Here Are Thursday’s Top Stocks
News out of Oracle held
the Nasdaq in check today,
but considering the percentage run up off
the
lows, it
looks like market participants have made up their minds that the “glass is
only half full.” The SPYs and DIAs raised the water level to somewhere
between the 50 and 62% Fibonacci retracement levels, establishing gains of
slightly less than a percentage point on better-than-average volume. Advancers
beat Decliners on both the New York and Nasdaq, although the Naz’s ETF proxy, the
QQQs, showed a loss of about a percentage point. With war imminent, it appears
traders are already toasting a decisive victory, let’s hope they don’t break the
glass while cheering their good fortune.
As
stated, with two of the indices higher in today’s trade, we are now more
overbought, but as daytraders that doesn’t mean we can’t participate in the
party. Just remember not to overstay your welcome, and try to find a seat when
the music stops. As always, the best way to prepare and stay ready for whatever
tune the Pied Piper of Wall Street decides to play tomorrow, is to have your
list of High and Low RS issues by your chair at all times.
Hottest Sectors :
Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating) and Regional Banks
(
RKH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and Software
(
SWH |
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 |
Nike | ( NKE | Quote | Chart | News | PowerRating) | 83 | 50.08 | 1,454M | 2,330M |
Boston Scientific | ( BSX | Quote | Chart | News | PowerRating) | 81 | 46.37 | 2,658M | 1,771M |
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.
None Today.
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 |
| Pharmaceutical Resources | ( PRX | Quote | Chart | News | PowerRating) | 95 | 40.61 | 415K | 2,955M |
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.
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 |
| SAP Atkiengesell | ( SAP | Quote | Chart | News | PowerRating) | 47 | 20.04 | 2,228M | 3,717M |
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 |
| Biomet | ( BMET | Quote | Chart | News | PowerRating) | 87 | 30.95 | Cup with elongated handle | 2,042M | 5,280M |
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 |
| General Dynamics | ( GD | Quote | Chart | News | PowerRating) | 13 | 58.49 | Slim Jim near lows | 2,389M | 3,955M |
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 |
Staples | ( SPLS | Quote | Chart | News | PowerRating) | 85 | 19.54 | 4,123M | 3,551M |
Linear Technologies | ( LLTC | Quote | Chart | News | PowerRating) | 91 | 34.61 | 6,557M | 9,322M |
Apollo | ( APOL | Quote | Chart | News | PowerRating) | 86 | 49.45 | 1,742M | 2,129M |
Adobe | ( ADBE | Quote | Chart | News | PowerRating) | 91 | 33.02 | 3,220M | 4,217M |
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 |
Kimberly Clark | ( KMB | Quote | Chart | News | PowerRating) | 50 | 45.44 | 1,890M | 2,210M |
Transocean | ( RIG | Quote | Chart | News | PowerRating) | 25 | 21.01 | 2,925M | 3,200M |
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.