Wednesday’s Stock Watch
The
broader markets edged
up today, inspired by upbeat earnings forecasts from
heavyweights General Electric and Pfizer. The session saw strength
across all sectors with leadership from internet and software sectors,
and weakness from computer hardware and telecommunications. The NYSE
and the Nasdaq combined for 80 new highs, to give the rally an extra
kick. Stocks on our watch list were mixed, with one distribution day.
Market breadth was
positive, with NYSE advancing issues outpacing declining issues by a
1.7 ratio, and up volume beating down volume also by a 1.7 ratio. The
Nasdaq showed some signs of slowing with advancing issues over
declining issues by 1.3, though up volume got the better of down
volume by 1.9.
The
Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed up 0.82%
to
9,998.39.
The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating) closed up 0.94%
to 1,142.92.
The Nasdaq [$COMPQ |$COMPQ] closed up .871%
to 2004.76.
Â
| Â | NYSE | NASDAQ |
| Advancing Issues |
1,981 | 2,121 |
| Declining Issues |
1,154 | 1,596 |
| Advancing Volume |
821,645,000 | 1,195,940,000 |
| Declining Volume |
479,270,000 | 628,381,000 |
| Total Volume |
1,321,219,000 | 1,847,381,000 |
| New 52-week Highs |
42 | 38 |
| New 52-week Lows |
5 | 2 |
Top sectors:
S&P Chemical Index
(
$CEX.X |
Quote |
Chart |
News |
PowerRating),
up 3.51% at 426.89.
GSTI Software Index
(
$GSO.X |
Quote |
Chart |
News |
PowerRating),
up 2.81% at 191.11.
Losing sectors:
GSTI Hardware
(
$GHA.X |
Quote |
Chart |
News |
PowerRating),
down 1.32% at 265.34.
North American Telecommunications Index
(
$XTC.X |
Quote |
Chart |
News |
PowerRating), down 0.50% at 822.38.
Sectors With New
Highs:
Industrial Electrical
Equipment – 2
Industrial Equipment
Wholesale – 1
Information
Technology Services – 3
Internet Software and
Services – 3
Investment Brokerages
Regional – 3
Medical Appliances and Equipment – 1
Medical Instruments and Supplies – 2
Medical Laboratories and Research – 2
Medical Equipment Wholesale – 2
REITs – 6
Restaurants – 3
Semiconductor Integrated Circuits – 3
Semiconductor Specialized – 1
Watch List Action
Now coming off our watch list, Bioreliance Corp.
(
BREL |
Quote |
Chart |
News |
PowerRating) fell
another 10.59% on above average volume, continuing yesterday’s
catastrophic breakout erasure.
Our only distribution for the day was from Ebay
(
EBAY |
Quote |
Chart |
News |
PowerRating), down
3.57% on average volume. The stock traded against the trend of the
Internet sector, though the online auctioneer may be set in its own
category of business. There are two days of distribution on the stock
for the past three weeks vs. six days of accumulation.
Â
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),
down 0.60% on half its average volume.
Copart Inc.
(
CPRT |
Quote |
Chart |
News |
PowerRating) up 2.27% on
average volume for an accumulation day.
Genesis Microchip
(
GNSS |
Quote |
Chart |
News |
PowerRating) down
0.30% on average volume.
MTR Gaming Group
(
MNTG |
Quote |
Chart |
News |
PowerRating), down
1.33% on three-times above average volume.
Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating), down 2.57% on
below-average volume.
Panera Bread Co.
(
PNRA |
Quote |
Chart |
News |
PowerRating), up 1.61%
on below-average volume.
PEC Solutions
(
PECS |
Quote |
Chart |
News |
PowerRating) up 2.20% on
below-average volume.
THQ Inc.
(
THQI |
Quote |
Chart |
News |
PowerRating), down 3.76% on
below-average volume.
| Company Name |
Symbol | 12 Month RS |
Price | Price Change |
Average Volume |
| American Healthways Inc. |
( AMHC | Quote | Chart | News | PowerRating) |
99 | 36.33 | – 0.22 |
255,500 |
| BioReliance Corp. |
( BREL | Quote | Chart | News | PowerRating) |
99 | 28.25 | – 3.35 |
291,400 |
| Copart Inc. |
( CPRT | Quote | Chart | News | PowerRating) |
93 | 37.37 | + 0.83 |
713,200 |
| Ebay | ( EBAY | Quote | Chart | News | PowerRating) |
90 | 66.82 | – 2.47 |
8,606,200 |
| Genesis Microchip |
( GNSS | Quote | Chart | News | PowerRating) |
99 | 68.69 | – 0.21 |
2,621,000 |
| MTR Gaming Group |
( MNTG | Quote | Chart | News | PowerRating) |
95 | 14.75 | – 0.20 |
352,500 |
| Nvidia Corp. |
( NVDA | Quote | Chart | News | PowerRating) |
96 | 66.25 | – 1.75 |
9,975,800 |
| Panera Bread Co. |
( PNRA | Quote | Chart | News | PowerRating) |
94 | 50.89 | + 0.81 |
280,200 |
| PEC Solutions |
( PECS | Quote | Chart | News | PowerRating) |
99 | 34.75 | + 0.75 |
561,400 |
| THQ Inc. |
( THQI | Quote | Chart | News | PowerRating) |
94 | 52.33 | – 2.05 |
1,615,200 |
Â
Stocks Forming a Handle
Career Education Corp.
(
CECO |
Quote |
Chart |
News |
PowerRating),
down 3.18% on half its average volume.
Direct Focus Inc.
(
DFXI |
Quote |
Chart |
News |
PowerRating), up 0.77%
on half its average volume for a distribution day.
Integra LifeSciences
(
IART |
Quote |
Chart |
News |
PowerRating), down
0.13% on above-average volume.
Krispy Kreme Doughnuts
(
KKD |
Quote |
Chart |
News |
PowerRating), up
0.02% on half its average volume.
| Company Name |
Symbol | 12 Month RS |
Price | Price Change |
Average Volume |
| Career Education Corp. |
( CECO | Quote | Chart | News | PowerRating) |
92 | 36.10 | + 1.15 |
794,700 |
| Direct Focus Inc. |
( DFXI | Quote | Chart | News | PowerRating) |
91 | 29.77 | – 0.77 |
655,000 |
| Integra Lifesciences |
( IART | Quote | Chart | News | PowerRating) |
90 | 26.70 | + 0.71 |
315,200 |
| Krispy Kreme Doughnuts |
( KKD | Quote | Chart | News | PowerRating) |
94 | 39.98 | – 0.62 |
839,900 |
Â
Stocks Building A Base
| Company Name |
Symbol | 12 Month RS |
Price | Price Change |
Average Volume |
| None | Â | Â | Â | Â | Â |
Â
Â