Here Are Tuesday’s Top Stocks
The ETFs were weighed
down by Iraq’s warning
that it is "still weighing" a decision as to whether it
will comply with a UN directive to destroy Al Samoud 2 missiles by Friday. This
action, or inaction by Iraq, caused traders to sell into the past two weeks’
strength, and book some nice profits in the process. Is there a touch of cynicism?
Could be, but it may be understandable if you bother to drill down the two
weeks that the media has been talking about, down to a 30-minute chart.
Throw in a lack of volume and the fact that three to
four hours comprised the entire move up, and you might get the feeling
that the Turk has not been seen swimming in these waters, of late.
The "market strength” which showed 2% losses in all the ETFs in
Monday’s trade, has been, with or without today’s geopolitical saber-rattling,
suspect at best.
Technically the ETFs
are in correction mode, but to be quite honest, if someone says this to you,
don’t believe it. The action up to last week’s highs was the correction mode,
with the SPYs, DIAs, and QQQs now moving out of this correction (bear market
rally) with today’s decided downside “inactivity.” We have support
levels in the form of Fibonacci levels to watch for, but probably more
important, we have plenty of resistance levels that have been detailed, and
without the benefit of hindsight, held thus far. Fortunately, as daytraders our
biggest concern is within ourselves, and making sure that we keep on top of our
High and Low RS lists, and not whether the “Turk” is participating in
the latest selloff, or Bear market rally.
Hottest Sectors (HOLDRs): Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Biotechs
(
BBH |
Quote |
Chart |
News |
PowerRating) and Regional Banks
(
RKH |
Quote |
Chart |
News |
PowerRating)
Tuesday’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) | 87 | 27.10 | 501K | 584K |
| NetScreen Technologies | ( NSCN | Quote | Chart | News | PowerRating) | 91 | 20.49 | 1,191M | 2,024M |
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.
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 |
| ICOS Corp | ( ICOS | Quote | Chart | News | PowerRating) | 11 | 20.35 | 1,113M | 1,389M |
| Ambac Financial | ( ABK | Quote | Chart | News | PowerRating) | 19 | 48.40 | 712K | 714K |
class=890430920-15102001> Freddie Mac | class=890430920-15102001> ( FRE | Quote | Chart | News | PowerRating) | class=890430920-15102001> 39 | class=890430920-15102001> 53.90 | class=890430920-15102001> 3,199M | class=890430920-15102001> 2,691M |
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 |
| Valero | ( VLO | Quote | Chart | News | PowerRating) | 90 | 38.81 | 1,228M | 1,789M |
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.
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 |
| Autozone | ( AZO | Quote | Chart | News | PowerRating) | 21 | 64.50 | 1,697M | 1,048M |
| Omnicom | ( OMC | Quote | Chart | News | PowerRating) | 18 | 54.04 | 1,657M | 2,859M |
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 |
| OmniVision Technologies | ( OVTI | Quote | Chart | News | PowerRating) | 97 | 17.61 | 1,263M | 1,142M |
| Apache | ( APA | Quote | Chart | News | PowerRating) | 91 | 66.89 | 1,906M | 2,444M |
Weak RS
Slim Jims
class=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 |
| Panera Breads | ( PNRA | Quote | Chart | News | PowerRating) | 13 | 25.61 | 813K | 472K |
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 |
| MedImmune | ( MEDI | Quote | Chart | News | PowerRating) | 76 | 28.72 | Slim Jim off the 50-Day EMA | 4,640M | 4,137M |
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 |
| Intuit | ( INTU | Quote | Chart | News | PowerRating) | 43 | 45.61 | Slim Jim off highs | 3,307M | 3,226M |
class=890430920-15102001>
Intuit
has formed a Slim Jim off of session highs, with a thrust down, closing
inside pattern bar. Background resistance points are the 45.79 Slim Jim
high, and the 200-Day EMA.
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 |
Halliburton | ( HAL | Quote | Chart | News | PowerRating) | 85 | 20.48 | 4,575M | 4,121M |
Novellus | ( NVLS | Quote | Chart | News | PowerRating) | 42 | 29.77 | 9,620M | 8,965M |
Symantec | ( SYMC | Quote | Chart | News | PowerRating) | 80 | 47.80 | 3,565M | 3,759M |
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 |
General Electric | ( GE | Quote | Chart | News | PowerRating) | 60 | 23.42 | 21,363M | 23,587M |
American International | ( AIG | Quote | Chart | News | PowerRating) | 14 | 49.60 | 7,437M | 5,346M |
Cintas | ( CTAS | Quote | Chart | News | PowerRating) | 6 | 32.11 | 1,547M | 1,320M |
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.