Here Are Monday’s Top Stocks
The green pastures that the bulls
had been feeding on were trimmed and hedged neatly in Friday’s trade. According
to some news reports, investors were out on the “links” today, so it only
stands to reason that the “mowing” of our nicely elevated, green pitch, was the
work of Carl from “Caddyshack.” A second day of declines, after
establishing new relative highs in both the QQQs and the SPYs, had all of the
ETFs closing down about 1.5%, on yet lighter volume than the prior day.
Declining issues led advancers by about a 1.5 to 1 margin. So maybe the red warning flag that the VIX
was waiving was actually being held up by Carl?
Lighter volume and down, still
hurts, regardless of what they say over at IBD. Technically speaking though,
they’ll be right when they also point out that the last two days’ action is
“still” a pullback. The SPYs have held their prior highs from 3/21, and a
trendline drawn from pivot lows. A more classic version of what constitutes a
trendline would have our trend still in effect, as long as the ETF holds above
86.50.
The much talked-about (overbought) run up in
equity prices is not so impressive as one might believe. Look at the daily charts of the ETFs
for the past month and you’ll see that we’re sitting at breakeven for the SPYs
and the QQQs, while the DIAs are actually down for this period of time.
Overbought a month ago? Indeed, but time and trading ranges just might heal some
of those bullish horn imprints from days gone by.
For those position traders, as well as us caveman
daytraders out there, take advantage of the extra time to go through and prepare
your list of High and Low RS issues. Come Monday, when “everyone” is back from
the golf course, we want to be ready ‘”to swing” our trades in the same direction
as the market fairway. No matter where the hole lies that day, we’ll be ready to
hit our very own hole-in-one.
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and
Retail
(
RTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Software
(
SWH |
Quote |
Chart |
News |
PowerRating)
and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Monday’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 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 |
Kronos | ( KRON | Quote | Chart | News | PowerRating) | 77 | 43.50 | 287K | 797K |
Integra Lifesciences | ( IART | Quote | Chart | News | PowerRating) | 93 | 26.30 | 450K | 1,359M |
class=890430920-15102001> United Online | class=890430920-15102001> ( UNTD | Quote | Chart | News | PowerRating) | class=890430920-15102001> 89 | class=890430920-15102001> 19.78 | class=890430920-15102001> 1,346M | class=890430920-15102001> 1,033M |
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 VolumeR |
Reebok | ( RBK | Quote | Chart | News | PowerRating) | 35 | 30.95 | 758K | 1,021M |
Cabot Microelectronics | ( CCMP | Quote | Chart | News | PowerRating) | 24 | 42.68 | 970K | 1,098M |
Anglogold | ( AU | Quote | Chart | News | PowerRating) | 11 | 28.38 | 950K | 499K |
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.
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.
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 VolumeR |
IDEC Pharmaceuticals | ( IDPH | Quote | Chart | News | PowerRating) | 22 | 32.22 | 3,957M | 4,024M |
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.
class=890430920-15102001>
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 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 |
Investors Financial Services | ( IFIN | Quote | Chart | News | PowerRating) | 8 | 21.85 | 846K | 392K |
Apache | ( APA | Quote | Chart | News | PowerRating) | 30 | 58.77 | 1,710M | 2,608M |
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.
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 |
| Linear Technology | ( LLTC | Quote | Chart | News | PowerRating) | 76 | 33.75 | LONG | SJ off 50% Fib.and pivot trendline test on daily | 7,155M | 7,441M |
class=890430920-15102001> Netease | class=890430920-15102001> ( NTES | Quote | Chart | News | PowerRating) | class=890430920-15102001> 91 | class=890430920-15102001> 19.38 | class=890430920-15102001> SHORT | class=890430920-15102001> SJ near lows on outside day and trendline break, and weaking stochastics | class=890430920-15102001> 1,169M | class=890430920-15102001> 3,025M |
class=890430920-15102001> Analog Devices | class=890430920-15102001> ( ADI | Quote | Chart | News | PowerRating) | class=890430920-15102001>80 | class=890430920-15102001>31.32 | class=890430920-15102001>LONG | class=890430920-15102001>SJ off zone support of prior pivots and 38% Fib.retracement | class=890430920-15102001>3,838M | class=890430920-15102001>5,280M |
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>
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 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 |
Amazon | ( AMZN | Quote | Chart | News | PowerRating) | 87 | 28.97 | 8,379M | 40,054M |
General Electric | ( GE | Quote | Chart | News | PowerRating) | 81 | 29.11 | 22,697M | 19,262M |
Nextel | ( NXTL | Quote | Chart | News | PowerRating) | 59 | 13.92 | 24,214M | 21,188M |
Institutional
Laggards.
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 |
Intuit | ( INTU | Quote | Chart | News | PowerRating) | 9 | 37.24 | 4,760M | 5,248M |
Pfizer | ( PFE | Quote | Chart | News | PowerRating) | 26 | 30.37 | 18,718M | 25,466M |
Altria | ( MO | Quote | Chart | News | PowerRating) | 15 | 31 | 13,220M | 15,098M |
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
you’d like more information, click
here.