Here Are Friday’s Top Stocks
Today it was Merrill Lynch’s turn to don the rose-colored glasses
and hand out the token upgrade to the semiconductor sector. This
undue influence on the sector protected both the QQQs and the SMH from harm’s
way, but was no consolation for the broader market ETFs, such as the SPYs and
DIAs. Both of these market proxies finished off slightly more than a percentage
point in Thursday’s trade.
It’s almost humorous (OK, you’re
right…it is laughable) that the semis have received two days of upgrades after
the market’s three-day run up. Hmmm, can you say "distribution"? It sure feels that
way to yours truly, the guy who told you two days ago what time it was before it
happened…upgrade time! I’ve been wrong before, and maybe this is one of
those times, but considering that the upgrades came right after a large
percentage move into technical resistance levels, you’ve got to ask yourself,
“How much stock did Merrill buy today?” Resistance is still alive and
well, and the Turk was not seen on the buy side the past two sessions.
Tomorrow’s another day, and opinions
aside, the best way daytraders to profit consistently is to keep to
those High and Low RS issues that are best suited to the conditions of the day.
On that note, I will point out, that the Live
from TradersWire report from this afternoon deserves a second look (or first to those of you who are unfamiliar with my work), as it really drives home
the point of successful trading.
Hottest Sectors (HOLDRs): Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) and Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating) and Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
Friday’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 |
| Benchmark Electronics | ( BHE | Quote | Chart | News | PowerRating) | 91 | 35.60 | 426K | 455K |
| Power Integrations | ( POWI | Quote | Chart | News | PowerRating) | 79 | 21.90 | 589K | 651K |
class=890430920-15102001> Silicon Laboratories | class=890430920-15102001> ( SLAB | Quote | Chart | News | PowerRating) | class=890430920-15102001> 84 | class=890430920-15102001> 26.65 | class=890430920-15102001> 1,232M | class=890430920-15102001> 1,338M |
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.
None Today.
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.
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 |
| Accredo Health | ( ACDO | Quote | Chart | News | PowerRating) | 5 | 25.26 | 1,076M | 651M |
| Johnson & Johnson | ( JNJ | Quote | Chart | News | PowerRating) | 33 | 51.92 | 7,221M | 5,525M |
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 |
| Symantec | ( SYMC | Quote | Chart | News | PowerRating) | 75 | 46.83 | 3,550M | 2,773M |
| Garmin | ( GRMN | Quote | Chart | News | PowerRating) | 94 | 33.93 | 513K | 468K |
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 |
| Panera Breads | ( PNRA | Quote | Chart | News | PowerRating) | 13 | 25.87 | 802K | 746K |
| Amerada Hess | ( AHC | Quote | Chart | News | PowerRating) | 14 | 43.06 | 846K | 1,357M |
class=890430920-15102001> General Dynamics | class=890430920-15102001> ( GD | Quote | Chart | News | PowerRating) | class=890430920-15102001> 30 | class=890430920-15102001> 64.02 | class=890430920-15102001> 1,815M | class=890430920-15102001> 1,211M |
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.
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 |
| Linear Technologies | ( LLTC | Quote | Chart | News | PowerRating) | 78 | 30.19 | ascending triangle w/200-day EMA support | 6,312M | 6,416M |
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 |
| EchoStar Communications | ( DISH | Quote | Chart | News | PowerRating) | 93 | 26.42 | 1,2,3 Potential Reversal | 4,175M | 1,500M |
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.
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 |
| Dentsply | ( XRAY | Quote | Chart | News | PowerRating) | 39 | 34.52 | Slim Jim w/ 50-day EMA resistance (34.80) | 736K | 701K |
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 |
Yahoo | ( YHOO | Quote | Chart | News | PowerRating) | 84 | 19.71 | 9,039M | 6,873M |
eBay | ( EBAY | Quote | Chart | News | PowerRating) | 83 | 76.80 | 5,993M | 3,612M |
Amgen | ( AMGN | Quote | Chart | News | PowerRating) | 82 | 54 | 13,108M | 10,430M |
Cymer | ( CYMI | Quote | Chart | News | PowerRating) | 77 | 34.83 | 1,656,M | 2,794M |
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 |
Freddie Mac | ( FRE | Quote | Chart | News | PowerRating) | 40 | 54.87 | 3,178M | 2,089M |
Ross Stores | ( ROST | Quote | Chart | News | PowerRating) | 17 | 34.79 | 1,724M | 1,960M |
L-3 Communications | ( LLL | Quote | Chart | News | PowerRating) | 24 | 37.18 | 1,494M | 2,069M |
Alltel | ( AT | Quote | Chart | News | PowerRating) | 28 | 42.40 | 1,271M | 3,292M |
Best of luck with your trading, to all
of our new readers at Siliconinvestor.com. Please use
protective stops on class=890430920-15102001> all trades.