Here Are Tuesday’s Top Stocks
Today’s percentage rally for the ETFs was impressive in percentage terms,
but the other key ingredient that signals real
enthusiasm, volume, was definitely lacking.
Closing volume figures in Monday’s
session were decidedly lower than any of our recent up days from last week.
Nonetheless, this didn’t stop bids from propping up issues, as advancers beat
out decliners by three to one on the NYSE, and by approximately two to one over
on the Nasdaq.
After a two-day pullback into price supports as
measured by Fib levels, trendlines, and other assorted technical goodies, the
ETFs pretty much bee-lined it, in classic trendline fashion. Today, was a good
lesson in being prepared before the opening bell. There were plenty of extended
intraday setups from Friday’s closing prices, but they were only there for those
boys and girls who studied over the weekend. If you missed out early on, it
quite possibly turned into a day marked by churning, as a couple of high level
Slim Jims took hold of the market proxies for a good portion of the trading day.
Another low was set in the VIX, and while this
continues to be a curiosity to look at, don’t let it get in the way of solid
trade opportunities. I know it’s been said in many different variations, but
essentially the point of the matter is, “Do you want to be proven right, or
do you want to make money?” Personally, I think the VIX is giving traders a
solid reason to use options for overnighters, and possibly more creative plays
like gamma
scalping, but for the successful daytrader, our concern continues to be
trading those High and Low RS issues that are best demonstrating opportunities
in the here and now, and not when and if, a secondary indicator is going to
confirm a setup with edge, when it’s there for the taking.
Hottest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) Telecomm
(
TTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and Pharmaceuticals
(
PPH |
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 face=”Arial”>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica face=”Arial”>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
United Online | ( UNTD | Quote | Chart | News | PowerRating) | 90 | 20.96 | 1,354M | 2,009M |
Safeco | ( SAFC | Quote | Chart | News | PowerRating) | 64 | 37.82 | 693K | 1,420M |
class=890430920-15102001> Panera | class=890430920-15102001> ( PNRA | Quote | Chart | News | PowerRating) | class=890430920-15102001> 63 | class=890430920-15102001> 33.24 | class=890430920-15102001> 746K | class=890430920-15102001> 307K |
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>
None Today.
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 face=”Arial”>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica face=”Arial”>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s VolumeR |
Digital River | ( DRIV | Quote | Chart | News | PowerRating) | 95 | 17.20 | 971K | 3,113M |
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.
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 face=”Arial”>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica face=”Arial”>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
Digital Insights | ( DGIN | Quote | Chart | News | PowerRating) | 90 | 15.63 | 321K | 1,435M |
Linear Technology | ( LLTC | Quote | Chart | News | PowerRating) | 81 | 34.95 | 7,165M | 6,284M |
Comverse Technology | ( CMVT | Quote | Chart | News | PowerRating) | 84 | 13.15 | 2,721M | 1,727M |
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 face=”Arial”>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica face=”Arial”>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
Trimeris | ( TRMS | Quote | Chart | News | PowerRating) | 19 | 41.36 | 509K | 342K |
Altria | ( MO | Quote | Chart | News | PowerRating) | 15 | 31.13 | 13,282M | 7,669M |
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
short or 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 face=”Arial”>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica face=”Arial”>Price | Direction | Pattern Type | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Sandisk | ( SNDK | Quote | Chart | News | PowerRating) | 92 | 23.03 | LONG | 123 W/ Stoch. Divergence 5 Min. chart | 3,136M | 3,025M |
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 or long 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 face=”Arial”>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica face=”Arial”>Price | Direction | Pattern Type | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| IDEC Pharmeceuticals | ( IDPH | Quote | Chart | News | PowerRating) | 25 | 32.95 | SHORT | SJ closing below 260-period and support /resistance line 5 min. extended chart | 3,923M | 2,635M |
class=890430920-15102001> Reebok | class=890430920-15102001> ( RBK | Quote | Chart | News | PowerRating) | class=890430920-15102001> 30 | class=890430920-15102001> 31.28 | SHORT | class=890430920-15102001> Session long SJ | class=890430920-15102001> 762K | class=890430920-15102001> 938K |
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 face=”Arial”>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica face=”Arial”>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
Amazon | ( AMZN | Quote | Chart | News | PowerRating) | 83 | 29.13 | 8,468M | 15,797M |
General Electric | ( GE | Quote | Chart | News | PowerRating) | 80 | 29.53 | 22,650M | 19,928M |
Nextel | ( NXTL | Quote | Chart | News | PowerRating) | 83 | 14,75 | 24,458M | 32,782M |
Wal-Mart | ( WMT | Quote | Chart | News | PowerRating) | 69 | 56.09 | 8,049M | 9,056M |
Veritas | ( VRTS | Quote | Chart | News | PowerRating) | 84 | 22.33 | 8,530M | 10,780M |
Institutional
Laggards.
size=2 Helvetica face=”Arial”>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica face=”Arial”>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
Pfizer | ( PFE | Quote | Chart | News | PowerRating) | 27 | 30.75 | 18,834M | 24,315M |
Apache | ( APA | Quote | Chart | News | PowerRating) | 29 | 58.62 | 1,714M | 1,685M |
Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) | 10 | 31.06 | 15,190M | 15,166M |
Best of luck to everyone. Please use
protective stops on all trades.
P.S. I’ve
just released a new trading module on Intraday Breakouts. If
you’d like more information, click
here.