Here Are Thursday’s Top Stocks
Maybe “they” should have tried a
positive spin,
instead of just relying on positive numbers. With
Coca-Cola
(
KO |
Quote |
Chart |
News |
PowerRating) leaving a sour taste in investors’ mouths today, better-than-expected reports out of the likes of JP Morgan, Microsoft, and Intel did little
to keep the market bias positive. The semiconductors did manage to keep its
gains on the session, but was very much the “Lone Wolf McQuade”
character today, as it was the only major sector left in the green by day’s end.
Heavier volume was established as both the DIAs and SPYs closed down
approximately 2%, while the QQQs, were essentially unchanged, backed up
by the aforementioned semis. Maybe Coke really is it?
With
today’s action, the market proxies couldn’t even test key resistance off of what
was supposed to be an upbeat opening…doesn’t sound or look very bullish to
me. The VIX, reversed fresh lows (unbelievable) to close at prior year-to-date
lows, stretched like a rubber band, to form a potential “doji” low.
It’s gone lower than what I’ve expected, but that’s pretty much consistent with
the fact that the market always seems ready to surprise on a daily basis. I
usually underestimate the tendency of crowds, but I always respect the need for
rules when testing the waters, before the tide has changed. Time will tell, if
this time it really is different for the VIX…baaaahhh.
If it turns out that I’m the one that gets
“sheared,” because of my opinion on the VIX, all I can say is thank
goodness for our list of High and Low RS stocks from which to trade. Regardless
if the VIX is up, down, or all around, stick to the quality set ups as they
trigger, and we won’t have to worry about the madness of crowds standing between
me, you, and a bunch of friends named Grover.
Hottest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
and Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Health Medical
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)
and Telecomm
(
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 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 |
OmniVision Technologies | ( OVTI | Quote | Chart | News | PowerRating) | 93 | 25.54 | 1,663M | 1,010M |
j2 Global | ( JCOM | Quote | Chart | News | PowerRating) | 97 | 35.95 | 453K | 800K |
class=890430920-15102001> Netflix | class=890430920-15102001> ( NFLX | Quote | Chart | News | PowerRating) | class=890430920-15102001> 95 | class=890430920-15102001> 20.58 | class=890430920-15102001> 667K | class=890430920-15102001> 322K |
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 |
Baker Hughes | ( BHI | Quote | Chart | News | PowerRating) | 26 | 27.23 | 2,330M | 2,994M |
Oxford Health | ( OHP | Quote | Chart | News | PowerRating) | 18 | 27.65 | 964K | 1,258M |
Boeing | ( BA | Quote | Chart | News | PowerRating) | 18 | 26.64 | 4,212M | 3,277M |
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 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 |
Marvell Technology | ( MRVL | Quote | Chart | News | PowerRating) | 60..oh my | 22.22 | 3,240M | 2,774M |
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.
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 |
Silicon Laboratories | ( SLAB | Quote | Chart | News | PowerRating) | 74…oops | 27.58 | 887K | 956K |
ADTRAN | ( ADTN | Quote | Chart | News | PowerRating) | 56..another one | 39.41 | 821K | 1,336M |
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 |
Biogen | ( BGEN | Quote | Chart | News | PowerRating) | 35 | 33.83 | 4,247M | 3,045M |
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 |
class=890430920-15102001> Amazon | class=890430920-15102001> ( AMZN | Quote | Chart | News | PowerRating) | class=890430920-15102001> 66 | class=890430920-15102001> 24.38 | class=890430920-15102001> Intra Double Bottom w/ SJ close, session lows .30 above Feb. 50% F.C. | class=890430920-15102001> 7,244M | class=890430920-15102001> 9,317M |
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 |
Texas Instruments | ( TXN | Quote | Chart | News | PowerRating) | 55 | 19 | 10,251M | 33,834M |
Analog Devices | ( ADI | Quote | Chart | News | PowerRating) | 53 | 30.25 | 3,589M | 6,346M |
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) | 22 | 38.73 | 4,771M | 5,543M |
Adobe | ( ADBE | Quote | Chart | News | PowerRating) | 85 | 33.19 | 3,780M | 3,394M |
IDEC Pharmaceuticals | ( IDPH | Quote | Chart | News | PowerRating) | 27 | 30.07 | 3,788M | 5,802M |
Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) | 14 | 32.73 | 15,190M | 11,803M |
Coca-Cola | ( KO | Quote | Chart | News | PowerRating) | 41 | 39.90 | 5,570M | 15,078M |
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.