NEW YORK (TheStreet) -- The major equity averages traded lower last week, with day-to-day volatility around my monthly pivot at 3663 on the Nasdaq. The Nasdaq stayed well below its semiannual risky level at 3759.All the other major averages stayed well below their monthly and semiannual risky levels, which are 16,188 and 16,490, respectively, for the Dow Jones Industrial Average; 1742.5 and 1743.5, respectively, for the S&P 500; 7087 and 7104, respectively, for the Dow Transports; and 1092.24 and 1089.42, respectively, for the Russell 2000. This week we have weekly risky levels at 15,579 for the Dow industrials, 1703.7 for the S&P 500, 3699 for the Nasdaq, 6509 for the Dow transports and 1071.67 for the Russell 2000, which should limit the upside potential. Fundamentally, the ValuEngine valuation warning continues, with 75.6% of all stocks overvalued with 42.1% overvalued by 20% or more. Fifteen of 16 sectors are overvalued, 14 by double-digit percentages. Six are overvalued by more than 20%.
Here's my up-to-date Market Pulse, which shows the upside potential to semiannual risky levels and the downside risks to annual value levels. For the Dow industrials the upside is 6.9% with 17.7% downside risk.
Here's the scorecard for the stocks that reported earnings results after the bell Thursday. These were previewed on Aug. 6 in, Groupon, Tesla and Priceline Headline Earnings Previews. Molycorp ( MCP) ($6.69) missed EPS estimates by 9 cents by reporting a loss of 36 cents a share. The producer of rare earth oxide continues to have a sell rating, according to ValuEngine and closed Thursday at $7.41. The stock traded into the investor woodshed with a low of $6.21 on Friday, but the close was above its 50-day SMA at $6.44. My monthly value level is $4.74 with a weekly risky level at $7.49. NVDA) ($14.49) beat EPS estimates by 3 cents by reporting EPS of 16 cents a share. The maker of 3-D graphics processors has a buy rating and closed Thursday at $14.70. The stock traded as low as $14.11 on Friday but closed above its 50-day SMA at $14.38. My quarterly value level is $11.20 with weekly and monthly pivots at $14.43 and $14.95 and semiannual risky level at $17.21. Priceline.com ( PCLN) ($969.89) beat EPS estimates by 5 cents earning $9.05 a share. The online "name your own price" retailer continues to have a buy rating and closed Thursday at $933.75. The stock began Friday with a moon shot to $994.98, which is significantly greater than my semiannual pivot at $935.65. The stock ended the week below a new weekly pivot at $975.31. A buy rating means that the stock will gain at least 5% over the next 12 months. Priceline is projected to gain 8.4% which is a $1,050 price target. Rackspace Hosting ( RAX) ($47.85) beat EPS estimates by 3 cents, by reporting EPS of 16 cents a share. The Web-hosting company still has a hold rating and closed Thursday at $44.22. The stock surged to $49.50 on Friday. The stock is trading between its 50-day SMA at $40.37 and its 200-day SMA at $54.96. My monthly value level is $35.36, with weekly and quarterly risky levels at $51.75 and $56.26. At the time of publication, Suttmeier had no positions in stocks mentioned. Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.