Here Are Friday’s Top Stocks

  • May 8, 2003
  • Chris Tyler

‘Is it safe?’

The quote comes from the movie Marathon Man, but
seems quite appropriate for the market, given that the ‘diamonds’ (DIA)
have pulled back to their 200-Day EMA and weekly trendline support. In
Thursday’s trade the ETFs all finished the session down after gapping lower on
more ‘pullback’, or profit-taking action. The losses in our three amigos was
contained to approximately .8 and 1.5%, depending on which ETF is ‘your best
friend’. Volume on the session was lighter than on recent accumulation days, and
market breadth favored decliners with a ratio approaching 1.4 to 1. This
translates into a fairly healthy, and orderly price consolidation in the broader
market. 

It’s so nice when the market acts well. What I
mean to say is that today brought about another session of constructive action
within an established uptrend. Although ‘they bagged’ the grocer today
(
WFMI |
Quote |
Chart |
News |
PowerRating),
most of the percentage losses in individual issues is a welcome sign for
those looking to buy strong issues on pullback moves into price supports. With
the weak “shooting star” like close in the averages we might not be
done yet, but get ready. Many stocks are starting to set up near price supports
as we await the markets next move.

For the rest of us there’s always the intraday
fun, without all the hassle of holding and waiting overnight. If you don’t know
what I mean, take a look at today’s Live
from TradersWire article, or check out the classic 1,2,3
reversal in Pixar
(
PIXR |
Quote |
Chart |
News |
PowerRating). Both were alerted to by yours truly,
but if you continue to do your nightly work consisting of High and Low RS
issues, pretty soon you’ll be saying, “It’s Too Easy”, all on your
own…btw our little amigo friend The Globe (TGLO), “pulled
back” a bit more south in today’s trade.

Hottest Sectors :   Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)


Weakest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) and Broker / Dealers
(
$XBD.X |
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.




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class=890430920-15102001>









size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Artisan Components 

(
ARTI |
Quote |
Chart |
News |
PowerRating)
84
21.15
319K
830K

Boston Scientific

(
BSX |
Quote |
Chart |
News |
PowerRating)
58
46.11
2,751M
2,681M

 




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 face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

HCA 

(
HCA |
Quote |
Chart |
News |
PowerRating)
11
31.45
5,656M
4,456M

Fiserv

(
FISV |
Quote |
Chart |
News |
PowerRating)
8
28.77
1,919M
2,260M

 


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.


class=890430920-15102001>

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.




class=890430920-15102001>









class=890430920-15102001>









size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Genentech 

(
DNA |
Quote |
Chart |
News |
PowerRating)
27
35.76
2,537M
3,085M


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 face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Cost Plus 

(
CPWM |
Quote |
Chart |
News |
PowerRating)
80
32.62
252K
454K

Network Appliance

(
NTAP |
Quote |
Chart |
News |
PowerRating)
84
15.28
7,100M
7,656M

Protein Design Labs

(
PDLI |
Quote |
Chart |
News |
PowerRating)
74
9.55
1,166M
3,765M





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>









class=890430920-15102001>









size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Bausch & Lomb 

(
BOL |
Quote |
Chart |
News |
PowerRating)
30
33.24
622K
993K

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

short or 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
,Slim Jim (SJ)
consolidations, and Triangles. 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 face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price Direction Pattern
Type		 class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume
BEA
Systems
(
BEAS |
Quote |
Chart |
News |
PowerRating)		 39 10.80 LONG Double
Bottom Intraday into 50 and 200DEMA		 10,879M 8,985M

class=890430920-15102001>
Mid Atlantic
Medical
class=890430920-15102001>

(
MME |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
81
class=890430920-15102001>
45.25

 class=890430920-15102001>LONG

 class=890430920-15102001>SJ out of a 1,2,3
bottom 		 class=890430920-15102001>455K class=890430920-15102001>1,497M

class=890430920-15102001>
Documentum
class=890430920-15102001>

(
DCTM |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
82
class=890430920-15102001>18.72
 class=890430920-15102001>LONG

 class=890430920-15102001>30-Min.extended Triangle off prior b/o supports class=890430920-15102001>1,259M class=890430920-15102001>591K

 


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 or long 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>











class=890430920-15102001>





















size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price Direction Pattern
Type		 class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume
Transocean
(
RIG |
Quote |
Chart |
News |
PowerRating)		 11 19.86 SHORT Head
& Shoulder Intraday against 50-DEMA		 2,925M 6,007M

class=890430920-15102001>
3M Company
class=890430920-15102001>

(
MMM |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
15
class=890430920-15102001>
123.10

 class=890430920-15102001>SHORT
 class=890430920-15102001>SJ into Daily pivot
trendline (3/12-4/25)		 class=890430920-15102001>2,847M class=890430920-15102001>3,282M


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 face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Yahoo

(
YHOO |
Quote |
Chart |
News |
PowerRating)
75
25.08
13,369M
8,190M

Checkpoint Software

(
CHKP |
Quote |
Chart |
News |
PowerRating)
73
17.48
3,184M
4,523M

Weatherford

(
WFT |
Quote |
Chart |
News |
PowerRating)
59
43.08
1,256M
1,623M

Echostar

(
DISH |
Quote |
Chart |
News |
PowerRating)
81
33.28
4,080M
4,495M

Institutional
Laggards.



class=890430920-15102001>









class=890430920-15102001>









class=890430920-15102001>

















size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001>Relative
Strength 		class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Qualcomm

(
QCOM |
Quote |
Chart |
News |
PowerRating)
7
30.38
15,020M
24,927M

Goldman Sachs

(
GS |
Quote |
Chart |
News |
PowerRating)
34
74.06
4,696M
7,119M

Kohl’s

(
KSS |
Quote |
Chart |
News |
PowerRating)
18
53.25
4,337M
13,111M

 

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 Intra-day Breakouts. If
you’d like more information, click
here.