Here Are Monday’s Top Stocks
I’ll leave the
“reasons” behind all the buying to other analysts more qualified, because
the longer the markets have to sift through the various outcomes of the
geopolitical situations overseas, the false alarms Stateside, the less and less
it makes sense to me. In fact, it seems that the few traders playing the
markets these days, are taking turns scaring one another with the same
headlines, and alternating turns at controlling the market.
Today the ETFs all
finished solidly higher to the tune of approximately a percentage point, on news
that a US-led attack might happen earlier, rather than later. So the question
for Monday is, if nothing happens, do the ETFs trade lower, or do we rally
further on relief that nothing happened?
Well, I might be
confused about interpreting the outcome of the war (I’m no Ed Allen), but I do
know a couple of things. Number one, TGIF. Number two, the ETFs while closing
very well for the day, are still in an area of resistance that looms overhead
(approximately 2% in both the SPYs and DIAs), and there is no volume indicating
that the “Turk” is actively participating in the day to day
activities. Number three, I’m glad my focus is on daytrading, as the decisions
as to what and when to trade are much easier to define, and you don’t need an
interpreter to know when it’s an appropriate time to go short or long the
market. We base our entries off of well-defined setups on High and Low RS
issues, and let someone else worry about which side is getting squeezed today.
Hottest Sectors (HOLDRs): Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating) and Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating) and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Monday’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 |
| Apache | ( APA | Quote | Chart | News | PowerRating) | 89 | 65.72 | 1,890M | 2,804M |
| Cognizant Technology | ( CTSH | Quote | Chart | News | PowerRating) | 86 | 68.15 | 1,110M | 1,466M |
class=890430920-15102001> BMC Software | class=890430920-15102001> ( BMC | Quote | Chart | News | PowerRating) | class=890430920-15102001> 82 | class=890430920-15102001> 19.34 | class=890430920-15102001> 1,945M | class=890430920-15102001> 2,753M |
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 |
| General Dynamics | ( GD | Quote | Chart | News | PowerRating) | 21 | 63.90 | 1,832M | 1,768M |
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 |
| NetScreen Technologies | ( NSCN | Quote | Chart | News | PowerRating) | 86 | 20.15 | 1,168M | 1,253M |
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 |
| Fair Isaac | ( FIC | Quote | Chart | News | PowerRating) | 83 | 48.49 | 471K | 459K |
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 (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 |
| Avid Technology | ( AVID | Quote | Chart | News | PowerRating) | 86 | 21.25 | Slim Jim reversal | 732K | 579K |
class=890430920-15102001>Avid
Technology is trading in a Slim Jim consolidation that is .40 wide formed during
Friday’s session.
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 |
| Bellsouth | ( BLS | Quote | Chart | News | PowerRating) | 25 | 21.50 | Slim Jim off highs | 5,068M | 13,009M |
class=890430920-15102001>
BLS high
of the day was a test of prior January support levels now considered
resistance, suggesting this Slim Jim could be a reversal entry on pattern
breakdown.
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) | 80 | 19.83 | 9,083M | 7,918M |
eBay | ( EBAY | Quote | Chart | News | PowerRating) | 82 | 78.35 | 5,906M | 6,061M |
Amgen | ( AMGN | Quote | Chart | News | PowerRating) | 83 | 54.60 | 12,880M | 11,077M |
Symantec | ( SYMC | Quote | Chart | News | PowerRating) | 77 | 47.80 | 3,543M | 4,675M |
Schlumberger | ( SLB | Quote | Chart | News | PowerRating) | 75 | 41.95 | 3,148M | 5,131M |
Amazon | ( AMZN | Quote | Chart | News | PowerRating) | 45 | 21.78 | 7,267M | 7,254M |
Costco | ( COST | Quote | Chart | News | PowerRating) | 30 | 43 | 5,300M | 2,578M |
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 |
Schering Plough | ( SGP | Quote | Chart | News | PowerRating) | 21 | 18.07 | 5,212M | 3,955M |
Abbott Labs | ( ABT | Quote | Chart | News | PowerRating) | 15 | 35.15 | 4,724M | 5,328M |
Northrop Grumman | ( NOC | Quote | Chart | News | PowerRating) | 60 | 91.25 | 1,437M | 1,806M |
Best of luck with your trading. Please use
protective stops on class=890430920-15102001> all trades.