Here Are Monday’s Top Stocks
Friday was yet another day where the
closing prices in the ETFs don’t effectively tell the whole story.
Although our market proxies finished down only
slightly in the red, between one third to a whopping 1% in the QQQs,
there was opportunity for the focused trader.
The ETFs all gapped higher on the
open, propelled by a “lagging economic indicator.” The gap up was greeted by
anxious sellers within the first 20 minutes of trade as “technical selling” off
of key resistance levels provided enough of an impetus to overcome any scarce
bidding of equities over the prior sessions prices. One hour, and 2% lower in the DIAs and the SPYs, intraday
volatility slowed down to a trickle, commensurate with lackluster
volume statistics, which were well below average.
It was another lesson in having yourself ready
for the next trading day, the night before. Trap Door opportunities into a
weekly 50% Fibonacci resistance level, that was confirmed by the intraday 1.0
Volatility Band, as well as the 200-Day SMA were more than reason enough for a
proper entry when combined with the pattern trigger. With the ensuing lethargic
trade of a long intraday Slim Jim, if you weren’t ready…well there’s always
Monday.
As mentioned, the tightening of trade during the
remainder of the day left a lot to be desired. Technically, this left our ETF
friends above recent price pivots and their 50-Day moving averages. This was our
first legitimate zone of support, which was tested during yesterday’s trade.
With the VIX continuing to amaze on the downside, now stretched to the 2.0 Bollinger Band, and a complete 162% Fibonacci retracement
from the March 3 low, to the March 13 high, “things” look primed to move. All I can
say is, “Are you ready?” because this time, you have two extra days
to prepare.
Have a good weekend and see you on Monday.
Hottest Sectors : Health Medical
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)
and Regional Banks
(
RKH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
and Telecomm
(
TTH |
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 |
Nabors | ( NBR | Quote | Chart | News | PowerRating) | 84 | 41.12 | 1,797M | 1,418M |
Expedia | ( EXPE | Quote | Chart | News | PowerRating) | 94 | 52 | 5,027M | 2,282M |
class=890430920-15102001> Panera Breads | class=890430920-15102001> ( PNRA | Quote | Chart | News | PowerRating) | class=890430920-15102001> 39 | class=890430920-15102001> 31.16 | class=890430920-15102001> 888K | class=890430920-15102001> 412K |
class=890430920-15102001>
Panera Breads is
what I would term “deceptively strong,” as the 3 Month doesn’t
reflect a potential breakout candidate. PNRA is technically qualified as a
potential Low ADX triangle candidate…with my hunch on the upside.
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 |
Cephalon | ( CEPH | Quote | Chart | News | PowerRating) | 8 | 37.34 | 2,426M | 2,161M |
Ross Stores | ( ROST | Quote | Chart | News | PowerRating) | 22 | 37.37 | 1,471M | 997K |
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.
class=890430920-15102001>
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 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 |
Netease | ( NTES | Quote | Chart | News | PowerRating) | 94 | 19.33 | 938K | 1,112M |
Yahoo | ( YHOO | Quote | Chart | News | PowerRating) | 87 | 24.44 | 12,229M | 22,055M |
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 |
Kraft | ( KFT | Quote | Chart | News | PowerRating) | 12 | 28.37 | 3,619M | 3,314M |
class=890430920-15102001> Wyeth | class=890430920-15102001> ( WYE | Quote | Chart | News | PowerRating) | class=890430920-15102001> 24 | class=890430920-15102001> 34.51 | class=890430920-15102001> 4,817M | class=890430920-15102001> 6,788M |
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 face=”Arial”>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica face=”Arial”>Price | Pattern Type | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Adobe | ( ADBE | Quote | Chart | News | PowerRating) | 73 | 32.42 | SJ off the 13-DEMA | 3,784M | 2,877M |
class=890430920-15102001> Genzyme | class=890430920-15102001> ( GENZ | Quote | Chart | News | PowerRating) | class=890430920-15102001> 78 | class=890430920-15102001> 34.45 | class=890430920-15102001> Intra Head&Shoulder reversal off 50-DEMA and Price pivots | class=890430920-15102001> 3,274M | class=890430920-15102001> 2,575M |
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 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) | 64 | 132.86 | 2,560M | 2,247M |
Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) | 75 | 58.13 | 3,205M | 2,478M |
USA Interactive | ( USAI | Quote | Chart | News | PowerRating) | 76 | 27.05 | 7,968M | 12,300M |
Fed Ex | ( FDX | Quote | Chart | News | PowerRating) | 57 | 57.47 | 1,652M | 2,256M |
Bed Bath & Beyond | ( BBBY | Quote | Chart | News | PowerRating) | 67 | 37.49 | 3,449M | 3,777M |
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 |
Microsoft | ( MSFT | Quote | Chart | News | PowerRating) | 21 | 24.20 | 68,204M | 71,708M |
Wells Fargo | ( WFC | Quote | Chart | News | PowerRating) | 42 | 46.23 | 5,151M | 5,695M |
Fifth Third Bancorp | ( FITB | Quote | Chart | News | PowerRating) | 14 | 48.70 | 2,814M | 2,151M |
Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) | 12 | 31.88 | 15,272M | 9,172M |
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.