Here Are Monday’s Top Stocks
Friday’s trade marked an “inside day” in the SPY and DIA index proxies,
while the QQQs tested their 38% Fibonacci
retracement level from the March lows. With
the realization that the quick fix in Iraq may take a bit longer than anticipated, some investors are now deciding that its time to
lighten up on their prior enthusiasm. Although the averages ended in the red,
down between one half and approximately one percent, volume slowed down to a
trickle to close out the week.
With today’s technical action, prices
in the ETFs have found support that should be considered important for the bull
case. Between moving averages and various Fibonacci retracements based off of
the March lows, as well as pivot lows from the 17th of March, the testing is
welcome, especially on lighter volume. We’ll see how investors and traders
really feel come next week, when hopefully we get to see a little bit more of
the “money talks, $%@#$ walks” attitude that we witnessed just a week
ago. Until then, and always, we can continue to prepare each night and kick a
little enemy you know what with our own arsenal of High and Low RS issues each
and every trading day.
Finally, today also marked an “inside
day” of sorts for yours truly, as I was temporarily “in the dog
house.” Sometimes my commentary, while intended to be cynical or witty,
apparently can also offend, once in awhile. My apologies, as that was not the
intent, as I stated in our TM chat room today. Some people might think that
we’re all left of center, out here in L.A., but trust me we aren’t (at least
myself). Have a good weekend,
and keep those who are serving our country on the frontlines, in your nightly
prayers.
Hottest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and Health Medical
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
and Retail
(
RTH |
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 |
UTStarcom | ( UTSI | Quote | Chart | News | PowerRating) | 80 | 20.21 | 2,149M | 1,233M |
Nike | ( NKE | Quote | Chart | News | PowerRating) | 86 | 53.04 | 1,557M | 1,143M |
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.
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 |
Cymer | ( CYMI | Quote | Chart | News | PowerRating) | 13 | 24.70 | 1,974M | 999K |
class=890430920-15102001>
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>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 | ( MO | Quote | Chart | News | PowerRating) | 10 | 32.13 | 8,944M | 13,021M |
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 |
Garmin | ( GRMN | Quote | Chart | News | PowerRating) | 85 | 35.50 | 512K | 301K |
Zimmer Holdings | ( ZMH | Quote | Chart | News | PowerRating) | 85 | 49.40 | 1,266M | 1,166M |
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 |
State Street | ( STT | Quote | Chart | News | PowerRating) | 11 | 31.92 | 2,617M | 2,400M |
Gentex | ( GNTX | Quote | Chart | News | PowerRating) | 23 | 225.64 | 870K | 649K |
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 |
Netease | ( NTES | Quote | Chart | News | PowerRating) | 97 | 16.70 | Slim Jim, no technical daily supports | 841K | 544K |
class=890430920-15102001> Barr Labs | class=890430920-15102001> ( BRL | Quote | Chart | News | PowerRating) | class=890430920-15102001> 98 | class=890430920-15102001> 56.31 | class=890430920-15102001> Slim Jim, no technical daily supports | class=890430920-15102001> 1,514M | class=890430920-15102001> 937K |
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.
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 |
Newmont Mining | ( NEM | Quote | Chart | News | PowerRating) | 14 | 26.59 | 1,2,3 higher high against zone-38%fib, 50 & 200 EMAs | 5,073M | 5,808M |
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>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 |
Lexmark | ( LXK | Quote | Chart | News | PowerRating) | 73 | 67.80 | 1,531M | 2,130M |
Adobe | ( ADBE | Quote | Chart | News | PowerRating) | 90 | 31.79 | 3,592M | 2,871M |
JP Morgan | ( JPM | Quote | Chart | News | PowerRating) | 60 | 24.45 | 9,894M | 7,736M |
USA Interactive | ( USAI | Quote | Chart | News | PowerRating) | 89 | 28..43 | 6,441M | 6,338M |
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 |
Intuit | ( INTU | Quote | Chart | News | PowerRating) | 10 | 38.37 | 4,738M | 3,296M |
United Technologies | ( UTX | Quote | Chart | News | PowerRating) | 58 | 58.77 | 2,757M | 3,536M |
PeopleSoft | ( PSFT | Quote | Chart | News | PowerRating) | 20 | 15.65 | 7,590M | 6,012M |
Best of luck to Operation Iraqi Freedom. 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.