Tuesday’s Top Stocks
As I stated in the TM chat on Monday,
“Tell me when the band U2 is
playing in Iraq”, and then maybe I’ll believe the words
“unconditional." For
those of you who didn’t know, during Monday’s trading session Iraq announced an
unconditional acceptance of U-2 flights over its borders….gosh, why am I so
skeptical? This market breaking news sent the averages higher, out of the red,
to finish in the plus column for the day. The ETFs closed between three quarters
to a percentage point higher on light volume with advancing and declining issues
coming in with a slight bullish bias.
Light volume with plenty of
overhead resistance sums up the ETFs’ current state. For the upside, the DIAs and
the SPYs would have to clear resistance above the 81.75 – 82 area and the 84
level respectively …ahem, with volume for the bull to have a leg to stand on.
Seeing how things could change very quickly
in this news-driven market, all I can do is steal a line from History of the
World Part I, and say,” It’s good to be a Daytrader.”
The technical
condition has deteriorated to the point that shorts off of pullbacks look to be
the best type of position trade considering the breach of price supports, and
the immediate overhead resistance. But I’ll say it again, because until the
geopolitical environment clears up, or we make a decided test of the October
lows, that “It’s good to be a Daytrader."
The VIX is registering a I and II buy
signal, while the VXN is showing a fresh VI buy trigger. My own signals are
indicating that it’s best to trade the most solid setups with those stocks from
your nightly list of High RS and Low RS issues, that are continuing to
demonstrate leadership for the market conditions at hand.
Hottest Sectors (HOLDRs):
Software
(
SWH |
Quote |
Chart |
News |
PowerRating) and Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
Tuesday’s HELVETICA>stocks to watch:
High
RS issues
closing in Top of Range.
Stocks are scanned from 3 Month RS of 80 or higher
and TM’s Proprietary and Technology 10 Momentum lists on the Indicators page.
size=2 Helvetica>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Silicon Labs | ( SLAB | Quote | Chart | News | PowerRating) | 84 | 24.26 | 1,306,000 | 794,000 |
| Medimmune | ( MEDI | Quote | Chart | News | PowerRating) | 75 | 29.46 | 4,570,000 | 3,274,000 |
| Mercury Interactive | ( MERQ | Quote | Chart | News | PowerRating) | 80 | 34.23 | 3,411,000 | 1,942,000 |
| Avid Technology | ( AVID | Quote | Chart | News | PowerRating) | 91 | 22.89 | 699,000 | 957,000 |
Weak RS issues closing in
Bottom of Range.
Stocks
are scanned from 3 Month RS of 35 or lower and TM’s Implosion and Technology
Implosion Lists on the Indicators page.
size=2 Helvetica>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| American Electric Power | ( AEP | Quote | Chart | News | PowerRating) | 8 | 20.80 | 2,859,000 | 4,811,000 |
class=890430920-15102001>
High RS issues with Volume
Surge in last hour.
Stocks are scanned from 3 Month
RS of 80 or higher and TM’s Proprietary and Technology 10 Momentum lists on the
Indicators page.
size=2 Helvetica>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Storage Technology | ( STK | Quote | Chart | News | PowerRating) | 72 | 22.05 | 802,000 | 1,091,000 |
| ADTRAN | ( ADTN | Quote | Chart | News | PowerRating) | 87 | 36.32 | 726,000 | 1,130,000 |
Weak RS issues with
Volume Surge in last hour.
Stocks are scanned
from 3 Month RS of 35 or lower and TM’s Implosion and Technology Implosion Lists
on the Indicators page.
size=2 Helvetica>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Synopsys | ( SNPS | Quote | Chart | News | PowerRating) | 17 | 36.60 | 1,548,000 | 910,000 |
| Deere & Co. | ( DE | Quote | Chart | News | PowerRating) | 26 | 40.50 | 1,423,000 | 1,711,00 |
Stocks in Slim
Jims
High RS Slim Jims.
class=890430920-15102001>Stocks are
scanned from 3 Month RS of 80 or higher and TM’s Proprietary and Technology 10
Momentum lists on the Indicators page.
size=2 Helvetica>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| CTI Molecular | ( CTMI | Quote | Chart | News | PowerRating) | 33 | 21.78 | 519,000 | 1,091,000 |
| SAP Aktiengesell | ( SAP | Quote | Chart | News | PowerRating) | 75 | 22.90 | 1,597,000 | 2,156,000 |
Weak RS
Slim Jimsclass=890430920-15102001>.
class=890430920-15102001>Stocks
are scanned from 3 Month RS of 35 or lower and TM’s Implosion and Technology
Implosion Lists on the Indicators page.
class=890430920-15102001>None
Today.
class=890430920-15102001>
High RS
Reversal Patterns.
