Here Are Monday’s Top Stocks
Shakespeare must have been thinking about the markets of his time when he
came up with the title, “Much Ado About Nothing.” All
three of the ETFs finished the session in…..their respective trading ranges.
Oh, I’m sorry, I almost forgot about the victory for the bulls, as our market
bellwethers closed in positive territory as well. Forgive me if I’m not overly
excited, but today capped the third week of range-bound activity for the
averages, and with the ongoing geopolitical hysterics holding the markets
hostage, don’t get overly excited until this situation resolves itself,
otherwise you’re apt to become thoroughly disappointed. Don’t buy the rumor or the
news; concentrate your efforts on buying and selling when price and
volume are telling you it’s the appropriate time to do so, during market hours,
and leave your weekends open to suggestion, and not the vagaries of a prisoner
of war (market).
Is the glass half full or half empty?
Maybe that’s what market participants should be asking themselves as they go
home for the weekend. It seems appropriate as the SPYs closed at the 50%
Fibonacci retracement level of our three-week trading range. It must be said
that Friday’s action was constructive, as it was a day marked by accumulation,
or higher volume at a minimum, as traders brushed aside the initial doom and
gloom in favor of short-covering and bargain-hunting activities. But, that’s
about as enthusiastic as you’ll catch me, due to the forementioned, “home
on the range” conditions that continue to persist.
Fortunately, as daytraders our
thoughts will be geared towards more constructive activities than that of our
position-carrying brethren. What that means of course is taking a little bit of
time from our well-deserved weekend, and mapping out the best High and Low RS
issues. Come Monday, when “today’s” headlines become the latest and
greatest news to move the market, we’ll be there ready for action with the
stocks best suited for that day’s conditions.
Hottest Sectors (HOLDRs): Oil
Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Biotechs
(
BBH |
Quote |
Chart |
News |
PowerRating) and Pharmaceuticals
(
PPH |
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>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 |
| Coach | ( COH | Quote | Chart | News | PowerRating) | 89 | 36.55 | 1,075M | 1,035M |
| Integrated Circuits | ( ICST | Quote | Chart | News | PowerRating) | 89 | 23.19 | 1,730M | 1,401M |
class=890430920-15102001> OmniVision | class=890430920-15102001> ( OVTI | Quote | Chart | News | PowerRating) | class=890430920-15102001> 91 | class=890430920-15102001> 18.04 | class=890430920-15102001> 1,376M | class=890430920-15102001> 1,791M |
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>
None Today.
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 |
| Biovail | ( BVF | Quote | Chart | News | PowerRating) | 94 | 38.91 | 1,109M | 1,327M |
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>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 |
| Zimmer Holdings | ( ZMH | Quote | Chart | News | PowerRating) | 87 | 45.20 | 1,130M | 916K |
| Wallace Computer | ( WCS | Quote | Chart | News | PowerRating) | 92 | 25.89 | 840K | 556K |
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 |
| General Dynamics | ( GD | Quote | Chart | News | PowerRating) | 10 | 55.08 | 2,093M | 3,347M |
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 |
| Avid Technology | ( AVID | Quote | Chart | News | PowerRating) | 26 | 17.92 | Trendline reversal intraday on 4.5x volume | 771K | 3,070M |
class=890430920-15102001> Benchmark Electronics | class=890430920-15102001> ( BHE | Quote | Chart | News | PowerRating) | class=890430920-15102001> 31.60 | class=890430920-15102001> 61 | class=890430920-15102001> Intraday double bottom off daily price supports | class=890430920-15102001> 479K | class=890430920-15102001> 527K |
class=890430920-15102001>
Avid Technology has
weakened considerably in recent weeks, but the 6 and 12 month RS are both 90
plus, and the intraday volume that brought the stock down to November 2001
consolidation levels, and the last-hour rally off these levels is impressive
enough for inclusion on tonight’s list.
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>
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 |
| Biogen | ( BGEN | Quote | Chart | News | PowerRating) | 22 | 34.45 | 1,2,3 | 3,751M | 2,289M |
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 |
Xilinx | ( XLNX | Quote | Chart | News | PowerRating) | 81 | 22.73 | 10,554M | 10,226M |
eBay | ( EBAY | Quote | Chart | News | PowerRating) | 88 | 79.90 | 5,853M | 5,993M |
Amgen | ( AMGN | Quote | Chart | News | PowerRating) | 87 | 55.70 | 12,048M | 12,423M |
Veritas | ( VRTS | Quote | Chart | News | PowerRating) | 47 | 16.81 | 8,268M | 12,653M |
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 |
Altria….cough, cough | ( MO | Quote | Chart | News | PowerRating) | 43 | 35.82 | 7,919M | 18,629M |
Chiron | ( CHIR | Quote | Chart | News | PowerRating) | 44 | 35.80 | 1,710M | 2,089M |
Best of luck with your trading. 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.