Here Are Thursday’s Top Stocks
In Wednesday’s trade, or lack thereof, “profit-taking”
was cited as
“le raison du jour” for putting a quick end to the running of the
bulls. With all of the shorts
covering their winnings on the rally up since Thursday’s established low,
today it was the bulls’ turn at the till (oh that’s right, some pros might have
latched on to some longs during the past three days as well) as the ETFs notched
lower until the final half hour of trade, but still closed down between one half
and a percentage point. With all the profits going on from both sides of the
market, who would ever think that the New York Stock Exchange rang up its
lowest non-holiday volume since August?
Today brought in Morgan Stanley and
Standard & Poors wearing their rose-colored glasses and upgrades of the
semiconductor sector. (Thank you, I will take credit for that call.) The one
thing I didn’t count on was that the fact that my pessimism was not made to look
incredibly foolish, in spite of the forementioned upgrades, as well as support
for the wireless equipment group in the form of an upgrade from CSFB.
Where’s the Turk? As said, volume was
anemic on the day and in general the market had that churning type quality to it
as it slowly trended lower, and then made a final run into the close.
Technically this action leaves us still below the resistance levels mentioned
yesterday, with today giving us a pause in the action, so to speak.
Don’t take
too long to catch your breath after the ride up, because opportunities await
those who are in shape. For daytraders, that means continue to concentrate on
those stocks from our list of High and Low RS issues that best fit the conditions of the
day, and only execute the trade when you see the setup, and not when you’re
being “set up” by Morgan and the rest of the gang.
Hottest Sectors (HOLDRs): Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating) and Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
Thursday’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 |
| Apache | ( APA | Quote | Chart | News | PowerRating) | 87 | 63,82 | 1,863M | 1,323M |
| NetScreen Technology | ( NSCN | Quote | Chart | News | PowerRating) | 90 | 20.08 | 1,133M | 1,125M |
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 |
| Take-Two Interactive | ( TTWO | Quote | Chart | News | PowerRating) | 17 | 18.80 | 1,697M | 1,246M |
| Northern Trust | ( NTRS | Quote | Chart | News | PowerRating) | 25 | 31.96 | 1,220M | 1,018M |
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.
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 |
| Abercrombie & Fitch | ( ANF | Quote | Chart | News | PowerRating) | 89 | 29.55 | 1,886M | 4,589M |
| CheckFree | ( CKFR | Quote | Chart | News | PowerRating) | 82 | 19.99 | 1,459M | 1,279M |
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 |
| Walgreens | ( WAG | Quote | Chart | News | PowerRating) | 28 | 28.59 | 3,454M | 2,413M |
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.
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>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 |
| Scholastic | ( SCHL | Quote | Chart | News | PowerRating) | 3 | 25 | 862K | 572K |
| Cardinal Health | ( CAH | Quote | Chart | News | PowerRating) | 30 | 58.05 | 2,774M | 2,778M |
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 |
| Xilinx | ( XLNX | Quote | Chart | News | PowerRating) | 81 | 22.10 | 1,2,3 off an Extended Triple Bottom | 9,878M | 9,685M |
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 |
| First Data Corp | ( FDC | Quote | Chart | News | PowerRating) | 44 | 34.57 | Slim Jim | 2,924M | 2,963M |
class=890430920-15102001>
First
Data Corp established highs at prior daily chart support levels that have now
acted as resistance. The stock also closed below the 50-Day EMA, which matches
up with the potential stop loss in the chart above.
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 |
EchoStar Communications | ( DISH | Quote | Chart | News | PowerRating) | 91 | 26.48 | 4,147M | 2,543M |
eBay | ( EBAY | Quote | Chart | News | PowerRating) | 83 | 77 | 5,972M | 5,754M |
Amgen | ( AMGN | Quote | Chart | News | PowerRating) | 82 | 53.98 | 13,183M | 9,305M |
Linear Technology | ( LLTC | Quote | Chart | News | PowerRating) | 82 | 30 | 6,365M | 6,354M |
class=890430920-15102001>Linear
Technology closed well but does have the 200-Day EMA as resistance at this price
level
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 |
Abbott Labs | ( ABT | Quote | Chart | News | PowerRating) | 24 | 35.81 | 4,717M | 3,929M |
Cintas | ( CTAS | Quote | Chart | News | PowerRating) | 9 | 33.56 | 1,449M | 3,174M |
Lowes | ( LOW | Quote | Chart | News | PowerRating) | 38 | 35 | 4,567M | 3,214M |
Best of luck with your trading. Please use
protective stops on class=890430920-15102001> all trades.