Here Are Wednesday’s Top Stocks
Monday’s trade saw a gap
higher in the ETFs
and a solid consolidation up, as “hope” for a quick
resolution with Iraq, one way or the other, supported
prices and produced the
third up day in a row (oh boy, the duct tape held). Personally,
I lose all respect for any rally based on a four-letter word, but we’ll see what
tomorrow brings. Wall Street should be busy swapping snowballs and goggles
for rose-colored glasses and a bouquet of upgrades as market participants are
just starting to get that warm, fuzzy feeling as we head back into resistance.
Three days later, no talk of October
lows, the geopolitical news is sounding better, and the ETFs are facing
resistance. Talk about timing, can you believe it, just when things were
looking good? Seriously though, the market proxies are facing the 38% Fibonacci
level from the January highs, and plenty of prior resistance highs, moving
averages,…..The odds favor a couple of things at this point. Number one, that
my report will probably look laughable on a gap higher due to the
“anticipated” upgrades. But also, and more importantly, that this
market will be giving us some very good opportunities from the short side, as we
head into resistance.
As always, let price and volume
be your first guide, with opinions left at the door, because timing the end
of bear market rally can hurt just as much as trying to buy the 38%, and the
50%, and the 62% Fibonacci levels in an oversold environment. To participate
from either side of the market, it’s best to focus on our lists of High
and Low RS issues, and let someone else worry about missing the bottom, or
buying a day too late during a bear market rally.
Hottest Sectors (HOLDRs): Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) and Software
(
SWH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)
Wednesday’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 Laboratories | ( SLAB | Quote | Chart | News | PowerRating) | 87 | 25.62 | 1,269M | 742K |
| Storage Technology | ( STK | Quote | Chart | News | PowerRating) | 90 | 24.48 | 790K | 756K |
class=890430920-15102001> Apollo Group | class=890430920-15102001> ( APOL | Quote | Chart | News | PowerRating) | class=890430920-15102001> 80 | class=890430920-15102001> 45.69 | class=890430920-15102001> 1,936M | class=890430920-15102001> 1,644M |
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 |
| Allstate | ( ALL | Quote | Chart | News | PowerRating) | 17 | 31.69 | 2,479M | 2,978M |
| Amerada Hess | ( AHC | Quote | Chart | News | PowerRating) | 13 | 44.34 | 841K | 491K |
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.
None
Today.
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.
None
Today.
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 |
| NetScreen Technologies | ( NSCN | Quote | Chart | News | PowerRating) | 87 | 19.96 | 1,110M | 1,532M |
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.
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 |
| Boeing | ( BA | Quote | Chart | News | PowerRating) | 39 | 30 | 2,674M | 2,640M |
| Chevrontexaco | ( CVX | Quote | Chart | News | PowerRating) | 44 | 64 | 3,098M | 2,686M |
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 (SJ) consolidations. Background
supports in the form of Fibonacci levels, EMAs (DEMA=daily ema), and former price supports are
used in the decision making process.
class=890430920-15102001>None
Today.
class=890430920-15102001>Low RS
Reversal Patterns.
Stocks with 3 Month RS of 35 and / or
Institutional Favorites that are setting up (within .15 of trigger) on a closing basis as potential
short reversal pattern
candidates. Patterns include 1,2,3s and Slim Jim (S.J.) 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 |
EchoStar Communications | ( DISH | Quote | Chart | News | PowerRating) | 87 | 26.33 | 4,134M | 2,856M |
eBay | ( EBAY | Quote | Chart | News | PowerRating) | 82 | 76.40 | 5,985M | 5,155M |
Amgen | ( AMGN | Quote | Chart | News | PowerRating) | 78 | 53.62 | 13,257M | 8,749M |
Adobe | ( ADBE | Quote | Chart | News | PowerRating) | 69 | 28.36 | 2,907M | 3,523M |
Xilinx | ( XLNX | Quote | Chart | News | PowerRating) | 70 | 22.09 | 9,933M | 9,670M |
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 |
Abbott Labs | ( ABT | Quote | Chart | News | PowerRating) | 21 | 36.61 | 4,701M | 3,280M |
Microchip Technology | ( MCHP | Quote | Chart | News | PowerRating) | 65 | 25.20 | 4,706M | 4,641M |
Best of luck with your trading. Please use
protective stops on class=890430920-15102001> all trades.