Here Are Friday’s Top Names
The numbers coming out of bellwether issues
such as United
Technologies, Sears, and
Yahoo! were good, but apparently not quite good
enough. Without
evidence of positive reassurances going forward (from corporate America), Wall
Street focused on the ongoing political concerns and escalating commodities
prices. In Thursday’s session, this proved to be enough ammo with which to keep
the ETFs in the red for the session.
Losses all told were moderate, with
the
(
DIA |
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(
SPY |
Quote |
Chart |
News |
PowerRating)s closing off about a half percent, and the
(
QQQ |
Quote |
Chart |
News |
PowerRating)s approximately
1%. Today’s action leaves the ETFs still in their respective ranges, although
warning lights in the form of distribution were confirmed in today’s trade. With
more 800 pound gorillas such as
(
MSFT |
Quote |
Chart |
News |
PowerRating),
(
EBAY |
Quote |
Chart |
News |
PowerRating), and
(
IBM |
Quote |
Chart |
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PowerRating) out with
earnings tonight, Friday should prove to be an interesting day for the markets.
Yesterday I mentioned that Wednesday’s price
action was the first in quite some time that was greeted with sellers on
negative news. Let’s see how the market reacts to tonight’s reports, as they
have the potential to be "pivotal." What I mean by this is that, since we remain
in consolidation patterns, the Street’s response to this latest round of
earnings could easily take us out of the range, one way or the other.
Fortunately, as daytraders we don’t
have to make this call before it happens. Our job, as always, is to stay
prepared with our lists of strong and weak candidates, and then trade those
issues that best fit the prevailing conditions.
Have a good evening.
Hottest Sectors (HOLDRs): Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and Biotechs
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
and Semiconductors
(
SMH |
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 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) | 94 | 38.47 | 3,518,000 | 3,365,000 |
| Abercrombie & Fitch | ( ANF | Quote | Chart | News | PowerRating) | 92 | 27.50 | 1,742,000 | 2,937,000 |
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 |
| Progressive | ( PGR | Quote | Chart | News | PowerRating) | 10 | 46.55 | 602,000 | 1,595,000 |
| First Health Group | ( FHCC | Quote | Chart | News | PowerRating) | 7 | 22.94 | 1,275,000 | 1,660,000 |
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 |
| Boston Scientific | ( BSX | Quote | Chart | News | PowerRating) | 53 | 45.17 | 1,981,000 | 3,126,000 |
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 |
| InterMune | ( ITMN | Quote | Chart | News | PowerRating) | 2 | 20.15 | 1,012,000 | 2,063,000 |
| Cooper | ( COO | Quote | Chart | News | PowerRating) | 14 | 25.15 | 566,000 | 665,000 |
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 |
| United Technologies | ( UTX | Quote | Chart | News | PowerRating) | 67 | 66.21 | 2,174,000 | 3,704,000 |
| Royal Gold | ( RGLD | Quote | Chart | News | PowerRating) | 84 | 25.67 | 587,000 | 762,000 |
| Barr Labs | ( BRL | Quote | Chart | News | PowerRating) | 77 | 78.80 | 585,000 | 1,350,000 |
class=890430920-15102001>
Royal Gold
is an example of a potential Shake-n-Bake 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.
None Today.
class=890430920-15102001>New Category
High RS
Reversal Patterns.
Stocks with 3 Month RS of 80 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 |
| Xilinx | ( XLNX | Quote | Chart | News | PowerRating) | 88 | 24.14 | 8,649,000 | 10,687,000 |
| Amazon | ( AMZN | Quote | Chart | News | PowerRating) | 55 | 21.80 | 8,649,000 | 7,954,000 |
class=890430920-15102001>
Xilinx is a
potential 1,2,3 buy side setup with background pattern support in the form of a
38% Fibonacci retracement level.
class=890430920-15102001>Amazon
is a potential 1,2,3 continuation entry with support lows found off the 10 and
20-Day EMAs on the Daily chart.
class=890430920-15102001>New Category
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 |
| Echostar | ( DISH | Quote | Chart | News | PowerRating) | 86 | 26.55 | 4,158,000 | 3,318,000 |
| Staples | ( SPLS | Quote | Chart | News | PowerRating) | 62 | 18.71 | 4,755,000 | 4,661,000 |
| Accredo Health | ( ACDO | Quote | Chart | News | PowerRating) | 58 | 37.56 | 759,000 | 630,000 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) | 78 | 18.75 | 10,041,000 | 29,315,000 |
class=890430920-15102001>Institutional
Laggards.
The following stocks are selected from
the Nasdaq, S&P 500 & 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 |
| NVIDIA | ( NVDA | Quote | Chart | News | PowerRating) | 79 | 11.17 | 11,011,000 | 17,070,000 |
| Cardinal Health | ( CAH | Quote | Chart | News | PowerRating) | 13 | 60.25 | 3,002,000 | 2,690,000 |
| Panera Bread | ( PNRA | Quote | Chart | News | PowerRating) | 64 | 34.21 | 588,000 | 1,456,000 |
| Linear Technology | ( LLTC | Quote | Chart | News | PowerRating) | 75 | 28.33 | 7,195,000 | 7,600,000 |
| Cintas | ( CTAS | Quote | Chart | News | PowerRating) | 24 | 44.74 | 1,296,000 | 1,145,000 |
class=890430920-15102001>NVIDIA
is an example of strategy called the “Broken
Crown." This is a trade type developed, and used by Derrik
Hobbs. In his new Fibonacci module called the Hobbs
Triple Crown Strategy you can learn more about this particular high
probability trade (which involves failure of a key Fibonacci support zone), and
add it to your arsenal of trading weapons.
Best of luck with your trading Friday. Please use
protective stops on trades.