55 | + 0.80 | 9,494,700 |
| Panera Bread Co. | ( PNRA | Quote | Chart | News | PowerRating) |
93 | 54.43 | + 1.24 | 284,700 |
| PEC Solutions | ( PECS | Quote | Chart | News | PowerRating) |
98 | 41.80 | – 1.82 | 600,700 |
| THQ Inc. | ( THQI | Quote | Chart | News | PowerRating) |
80 | 50.60 | – 0.65 | 1,593,500 |
Stocks Forming a Handle
Integra Lifesciences
(
IART |
Quote |
Chart |
News |
PowerRating) up 3.51% on
above average
volume.
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| Integra Lifesciences | ( IART | Quote | Chart | News | PowerRating) |
86 | 27.92 | + 1.02 | 297,700 |
Stocks Building A Base
Multimedia Games Inc.
(
MGAM |
Quote |
Chart |
News |
PowerRating), up 3.85% on
above average volume for an accumulation day.
Company Name |
Symbol |
12 Month RS |
Price |
Price Change |
Average Volume |
| Multimedia Games Inc. | ( MGAM | Quote | Chart | News | PowerRating) |
99 | 35.31 | + 1.31 | 187,400 |