Here Are Thursday’s Top Stocks

April 9, 2003
Chris Tyler

With the ceremonial
toppling of Saddam’s statue the markets saw fit to take this as a cue to fall
from their own lofty intraday perch. The
major ETFs reversed early gains to end the day with percentage losses. On light
volume, and the “war card” no longer the ace in the hole, market
participants left the index proxies to close down between roughly 1 to 2
percent, and situated at the bulls first line of technical defense, in the 4
week old rally from the March lows.

The late, late afternoon blowoff
nearly took out the first technical line of support for the ETFs. The indices
pretty much closed at these levels, confirming temporary support (barring any
nasty gap action). Looking at the hammer formation in the VIX I personally think
we’re due to test more significant levels in the ETFs, about a percentage point
lower, before any meaningful rally will occur. The closing levels represent an
area of support that was well defined within TMs
LiveAlerts during the trading day. As far as an synthetic straddle positions
(mentioned in my last nightly options piece), today required some shoring up of
the short deltas, keeping to the idea of proper money management and respect for
price until broken.

For the daytrader in all of us,
today’s 1,2,3 entry off of these supports, before the late day thrashing, was
textbook stuff if you did the work ahead of time. It’s also just another example
of why we always have a well defined money mgt. plan, and why we’re always ready
for the technical setups with our List of High and Low RS stocks, ahead of the
crowd, and ahead of the 3 point.Â

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.

class=890430920-15102001>

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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>Todayâ€™s Volume
Gtech Holdings	( GTK \| Quote \| Chart \| News \| PowerRating)	90	36.25	528K	2,834M
St.Jude	( STJ \| Quote \| Chart \| News \| PowerRating)	84	50.13	1,664M	1,698M

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>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>Todayâ€™s Volume
State Street	( STT \| Quote \| Chart \| News \| PowerRating)	11	32.32	2,305M	1,987M
Computer Sciences	( CSC \| Quote \| Chart \| News \| PowerRating)	17	28.97	2,062M	1,423M
Ross Stores	( ROST \| Quote \| Chart \| News \| PowerRating)	22	36.59	1,510M	1,045M

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.