These Are Thursday’s Top Stocks
Thanks in no small
part to the lack of resistance on the War front, the ETFs established solid
advances on heavy volume. The
“war card” was played to the hilt in Wednesday’s session, as the U.S.
markets offered little in the way of “resistance.” A gap higher in the
index proxies turned into a genuine “full house” by the end of the
day. The ETFs closed up solidly in the green with gains between 2.5% and roughly
4%, on confirmation in the form of a broad-based rally with institutional volume
attached, as both major markets notched accumulation days.
After the initial gap higher deep into
“resistance,” the ETFs essentially traded in a very tight, choppy
range. The delta neutral trade continues to be the market hedge of choice for
position traders. In an environment that seems intent on proving the
saying, “you’re #$@ if you do, you’re @$%@^ if you don’t,” this has
offered some nice opportunities over the past week. Two days of trading into
price supports followed by a surge higher on a couple of nice overnight gaps,
has surely benefited this type of position, designed to trade the moves, without
the hassle of needing an overnight opinion.
Personally, the VIX continues to
surprise to the downside, much like the most recent upside price action in the
ETFs. That’s OK though, as opinions and delta neutral positions are quickly
replaced by opportunities. As “the ducks continue to quack,” this type
of position is paid for by the wildlife that seems to constantly appear in
today’s market. From bears to bulls to ducks, hopefully this turns into an Ark
like Noah’s, double of everything we’ve seen in the last week. Just say mooo.
Of course there’s always our favorite
way to make money without carrying overnight, and that’s successful daytrading.
Keep making your list of High and Low RS issues, then trade ’em as you see ’em
the next day, and let others concern themselves with learning about “Greeks.” (We’d rather have a “gyro,” rather than trying to be a “hero”
any day of the week.)
Hottest Sectors : Telecomm
(
TTH |
Quote |
Chart |
News |
PowerRating)
and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)
and Oil Services
(
OIH |
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.
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 |
Ryland | ( RYL | Quote | Chart | News | PowerRating) | 91 | 46.60 | 668K | 1,046M |
Teva Pharmaceuticals | ( TEVA | Quote | Chart | News | PowerRating) | 88 | 45.31 | 2,428M | 4,073M |
class=890430920-15102001> United Online | class=890430920-15102001> ( UNTD | Quote | Chart | News | PowerRating) | class=890430920-15102001> 94 | class=890430920-15102001> 19.30 | class=890430920-15102001> 1,158M | class=890430920-15102001> 3,012M |
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>
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 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 |
Biovail | ( BVF | Quote | Chart | News | PowerRating) | 93 | 42.48 | 1,214M | 1,337M |
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>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) | 90 | 39.54 | 805K | 1,230M |
Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) | 81 | 60.45 | 3,498M | 4,517M |
Nike | ( NKE | Quote | Chart | News | PowerRating) | 77 | 52.30 | 1,597M | 1,639M |
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 |
Newmont | ( NEM | Quote | Chart | News | PowerRating) | 19 | 25.21 | 5,067M | 4,862M |
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>
None Today.
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.
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 |
| Fifth Third Bancorp | ( FITB | Quote | Chart | News | PowerRating) | 16 | 50.35 | Testing downtrending SJ supports intraday | 2,755M | 2,929M |
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
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 |
Adobe | ( ADBE | Quote | Chart | News | PowerRating) | 90 | 32.86 | 3,697M | 5,428M |
MedImmune | ( MEDI | Quote | Chart | News | PowerRating) | 84 | 33.81 | 4,130M | 4,045M |
Linear Technologies | ( LLTC | Quote | Chart | News | PowerRating) | 88 | 33.74 | 6,758M | 8,302M |
3M Company | ( MMM | Quote | Chart | News | PowerRating) | 70 | 133.64 | 2,556M | 2,751M |
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 |
PeopleSoft | ( PSFT | Quote | Chart | News | PowerRating) | 25 | 16.15 | 7,450M | 9,648M |
Freddie Mac | ( FRE | Quote | Chart | News | PowerRating) | 36 | 54.79 | 3,881M | 2,705M |
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 Intraday Breakouts. If
class=890430920-15102001>
you’d like more information, click
here.