Thursday’s Top Stocks

  • May 21, 2003
  • Chris Tyler

A downgrade of Cisco Systems (CSCO)
and a rumored ‘block’ of stock for sale in Mr. Softy (MSFT) kept the QQQs under
wraps in Wednesday’s trade. Concern over
Greenspan’s testimony to the JEC also added some downside pressure in morning
trade, but session lows were nonetheless kept in check by Tuesday’s technical
supports. The better part of the afternoon was spent drifting up in choppy trade
on lighter, moderate volume. The SPY’s and DIAs managed to eke out small
fractional gains, while the QQQs finished down slightly on the heels of
Cisco and Microsoft. Advancing issues held the advantage over declining issues
by a small margin of less than 1.5:1 in a day that went on the books as an
“inside session”.

Supports have held, and with an inside day being
established we have the opportunity to play the reversal set ups that are
occurring in many issues after a three session pullback. Of course a breach of
pivot lows, not too far away on a percentage basis, could also provide
opportunity for action from the short side. The late day trade seems to suggest
further upside, but since we have the luxury to make our decisions during the
trading day, we need not concern ourselves too much with what might happen, but
with ‘what is’, as today becomes tomorrow. As daytraders we continue to maintain
our nightly list of the best acting stocks on a closing basis, but only choose
(trade) those berries from the trading tree that fall at our feet, and make
themselves easy pickings the very next day. 

Volatility Readings:

Volatility
Index		 Close Net
Change		 Signals/Direction %
Above/Below 10 Day Moving Average		 Significance
VIX 23.21 Down
.16		      
None		 3.5%
Above 		 Not
At Extreme
VXN 30.88 Down
1.34		       None 4%
Below
Not At Extreme

 

Hottest Sectors : Oil
Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and Broker / Dealers
(
$XBD.X |
Quote |
Chart |
News |
PowerRating)


Weakest Sectors : Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating) and Internet
(
HHH |
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.




class=890430920-15102001>









class=890430920-15102001>









class=890430920-15102001>

























size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Boston Scientific 

(
BSX |
Quote |
Chart |
News |
PowerRating)
64
50.08
2,853M
6,070M

National Semiconductor

(
NSM |
Quote |
Chart |
News |
PowerRating)
88
23.07
2,903M
2,531M

class=890430920-15102001>
Sandisk
class=890430920-15102001>

(
SNDK |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
90
class=890430920-15102001>
31.36
class=890430920-15102001>
3,539M
class=890430920-15102001>
10,018M

class=890430920-15102001>
Wellpoint Health
class=890430920-15102001>

(
WLP |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
76
class=890430920-15102001>
85.68
class=890430920-15102001>
1,633M
class=890430920-15102001>
3,077M

 




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.

class=890430920-15102001>



















size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Hyperion Solutions 

(
HYSL |
Quote |
Chart |
News |
PowerRating)
61
2.42
767K
1,282M

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 face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Integra Life
Sciences 

(
IART |
Quote |
Chart |
News |
PowerRating)
75
27.47
417K
1,277M

Sepracor

(
SEPR |
Quote |
Chart |
News |
PowerRating)
83
20.10
1,534M
3,020M

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 face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price Type class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

USA Interactive 

(
USAI |
Quote |
Chart |
News |
PowerRating)
82
34.10
SJ at highs
10,114M
8,540M





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>






class=890430920-15102001>










class=890430920-15102001>



















size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price Type class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Target 

(
TGT |
Quote |
Chart |
News |
PowerRating)
56
33.06
SJ at lows
4,947M
3,352M

class=890430920-15102001>
MedImmune
class=890430920-15102001>

(
MEDI |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
40


class=890430920-15102001>
32.78


class=890430920-15102001>
SJ at lows


class=890430920-15102001>
3,903M


class=890430920-15102001>
5,736M


class=890430920-15102001>Stock Reversal Setups Closing Basis.

Stocks that are setting up on a closing basis as potential long
or short 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
,Slim Jim (SJ)
consolidations, and Triangles. Background
technical supports in the form of Fibonacci levels, EMAs (DEMA=daily ema), RS, and former price
action are
used in the decision making process.


class=890430920-15102001>Long Reversals class=890430920-15102001>Closing Basis.




class=890430920-15102001>










class=890430920-15102001>



















size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price Pattern
Type		 class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume
Apollo
(
APOL |
Quote |
Chart |
News |
PowerRating)		 45 54.12 Continuation
move off Hammer reversal at 50-DEMA		 2,092M 1,634M

class=890430920-15102001>
Artisan Components
class=890430920-15102001>

(
ARTI |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
59
class=890430920-15102001>
20.13
class=890430920-15102001>
SJ at highs after holding technical daily
supports
class=890430920-15102001>
420K
class=890430920-15102001>
833K

 


class=890430920-15102001>Short
Reversals
 Closing Basis.



class=890430920-15102001>
None Today.




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.

Institutional
Favorites 































size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Electronic Arts 

(
ERTS |
Quote |
Chart |
News |
PowerRating)
62.31
3,459M
3,758M

Cost Plus

(
COST |
Quote |
Chart |
News |
PowerRating)
34.62
4,225M
4,225M

Nextel

(
NXTL |
Quote |
Chart |
News |
PowerRating)
14.47
24,033M
20,328M

 

Institutional
Laggards.
























size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Microsoft 

(
MSFT |
Quote |
Chart |
News |
PowerRating)
24.03
61,066M
108,993M

Johnson & Johnson

(
JNJ |
Quote |
Chart |
News |
PowerRating)
53.45
7,467M
9,886M

      

 

Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.


P.S. I’ve
just released a new trading module on Intra-day Breakouts. If
you’d like more information, click
here.