Here Are Thursday’s Top Stocks

Thursday’s trade was another winner,….. for daytraders that is.

While the closing figures in the
ETFs show one thing, essentially flat trade with closing prices slightly
underwater, the intraday pattern and range was very good for those participating
in the short term, here and now. More concern over Operation American Oil (oh,
I’m sorry) left many indecisive types on the sidelines, with lighter volume in
the market averages reflecting the lack of conviction by Wall Street.

Technically, we saw the S&P 500
ETF
(
SPY |
Quote |
Chart |
News |
PowerRating)
trade down to price supports in the form of the 38% Fibonacci
retracement level, and the 13 and 50-Day EMAs. An options strategy similar
to the one I described yesterday, depending on how aggressive you like to scalp
against the position, would have produced very nice gains thus far, considering
the 2% bounce off of technical supports in today’s session, and a return back
into the red by the closing bell. 

Will today’s support levels hold? I don’t
know, and that’s the reason for the strategy. With this strategy we’re able to
come in to the next trading day without an opinion as to direction (delta
neutral), but as key levels are tested (i.e., today,…CaChing!!), we can exploit
the price moves away from our key technical zones, by either buying or selling
stock (depending on an up or down move), and then scalping out of our stock
during the rest of the trading day, as market volatility dictates.

Don’t worry if you don’t have this
particular trade on, as our focus is on daytrading. Besides, with all of the
same price triggers to trade off of these reversal levels, we’ll do just fine by
sticking to our intraday technical setups. Keep to your list of High and Low RS
issues, wait for the pattern to establish itself in the next trading session,
and let the other guy worry about carrying baggage overnight.

Hottest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)

and Biotechs
(
BBH |
Quote |
Chart |
News |
PowerRating)


Weakest Sectors : Regional Banks
(
RKH |
Quote |
Chart |
News |
PowerRating)

and Software
(
SWH |
Quote |
Chart |
News |
PowerRating)


Friday’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.




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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>Today’s
Volume

Barr Labs


(
BRL |
Quote |
Chart |
News |
PowerRating)


98

57..80

1,567M

659K

Netease


(
NTES |
Quote |
Chart |
News |
PowerRating)


98

17.14

799K

2,504K



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.



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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>Today’s
Volume

State Street


(
STT |
Quote |
Chart |
News |
PowerRating)


13

31.65

2,612M

3,448M

Newmont Mining


(
NEM |
Quote |
Chart |
News |
PowerRating)


19

24.56

5,063M

4,599M

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.


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.


class=890430920-15102001>


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>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

Garmin


(
GRMN |
Quote |
Chart |
News |
PowerRating)


88

35.60

515K

406K

CheckFree


(
CKFR |
Quote |
Chart |
News |
PowerRating)


92

22.55

1,532M

2,539M




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.



class=890430920-15102001>


None Today.


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.


class=890430920-15102001>


None Today.


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

Lexmark


(
LXK |
Quote |
Chart |
News |
PowerRating)


65

66.75

1,494M

3,009M

Gilead Sciences


(
GILD |
Quote |
Chart |
News |
PowerRating)


88

43.02

3,570M

6,438M

Apollo


(
APOL |
Quote |
Chart |
News |
PowerRating)


84

51.96

1,856M

2,742M

Amgen


(
AMGN |
Quote |
Chart |
News |
PowerRating)


80

58.57

12,000M

9,513M

class=890430920-15102001>Institutional
Laggards.



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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>Today’s
Volume

Microchip
Technology



(
MCHP |
Quote |
Chart |
News |
PowerRating)


25

21.18

5,327M

6,747M

Biogen


(
BGEN |
Quote |
Chart |
News |
PowerRating)


8

30.45

4,332M

3,225M

PeopleSoft


(
PSFT |
Quote |
Chart |
News |
PowerRating)


26

16.11

7,558M

8,254M

BMC Software


(
BMC |
Quote |
Chart |
News |
PowerRating)


16

14.95

2,622M

5,095M

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
.