Here Are Friday’s Top Names
To celebrate the new
trading year investors bid up stocks like it was 1999 all over again. Were
investors listening to Prince this weekend, and remembering days of yore? Hmmm?
The ETF’s all started off on a positive note as the futures found an early bid
on no particular news, as technical short covering was the most likely
reason. After a multi week pullback from early December highs the ETFs on
Tuesday managed to test key support zones and subsequently reversed to
close well off of those levels. With the holiday jitters behind them, an
oversold condition in the making, and quite literally no bombs to speak of,
investors and traders had some reasons early on to support the market.
The ensuing rally after the initial gap up though
was attributed to the much better than expected ISM report. Investors focus on
the new orders component of the index, considered to be the best leading
indicator of the index, produced a trend day higher to the tune of over 3% in
all of the ETFs. Volume on the day picked up over prior sessions, but was still
below average. Considering the percentage gains in the averages the rally
is suspect at this point due to this lack of participation (volume). Prices are
now above the 50-Day EMA and close to mid December pivot highs. Price supports
have held, now it’s a matter of the institutions showing their conviction in the
form of the fore mentioned volume. A price break through the mid December levels
with confirming volume, and investors might have the much sought after January
Effect, after a no show by Santa Claus this past year. As daytraders our focus
is on staying prepared and not the lore of Wall Street. Make sure one of your
New Year’s resolutions is to concentrate on making consistent profits from both
sides of the market. Going into tomorrow’s session the early advantage would be
for the bulls, but if you make the commitment to your trading plan,
“the advantage” will always be your own. Have a good night.
Hottest Sectors (HOLDR’s):Â Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating) and Telecommunications
(
TTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDR’s): Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating) and
Pharmaceuticals
(
PPH |
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>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Verizon | ( VZ | Quote | Chart | News | PowerRating) | 85 | 40.17 | 7,141,000 | 6,559,000 |
| Medimmune | ( MEDI | Quote | Chart | News | PowerRating) | 84 | 27.88 | 4,770,000 | 3,828,000 |
| Boston Scientific | ( BSX | Quote | Chart | News | PowerRating) | 81 | 42.99 | 2,150,000 | 3,022,000 |
Weak RS issues closing in
Bottom of Range.
Stocks
are scanned from 3 Month RS of 30 or lower and TM’s Implosion and Technology
Implosion Lists on the Indicators page.
class=890430920-15102001>
None Today.
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>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Pactiv Corp | ( PTV | Quote | Chart | News | PowerRating) | 83 | 22.48 | 788,000 | 1,039,000 |
| Anglogold | ( AU | Quote | Chart | News | PowerRating) | 86 | 34.87 | 811,000 | 904,000 |
| Avocent | ( AVCT | Quote | Chart | News | PowerRating) | 89 | 23.90 | 560,000 | 502,000 |
Â
Weak RS issues with
Volume Surge in last hour.Â
Stocks are scanned
from 3 Month RS of 30 or lower and TM’s Implosion and Technology Implosion Lists
on the Indicators page.
size=2>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| InterMune | ( ITMN | Quote | Chart | News | PowerRating) | 8 | 25.39 | 896,000 | 858,000 |
| CV Therapeutics | ( CVTX | Quote | Chart | News | PowerRating) | 10 | 18.54 | 560,000 | 391,000 |
Â
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>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Storage Technology | ( STK | Quote | Chart | News | PowerRating) | 95 | 22.37 | 780,000 | 753,000 |
| SanDisk | ( SNDK | Quote | Chart | News | PowerRating) | 87 | 21.56 | 3,287,000 | 2,028,000 |
| Ticketmaster | ( TMCS | Quote | Chart | News | PowerRating) | 80 | 22.58 | 730,000 | 854,000 |
Â
Weak RS Slim Jimsclass=890430920-15102001>.Â
class=890430920-15102001>Stocks
are scanned from 3 Month RS of 20 or lower and TM’s Implosion and Technology
Implosion Lists on the Indicators page.
size=2>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Take Two Interactive | ( TTWO | Quote | Chart | News | PowerRating) | 9 | 23.25 | 2,051,000 | 1,860,000 |
Â
Best of luck with your trading Friday. Please use
protective stops on trades.