Stocks with 3 Month RS of 80 and / or
Institutional Favorites that are setting up on a closing basis as potential long reversal pattern
candidates. Candidates listed may have triggered on a closing basis, or close to
triggering ( my general rule is to list the pattern setup if it is within +/-.15
of trigger price. Patterns include 1,2,3s and Slim Jim consolidations. Background
supports in the form of Fibonacci levels, EMAs, and former price supports are
used in the decision making process.
size=2 Helvetica>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica>Price | Pattern Type | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| International Game Technology | ( IGT | Quote | Chart | News | PowerRating) | 56 | 75.18 | 1Day Slim Jim Reversal | 1,135,000 | 1,004,000 |
| Symantec | ( SYMC | Quote | Chart | News | PowerRating) | 60 | 44.50 | Ascending Triangle | 3,509,000 | 6,829,000 |
class=890430920-15102001>
International
Game Technology is closing within a session long Slim Jim, with trigger out
of the pattern .35 above.
class=890430920-15102001>Symantec
is forming a large intraday ascending triangle pattern. Background support for
pattern reversal is successful test of January lows, and close above midpoint of
formation. This horizontal line drawn in below is also confirmed by the 50-Day
EMA, and is the first level of support should trade setups present themselves in
Tuesday’s session.
class=890430920-15102001>Low RS
Reversal Patterns.
Stocks with 3 Month RS of 35 and / or
Institutional Favorites that are setting up on a closing basis as potential
short reversal pattern
candidates. Patterns include 1,2,3s and Slim Jim consolidations. Whenever
possible background evidence of resistance in the form of Fibonacci levels, EMAs, and former price supports are
used in the decision making process.
class=890430920-15102001>
None Today.
class=890430920-15102001>
Institutional
Favorites
and Institutional
Laggards.
The following stocks are selected from
the Nasdaq, S&P 500 & 600 Indices, and HOLDRs. These are normally heavily traded,
liquid issues that
are exhibiting relative strength or weakness, pattern (Slim
Jims), or last hour volume surges, indicative of follow through in the very near term. Due to the
institutional participation, which can provide additional follow through not
always found in less active issues, the 3 Month RS criteria is more subjective, and quite often less stringent in
evaluating an issues near term prospects. Program trading (which affects many of these
issues) can also be viewed as a potential beneficial factor when stocks listed
below are exhibiting price pattern setups on an intraday and / or daily chart
basis.
Institutional
Favorites
size=2 Helvetica>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) | 68 | 37.56 | 12,734,000 | 14,021,000 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) | 82 | 52.98 | 13,207,000 | 13,941,000 |
| EchoStar | ( DISH | Quote | Chart | News | PowerRating) | 82 | 25.61 | 4,070,000 | 2,974,000 |
| Patterson | ( PTEN | Quote | Chart | News | PowerRating) | 84 | 33.05 | 1,541,000 | 1,647,000 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) | 59 | 17.93 | 8,857,000 | 5,256,000 |
| eBay | ( EBAY | Quote | Chart | News | PowerRating) | 79 | 73.58 | 6,020,000 | 4,673,000 |
class=890430920-15102001>Institutional
Laggards.
size=2 Helvetica>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Intuit | ( INTU | Quote | Chart | News | PowerRating) | 12 | 42.23 | 3,190,000 | 3,101,000 |
| Kohls | ( KSS | Quote | Chart | News | PowerRating) | 22 | 50.04 | 3,796,000 | 4,683,000 |
| Johnson & Johnson | ( JNJ | Quote | Chart | News | PowerRating) | 31 | 52.10 | 6,989,000 | 8,070,000 |
Best of luck with your trading. Please use
protective stops on class=890430920-15102001> all trades.