Here Are Tuesday’s Top Stocks
Monday’s trade saw
heavier volume as the ETFs all closed down with heavy percentage losses. As
another weekend passed with Operation Iraqi Freedom still a work in progress,
investors it seems, are becoming increasingly impatient with holding on to
recently acquired positions. The Chicago PMI report released during early
morning trade didn’t help investors either, as the report is considered a
harbinger for tomorrow’s ISM Index. Losses in the ETFs were centered around the
2% mark with declining issues outpacing advancers by approximately a 1.5 to 1
margin.
Well, investors might not have liked
the “news,” but for daytraders it was another day that produced
textbook intraday setups, such as Trap Door opportunities off the “very
scary” economic report at 10 a.m. eastern time. These triggers came in
below the 50% Fibonacci retracement support levels in the ETFs. Extended
intraday downside action, through “the number”, took the indices down
to the 2 Volatility Band before reversing out of the aforementioned pattern set
up. The opportunity was there today, and if you didn’t take advantage of it, or
are new to the patterns, do yourself the favor and maybe take a look at the “Live
From TradersWire” article.
Both the SPYs and the DIAs closed at
the 50% Fibonacci support levels, with the QQQs closing decidedly below this
level. My own opinion is that with the VIX not confirming the pullback thus far,
i.e., “no fear,” I don’t see a reason to be a hero just yet.
Fortunately, opinion can be replaced by action, each and every trading day with
my list of High and Low RS stocks. That way, each and every day, regardless if
we’re up or down, a call on the market can be replaced by consistent daily
profits in my daytrading endeavors.
Hottest Sectors : Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)
and Health Medical
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
and Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Tuesday’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 |
UTStarcom | ( UTSI | Quote | Chart | News | PowerRating) | 78 | 19.99 | 2,142M | 2,015M |
Garmin | ( GRMN | Quote | Chart | News | PowerRating) | 85 | 35.80 | 509K | 625K |
class=890430920-15102001> Coach | class=890430920-15102001> ( COH | Quote | Chart | News | PowerRating) | class=890430920-15102001> 84 | class=890430920-15102001> 38.35 | class=890430920-15102001> 1,090M | class=890430920-15102001> 672K |
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>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) | 29 | 26.16 | 5,111M | 5,475M |
Cymer | ( CYMI | Quote | Chart | News | PowerRating) | 10 | 23.71 | 1,932M | 1,309M |
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 |
Netease | ( NTES | Quote | Chart | News | PowerRating) | 97 | 14.95 | 843K | 1,293M |
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.
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.
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) | 14 | 15.28 | 7,550M | 7,510M |
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.
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 |
| Zimmer Holdings | ( ZMH | Quote | Chart | News | PowerRating) | 86 | 48.63 | Double Bottom Intraday | 1,276M | 878K |
class=890430920-15102001> Adobe | class=890430920-15102001> ( ADBE | Quote | Chart | News | PowerRating) | class=890430920-15102001> 89 | class=890430920-15102001> 30.83 | class=890430920-15102001> Cup & Handle Intraday | class=890430920-15102001> 3,615M | class=890430920-15102001> 4,080M |
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.
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 |
Johnson & Johnson | ( JNJ | Quote | Chart | News | PowerRating) | 70 | 57.87 | 7,629M | 9,511M |
Starbucks | ( SBUX | Quote | Chart | News | PowerRating) | 88 | 25.77 | 4,344M | 4,642M |
Proctor Gamble | ( PG | Quote | Chart | News | PowerRating) | 70 | 89.05 | 3,792M | 5,038M |
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 |
Intuit | ( INTU | Quote | Chart | News | PowerRating) | 8 | 37.20 | 4,753M | 4,525M |
Cephalon | ( CEPH | Quote | Chart | News | PowerRating) | 11 | 39.94 | 2,247M | 2,006M |
Freddie Mac | ( FRE | Quote | Chart | News | PowerRating) | 35 | 53.10 | 3,837M | 3,957M |
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.