Thursday’s Top Names
Not a pretty picture
over at Eastman Kodak, as the firm was one of several culprits in today’s
session to cast a shadow over the ETFs. The
SPYs and DIAs were particularly hard hit because of earnings news from MER, SLB,
and GD. Bad news was received, and then punished accordingly by investors
looking to: a. Take profits or b. apply a tourniquet to their portfolio. Send me
an email and let me know which you think is the correct answer.
As implied from the above, the ETFs
suffered some more setbacks today, with both the SPYs and DIAs testing their 84%
Fibonacci levels from the late December lows. The QQQs held in there for much of
the day, on the heels of sector strength from the biotechs, telecom, and until
the very end, the semiconductors.
It’s official, we have a CVR III
signal in the VIX, and more importantly we are seeing price extensions into
support areas (your choice:EMAs, Fibonacci supports, trendline supports…) in
what I will acknowledge as oversold. Of course, oversold can, and very often
will show you who’s the boss, so always use money management. And of course, it
almost goes without saying, “always stick to those issues exhibiting the
best price behavior”, for the occasion du jour.Â
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Hottest Sectors (HOLDRs): Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and Biotechs
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs):Â Regional
Banks
(
RKH |
Quote |
Chart |
News |
PowerRating) and Retail
(
RTH |
Quote |
Chart |
News |
PowerRating)
Thursday’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 |
| Barr Labs | ( BRL | Quote | Chart | News | PowerRating) | 84 | 79.56 | 598,000 | 1,435,000 |
| Abercrombie & Fitch | ( ANF | Quote | Chart | News | PowerRating) | 92 | 26.63 | 1,722,000 | 1,646,000 |
| New Century Financial | ( NCEN | Quote | Chart | News | PowerRating) | 82 | 29 | 897,000 | 1,314,000 |
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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 |
| Synopsys | ( SNPS | Quote | Chart | News | PowerRating) | 29 | 39.15 | 1,739,000 | 1,257,000 |
| Cognizant Technology | ( CTSH | Quote | Chart | News | PowerRating) | 7 | 57.80 | 588,000 | 875,000 |
Â
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 |
| Network Associates | ( NET | Quote | Chart | News | PowerRating) | 84 | 18.59 | 2,091,000 | 2,272,000 |
Â
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 |
| Autozone | ( AZO | Quote | Chart | News | PowerRating) | 4 | 61.10 | 1,465,000 | 1,283,000 |
| Weight Watchers | ( WTW | Quote | Chart | News | PowerRating) | 8 | 40.04 | 576,000 | 1,283,000 |
| Coopers | ( COO | Quote | Chart | News | PowerRating) | 15 | 24.21 | 563,000 | 604,000 |
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 |
| ADTRAN | ( ADTN | Quote | Chart | News | PowerRating) | 91 | 36.50 | 645,000 | 795,000 |
| Anglogold | ( AU | Quote | Chart | News | PowerRating) | 83 | 35.35 | 991,000 | 1,029,000 |
| CBRL Group | ( CBRL | Quote | Chart | News | PowerRating) | 84 | 32.26 | 699,000 | 1,029,000 |
class=890430920-15102001>
Anglogold
has broken out of an intraday Slim
Jim and is close to testing a multiday slanted Slim Jim from the daily
chart.
class=890430920-15102001>CBRL
Group is shown below, and is another version of the world famous Slim Jim.
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 |
| Black & Decker | ( BDK | Quote | Chart | News | PowerRating) | 7 | 36.69 | 977,000 | 1,385,000 |
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. 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 | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| EchoStar | ( DISH | Quote | Chart | News | PowerRating) | 86 | 24.65 | 4,195,000 | 3,661,000 |
class=890430920-15102001>
EchoStar
reversal shown below. As always, wait for the pattern entry, and use proper
money management techniques. For those unfamiliar with this particular
pattern please refer to the 1,2,3
module.
class=890430920-15102001>New Category
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.
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 |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) | 6 | 49.50 | 5,616,000 | 5,150,000 |
class=890430920-15102001>Electronic
Arts has triggered as a potential 1,2,3 reversal pattern after testing overhead
resistance in the form of the 13-Day EMA. Continuation
entries off of the 2 swing point have triggered by .40 (49.90 2 point intraday
chart). This alert was originally posted to our TradersWire
service, and is being shown for the purpose of educating as well as further
potential entries off of solid price setups.
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class=890430920-15102001>
Institutional Favorites.
The following stocks are selected from
the Nasdaq, S&P 500 & 600 Indices. These are normally heavily traded,
liquid issues that
are exhibiting strength, 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 relative
strength 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.
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 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) | 54 | 52.46 | 13,787,000 | 17,569,000 |
| eBay | ( EBAY | Quote | Chart | News | PowerRating) | 79 | 75.20 | 5,973,000 | 10,512,000 |
| Cerner | ( CERN | Quote | Chart | News | PowerRating) | 64 | 35.61 | 792,000 | 911,000 |
class=890430920-15102001>Institutional
Laggards.
The following stocks are selected from
the NASDAQ, S&P500 & 600 Indices. These are normally, heavier traded issues that
are exhibiting relative weakness, pattern setups (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 relative
strength 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.
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) | 22 | 28.06 | 5,145,000 | 5,681,000 |
| Microsoft | ( MSFT | Quote | Chart | News | PowerRating) | 24 | 51 | 33,701,000 | 43,609,000 |
| Emerson | ( EMR | Quote | Chart | News | PowerRating) | 25 | 48 | 1,420,000 | 1,732,000 |
| Morgan Stanley | ( MWD | Quote | Chart | News | PowerRating) | 44 | 39.21 | 4,771,000 | 5,396,000 |
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Best of luck with your trading Thursday. Please use
protective stops on trades.