Here Are Thursday’s Top Stocks
You gotta hand it to
’em….CNBC was talking about the technical breach of support in IBM right at
session lows. Of course their
version of things, and the impending doom and gloom sure to follow, was
coinciding with session lows. For anyone truly “listening” to the
markets, and not Bob P., you had a nice playable trade off of these levels as
the
(
$VIX.X |
Quote |
Chart |
News |
PowerRating) was looking as “chipper” as it has in the past four
months. Short covering, technical-based rally, bargain-hunting, whatever you
want to call it, it happened on stronger volume than yesterday’s “day of
distribution,” and carried the averages into positive ground.
How long will it last? I don’t know,
but if you got in off of technical patterns such as 1,2,3s or Slim Jim reversals,
the position trader in you might have decided to test the waters as closing
prices offered a nice cushion from entries based on TM technical patterns. The VIX did test resistance levels on the daily chart, and saw prices not seen since
last October before reversing back into the range. This, along with closing
prices in our dear, beloved ETFs, should produce some follow through in what I
think could be described as slightly oversold (my Live
From TradersWire report emphasized the current market condition).
But, just in case I’m sounding too
bullish about today’s trade, don’t feel left out, because the only thing that
I’m consistently bullish on right now, and all the time, is daytrading High and
Low RS stocks. Today the market conditions granted us low-risk entries in the
form of longs. Tomorrow may bring about opportunities from the short side. It’s
another “I don’t know the answer” to which it shall be. The one thing
that I do know is that I’ll definitely be ready for whatever we may encounter in
tomorrow’s trade, by preparing for battle the night before.
Hottest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
and Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and Regional Banks
(
RKH |
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 |
Avocent | ( AVCT | Quote | Chart | News | PowerRating) | 82 | 27.39 | 579K | 647K |
Coach | ( COH | Quote | Chart | News | PowerRating) | 88 | 36.86 | 1,122M | 1,751M |
National Semiconductor | ( NSM | Quote | Chart | News | PowerRating) | 83 | 17.08 | 2,635M | 2,118M |
class=890430920-15102001> Guidant | class=890430920-15102001> ( GDT | Quote | Chart | News | PowerRating) | class=890430920-15102001> 76 | class=890430920-15102001> 33.50 | class=890430920-15102001> 2,857M | class=890430920-15102001> 3,809M |
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>Today’s Volume |
| Accredo Health | ( ACDO | Quote | Chart | News | PowerRating) | 9 | 21.40 | 1,268M | 1,843M |
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 |
| Amazon | ( AMZN | Quote | Chart | News | PowerRating) | 85 | 23.36 | 6,793M | 5,536M |
| Silicon Laboratories | ( SLAB | Quote | Chart | News | PowerRating) | 89 | 25.99 | 1,113M | 1,227M |
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>
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 |
Biogen | ( BGEN | Quote | Chart | News | PowerRating) | 17 | 32.18 | 3,876M | 3,506M |
Varian Semiconductor | ( VSEA | Quote | Chart | News | PowerRating) | 12 | 19.91 | 1,198M | 1,725M |
Eastman Chemical | ( EMN | Quote | Chart | News | PowerRating) | 16 | 27.89 | 549K | 1,481M |
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.
class=890430920-15102001>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 |
| Lockheed Martin | ( LMT | Quote | Chart | News | PowerRating) | 25 | 41.50 | 3,152M | 5,141M |
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 |
| Mylan Labs | ( MYL | Quote | Chart | News | PowerRating) | 97 | 26.80 | SJ at prior lows | 1,979M | 1,390M |
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>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>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) | 82 | 23.35 | 10,933M | 15,343M |
EchoStar | ( DISH | Quote | Chart | News | PowerRating) | 95 | 28.59 | 4,069M | 5,317M |
MedImmune | ( MEDI | Quote | Chart | News | PowerRating) | 87 | 30.73 | 3,884M | 3,179M |
eBay | ( EBAY | Quote | Chart | News | PowerRating) | 87 | 79.06 | 5,922M | 5,885M |
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 |
Amerisourcebergen | ( ABC | Quote | Chart | News | PowerRating) | 24 | 48.70 | 1,547M | 2,935M |
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.