Thursday’s Top Stocks

  • March 5, 2003
  • Chris Tyler

It really doesn’t matter what Colin Powell or Secretary Snow say on any given day.
What really matters to daytraders is what the market says through price and
volume. Today
we can call it a rally on stronger volume, as the DIAs and SPYs both managed to
close near session highs, up nearly a percentage point.  

What also matters, is
what I failed to say in the above. The QQQs failed to rally strongly, as there
were only pockets of strength within this index proxy. Incidentally, the two
ETFs that did close handily in the green, are also still in our trading
range. For the position traders, definitely nothing to get excited about,
unless you enjoy rolling the dice in dark urban alleyways. Fortunately, for the
disciplined daytrader there was some opportunity to be had. 1,2,3 lower low
setups did present themselves in the minis and ETFs. 

The pattern was there,
but it wasn’t exactly a lay-up. The technical support in the form of Fibonaccis,
prior price supports, moving averages, and volatility bands wasn’t exactly
screaming “This is it, baby!” I made a lame argument last night for
potential support and reversal setups, but I’ll be the first to admit, I’m
waiting for Haggerty’s morning commentary to find the hidden supports that
further validated the reversal entries. 

With that said, for
those willing to trade with patience and discipline, the mantra of the
daytrading game, it was still a day to appreciate. BTW, on that note of
discipline and patience, good luck to all of those observing the beginning of Lent… a disciplined lot indeed, and worthy of making it through a tough day in more ways
than one, I’m sure.

 

Hottest Sectors (HOLDRs):
Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating) and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)


Weakest Sectors (HOLDRs): Oil
Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and Software
(
SWH |
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>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)		 95 38.23 356K 612K
Biovail
(
BVF |
Quote |
Chart |
News |
PowerRating)		 89 38.41 1,040M 3,429M

 



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>







class=890430920-15102001>







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
ICOS 
(
ICOS |
Quote |
Chart |
News |
PowerRating)		 6 18.30 1,203M 1,388M

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.



None Today.


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
DST
(
DST |
Quote |
Chart |
News |
PowerRating)		 11 26.05 454K 663K
Gentex
(
GNTX |
Quote |
Chart |
News |
PowerRating)		 20 24.92 988K 1,936M

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.



None Today.





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>







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)		 12 56.45 1,991M 3,321M

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.




class=890430920-15102001>










class=890430920-15102001>




























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
Cymer
Inc.
(
CYMI |
Quote |
Chart |
News |
PowerRating)		 17 26.85 intraday
double bottom w/stoch.diverg.		 1,785M 3,200M

class=890430920-15102001>
Integrated
Circuits Systems
class=890430920-15102001>

(
ICST |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
87
class=890430920-15102001>
23.10
class=890430920-15102001>
Slim Jim reversal off lows
class=890430920-15102001>
1,707M
class=890430920-15102001>
2,136M

class=890430920-15102001>
Automatic
Data
class=890430920-15102001>

(
ADP |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
18
class=890430920-15102001>
31.80
class=890430920-15102001>
“W”
intraday bottom
class=890430920-15102001>
2,558M
class=890430920-15102001>
1,931M


class=890430920-15102001>
Cymer
Inc., looks
interesting on the pattern setup, but no daily chart points exist, that I
could point out on this Low RS issue. The reason for listing this one is
that if the semis continue to follow through, this laggard, one time leader
is one to consider as a reversal candidate on a closing basis.


class=890430920-15102001>Automatic
Data is another Low RS
reversal candidate (maybe a new category is in the offing?). This one tested in
today’s session as a double bottom on the daily chart, so it does have some
valid technical support from which the pattern has developed.


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.


class=890430920-15102001>


None Today.

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

Amgen

(
AMGN |
Quote |
Chart |
News |
PowerRating)
81
55.33
12,071M
15,083M

EchoStar
Communications

(
DISH |
Quote |
Chart |
News |
PowerRating)
94
28.80
3,767M
9,200M

Amazon

(
AMZN |
Quote |
Chart |
News |
PowerRating)
55
22.48
7,281M
5,000M

Maxim Integrated

(
MXIM |
Quote |
Chart |
News |
PowerRating)
36
34.34
7,781M
11,694M

Linear Technology

(
LLTC |
Quote |
Chart |
News |
PowerRating)
65
30.02
6,260M
6,482M

 

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

Adobe

(
ADBE |
Quote |
Chart |
News |
PowerRating)
44
25.94
2,718M
5,520M

IDEC
Pharmaceuticals

(
IDPH |
Quote |
Chart |
News |
PowerRating)
30
28.67
3,357M
3,034M

Bed Bath &
Beyond

(
BBBY |
Quote |
Chart |
News |
PowerRating)
42
31.37
3,144M
4,002M

 

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 Intra-day Breakouts. If


class=890430920-15102001>
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here.