Tuesday’s Top Names
Blix could not
“fix” the market, as geopolitical tensions escalated throughout the
day.
Existing Home Sales while very strong,
did little to support a market that’s looking like the three little pig’s house
of straw. Sellers have been puffing away the last seven out of eight sessions,
taking away everything but the foundation. When’s the mortar going to hold?
That’s the million dollar question, as tomorrow session promises to be tenuous
as investors await the President’s State of the Union Address.
Technically
the SPYs and DIAs look very similar as they both continue to test key technical
and Fibonacci supports. Today’s trade tested between the 50 and 62% retracement
levels (from the October lows….like a broken record), and a gap support level
dating to October 14th. The QQQs remain the strongest of the big three. It was
actually the only index to establish December Highs above the prior August
Highs, and therefore the only ETF to truly establish the start of a potential
bull. At this time it’s still holding above the December pivot lows (about 1%)
and the 50% retracement level.
The VIX has registered
CVR III and VI buy signals this evening as we go into more of an oversold
condition with no price indication yet, that the selloff is indeed over. A day
showing accumulation by institutions would be a welcome sign in that department,
but until that time comes always remember that with our trusty lists of High and
Low RS issues we’ll trade with the odds on our side, regardless of which way the
wind is blowing.
Hottest Sectors (HOLDRs): Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs):Â
Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating) and Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)Â
Tuesday’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 |
| Mercury Interactive | ( MERQ | Quote | Chart | News | PowerRating) | 90 | 36.27 | 3,628,000 | 4,026,000 |
| Abercrombie & Fitch | ( ANF | Quote | Chart | News | PowerRating) | 90 | 26.30 | 1,765,000 | 2,724,000 |
| Storage Technology | ( STK | Quote | Chart | News | PowerRating) | 85 | 22.67 | 886,000 | 752,000 |
class=890430920-15102001> Macromedia | class=890430920-15102001> ( MACR | Quote | Chart | News | PowerRating) | class=890430920-15102001> 96 | class=890430920-15102001> 15.33 | class=890430920-15102001> 741,000 | class=890430920-15102001> 1,374,000 |
Â
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 |
| Consolidated Edison | ( ED | Quote | Chart | News | PowerRating) | 19 | 39.10 | 913,000 | 1,229,000 |
| Fastenal | ( FAST | Quote | Chart | News | PowerRating) | 26 | 32.96 | 933,000 | 646,000 |
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 |
| Teva Pharmaceuticals | ( TEVA | Quote | Chart | News | PowerRating) | 96 | 38 | 2,861,000 | 2,434,000 |
| Integrated Circuits | ( ICST | Quote | Chart | News | PowerRating) | 79 | 20.50 | 1,614,000 | 1,455,000 |
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 |
| Take-Two Interactive | ( TTWO | Quote | Chart | News | PowerRating) | 7 | 20.13 | 1,871,000 | 741,000 |
| Sungard Data Systems | ( SDS | Quote | Chart | News | PowerRating) | 21 | 19.39 | 1,403,000 | 1,434,000 |
| Harley Davidson | ( HDI | Quote | Chart | News | PowerRating) | 6 | 40.14 | 2,358,000 | 3,759,000 |
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 |
| EchoStar | ( DISH | Quote | Chart | News | PowerRating) | 79 | 23.71 | 4,322,000 | 4,563,000 |
class=890430920-15102001>
EchoStar
has formed a Slim Jim between the 38 and 62% intraday Fibonacci levels. I
normally will only alert one to consolidations if they form above the 50%
mark, but this one happened to be well defined and the volume looks
interestingly bullish towards the end of the day. The session lows tested a
38% Fib. retracement from the September consolidation lows.
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 |
| Eastman Kodak | ( EK | Quote | Chart | News | PowerRating) | 18 | 31.05 | 2,986,000 | 3,499,000 |
| Home Depot | ( HD | Quote | Chart | News | PowerRating) | 5 | 20.58 | 17,600,000 | 16,191,000 |
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 |
| ADTRAN | ( ADTN | Quote | Chart | News | PowerRating) | 85 | 32.71 | 702,000 | 1,889,000 |
class=890430920-15102001>ADTRAN
has formed an intraday 1,2,3 reversal pattern off a test of the 50-Day EMA.
Â
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.
None Today.
Â
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
FavoritesÂ
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) | 67 | 44.21 | 3,407,000 | 4,348,000 |
| Microchip Technology | ( MCHP | Quote | Chart | News | PowerRating) | 15 | 22.24 | 4,568,000 | 5,515,000 |
| Intuit | ( INTU | Quote | Chart | News | PowerRating) | 25 | 46.57 | 3,126,000 | 2,153,000 |
Symantec
tested the prior sessions lows and held. The issue is one of the stronger
technology issues on a daily relative strength basis. It is currently forming an
extended low level Slim Jim and is being viewed as a reversal pattern setup.
Microchip
Technology has formed a High Level intraday 1,2,3 off the 38% Fib. level
in Monday’s session. The stock has demonstrated relative strength the last two
sessions.
Intuit
has formed an intraday Slim Jim on top of the 200-Day EMA.
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 |
| Fifth Third Bancorp | ( FITB | Quote | Chart | News | PowerRating) | 13 | 54.52 | 2,575,000 | 2,420,000 |
| Walmart | ( WMT | Quote | Chart | News | PowerRating) | 13 | 47.05 | 8,415,000 | 10,,844,000 |
| Northrop Grumman | ( NOC | Quote | Chart | News | PowerRating) | 13 | 88.41 | 1,850,000 | 1,297,000 |
| Medtronic | ( MDT | Quote | Chart | News | PowerRating) | 29 | 43.60 | 3,781,000 | 4,373,000 |
Â
Best of luck with your trading Tuesday. Please use
protective stops on trades.