Here Are Friday’s Top Stocks
In Thursday’s session
“yellow” meant green for the ETFs.
A change of heart by the Homeland Security Department to reduce the terrorist
risk rating from orange to yellow gave “some” investors the confidence to bid up
prices in the major averages between one and two percentage points. If you ask
me, investors were also looking a bit yellow as evidenced by another session of
lackluster volume. Can you blame them, considering this action has us once again
pushing into the resistance zone that seems to be only “slightly” related to the
ongoing geopolitical rhetoric?
Did you also hear the one about the
Iraqi who “might” destroy his long range missiles that are not in compliance
with all of the other reindeer war games? So did other investors, and if volume
“speaks volumes”…..well, after all was “said and not done (yet)”, that pretty
much leaves us right in the thick of it, resistance that is, with the Generals
(Institutions) still planning their campaigns from the sidelines.
Another
excellent day for market participants, daytraders that is. Though the ETFs
experienced a bullish run, the longer time frame continues to be filled with
something you can make from a bull… namely lots of “chop.” Yes,
today the bulls got to celebrate, tomorrow, quite possibly the bears, but for
those daytraders prepared each day with their lists of High and Low RS stocks,
every single session affords opportunities for celebration.
Today we had a beautiful cup-and-handle reversal play in
(
XL |
Quote |
Chart |
News |
PowerRating), an early morning symmetrical
triangle breakout in
(
RETK |
Quote |
Chart |
News |
PowerRating), and an end-of-day 1,2,3 in
(
IBM |
Quote |
Chart |
News |
PowerRating). I never thought I’d
see the day where I’d thank Big “Blew”, but with a solid daytrading
agenda, you never quite know who you’ll be thanking at the end of the day.
Hottest Sectors (HOLDRs): Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating) and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Software
(
SWH |
Quote |
Chart |
News |
PowerRating) and Oil
Services
(
OIH |
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 |
| OmniVision | ( OVTI | Quote | Chart | News | PowerRating) | 95 | 18 | 1,257M | 1,552M |
| Biovail | ( BVF | Quote | Chart | News | PowerRating) | 92 | 36.27 | 1,091M | 1,428M |
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 |
| Target | ( TGT | Quote | Chart | News | PowerRating) | 34 | 27.90 | 5,049M | 4,934M |
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 |
| Abercrombie & Fitch | ( ANF | Quote | Chart | News | PowerRating) | 80 | 27.75 | 2,045M | 1,752M |
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 |
| Pharmaceutical Resources | ( PRX | Quote | Chart | News | PowerRating) | 92 | 36.15 | 335K | 900K |
| Mylan Labs | ( MYL | Quote | Chart | News | PowerRating) | 89 | 27.93 | 1,618M | 1,687M |
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 |
| Centex | ( CTX | Quote | Chart | News | PowerRating) | 84 | 55.53 | class=890430920-15102001>SJ w/consolidation | 1,099M | 1,581M |
class=890430920-15102001> NetScreen Technologies | class=890430920-15102001> ( NSCN | Quote | Chart | News | PowerRating) | class=890430920-15102001> 85 | class=890430920-15102001> 19.19 | class=890430920-15102001> 1,2,3 w/consolidation | class=890430920-15102001> 1,248M | class=890430920-15102001> 2,208M |
class=890430920-15102001> Xilinx | class=890430920-15102001> ( XLNX | Quote | Chart | News | PowerRating) | class=890430920-15102001> 76 | class=890430920-15102001> 21.78 | class=890430920-15102001> 2-Day Cup & Handle 15min. | class=890430920-15102001> 10,240M | class=890430920-15102001> 11,708M |
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 |
| Ross Stores | ( ROST | Quote | Chart | News | PowerRating) | 13 | 33.72 | 2-Day Channel resistance | 1,813M | 2,172M |
class=890430920-15102001> Cheesecake Factory | class=890430920-15102001> ( CAKE | Quote | Chart | News | PowerRating) | class=890430920-15102001> 22 | class=890430920-15102001> 29.39 | 1,2,3 SELL | class=890430920-15102001> 853K | class=890430920-15102001> 1,097M |
class=890430920-15102001> Bristol Myers | class=890430920-15102001> ( BMY | Quote | Chart | News | PowerRating) | class=890430920-15102001> 42 | 23.65 | class=890430920-15102001> Triangle breakdown off 50-DEMA | class=890430920-15102001> 6,547M | class=890430920-15102001> 4,732M |
class=890430920-15102001>Bristol
Myers
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) | 87 | 20.11 | 8,766M | 7,472M |
Apollo | ( APOL | Quote | Chart | News | PowerRating) | 66 | 45.446 | 1,907M | 1,616M |
Intuit | ( INTU | Quote | Chart | News | PowerRating) | 65 | 45.94 | 3,340M | 5,401M |
Starbucks | ( SBUX | Quote | Chart | News | PowerRating) | 73 | 23.09 | 3,877M | 5,259M |
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 |
Teva Pharmaceuticals | ( TEVA | Quote | Chart | News | PowerRating) | 57 | 37.04 | 2,433M | 1,850M |
PeopleSoft | ( PSFT | Quote | Chart | News | PowerRating) | 20 | 16.52 | 7,067M | 8,466M |
Microsoft | ( MSFT | Quote | Chart | News | PowerRating) | 28 | 23.58 | 71,864 | 75,624M |
Best of luck with your trading. Please use
protective stops on class=890430920-15102001> all trades.
P.S. I’ve
just released a new trading module on Intraday Breakouts. If
class=890430920-15102001>
you’d like more information, click
here.