Here Are Friday’s Top Stocks

  • May 1, 2003
  • Chris Tyler

Well, were you ready? With prices in
two of the three ETFs (SPYs and DIAs) forming triple doji’s, and closing flat
on the session, you might assume that today was just another preparatory session
for an imminent move. As volume tapered off, and only the QQQs showing any
meaningful price action, as far as percentage gains are concerned (up 1%),
you’re probably right. But, if you’re a daytrader it was another session marked
by solid gains off of classic intraday setups.

As alluded to, today’s closing prices leave the
ETFs in a struggle between the bulls and bears. The three doji closes testify to
this fact. Go look for yourself, you’ll be very hard pressed to find a similar
pattern for quite some time. In my humble opinion (surely shared by other market
technicians), it’s no coincidence that the price action is contemplating a major
decision. We have significant amounts of resistance that sometime very soon, is
going to leave one group running for cover.

Until then, and always, we have our daytrading to
rely upon. Even in an indecisive market, if we do our homework ahead of time,
keeping our list of High and Low RS issues, we can continue to prosper. While
others are waiting for Mr. Market to make up his mind, we’ll continue to take
the 1,2,3s, the Slim Jim reversals, and a host of other trades as they setup
each and every day, making our decision to trade, an easy one indeed.

Hottest Sectors :  Software
(
SWH |
Quote |
Chart |
News |
PowerRating) and
Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)


Weakest Sectors :  Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)
and Retail
(
RTH |
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.




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

Pacificare Health 

(
PHSY |
Quote |
Chart |
News |
PowerRating)
89
33.91
502K
2,001M

Sandisk

(
SNDK |
Quote |
Chart |
News |
PowerRating)
95
24.44
3,156M
2,333M

 




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

Reebok

(
RBK |
Quote |
Chart |
News |
PowerRating)
19
30.35
785K
686K

Talbotts

(
TLB |
Quote |
Chart |
News |
PowerRating)
37
27.27
353K
539K

Patterson Dental

(
PDCO |
Quote |
Chart |
News |
PowerRating)
12
39.07
796K
984K

 


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 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

InterMune 

(
ITMN |
Quote |
Chart |
News |
PowerRating)
80
22.41
693K
1,699M

Microstrategy

(
MSTR |
Quote |
Chart |
News |
PowerRating)
89
28.75
520K
1,479M

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>









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

Bowater 

(
BOW |
Quote |
Chart |
News |
PowerRating)
16
37.65
499K
700K

Lennar

(
LEN |
Quote |
Chart |
News |
PowerRating)
18
52.99
1,340M
988K


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

Biosite 

(
BSTE |
Quote |
Chart |
News |
PowerRating)
80
43.75
412K
765K

Netscreen

(
NSCN |
Quote |
Chart |
News |
PowerRating)
44
19.95
1,846M
1,378M





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>









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

3M Company 

(
MMM |
Quote |
Chart |
News |
PowerRating)
19
124.90
2,787M
2,270M

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 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.


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 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
Northrop
Grumman
(
NOC |
Quote |
Chart |
News |
PowerRating)		 27 87.58 LONG Hammer
reversal daily off 50DEMA on intraday pullback into support and extended
15min. downtrendline broken		 1,713M 904K

class=890430920-15102001>
CDW Computers
class=890430920-15102001>

(
CDWC |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
20
class=890430920-15102001>
42.41
class=890430920-15102001>
LONG
class=890430920-15102001>
Hammer Daily and gap low test, intraday SJ after extend. downtrend broken
class=890430920-15102001>
2,205M
class=890430920-15102001>
1,475M


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

Merrill Lynch

(
MER |
Quote |
Chart |
News |
PowerRating)
60
40.73
6,095M
5,939M

USA Interactive

(
USAI |
Quote |
Chart |
News |
PowerRating)
91
32.68
7,974M
30,161M

Nextel

(
NXTL |
Quote |
Chart |
News |
PowerRating)
86
15.30
25,720M
26,393M

Adobe

(
ADBE |
Quote |
Chart |
News |
PowerRating)
85
36.71
3,997M
7,029M

Genetech

(
DNA |
Quote |
Chart |
News |
PowerRating)
50
38.75
2,401M
1,826M

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

Teva Pharmaceutical

(
TEVA |
Quote |
Chart |
News |
PowerRating)
59
44.72
2,516M
6,860M

Kohls

(
KSS |
Quote |
Chart |
News |
PowerRating)
78
55.50
3,989M
4,881M

 

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.