Here Are Wednesday’s Top Stocks

  • April 29, 2003
  • Chris Tyler

More earnings reports and a few positive surprises were enough to give the
bulls the upper hand in Tuesday’s trade. Reports
out of Bristol Myers, DuPont, Ericsson, and Intuit were enough to support follow
through after yesterday’s 2% run up. Volume picked up markedly on gains
between .4% and 1.0 % in the ETFs. Advancing issues were also able to maintain a
positive bias over decliners, although it wasn’t anything to write home to Aunt
Cletus about.

The Nasdaq, represented by the QQQs, is leading
the charge, as today’s trade has taken out YTD Highs. It should be noted that
between 28.25 – 28.75 lies a zone of resistance on the weekly chart. This area
accounts for the December Highs, as well as a downtrend line extending almost two
years. With the SPYs and DIAs still working their way through daily chart
resistance, and “doji” price bars established on a closing basis,
continue to keep it tight. There looks to be some confirmation for this argument
in the VIX. With the averages up in today’s session, this sentiment measure was
able to make a slight uptick, at consolidation lows. This action should be close
to setting the market up for the next percentage move in the ETFs.

Believe it or not, the next move could be higher,
but personally, I would rather wait for for the market proxies to move
above our now established pivots before deciding on a position based on closing
prices. There’s probably good arguments from both camps (bulls and bears) right
about now, but the only thing I really care about listening to is the market. In
order for us to trade successfully each and every day, it’s important to stay
focused on what brought us here in the first place, and that’s the quality
setups that occur each and every day, in our list of High and Low RS issues.

Hottest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) and
Health Medical
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)


Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)


Wednesday’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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class=890430920-15102001>









class=890430920-15102001>

















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)
88
20.60
1,378M
2,278M

Sandisk

(
SNDK |
Quote |
Chart |
News |
PowerRating)
94
23.49
3,148M
2,216M

class=890430920-15102001>
Coventry Health
class=890430920-15102001>

(
CVH |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
89
class=890430920-15102001>
39.25
class=890430920-15102001>
537K
class=890430920-15102001>
1,916M




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 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

Apache


(
APA |
Quote |
Chart |
News |
PowerRating)
23
56.92
1,731M
2,605M

Investors Financial

(
IFIN |
Quote |
Chart |
News |
PowerRating)
7
21.70
870K
1,407M

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

Lexmark

(
LXK |
Quote |
Chart |
News |
PowerRating)
70
72.90
1,627M
3,022M

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.




































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 Insight


(
DGIN |
Quote |
Chart |
News |
PowerRating)
91
16.05
329K
564K

Digital River

(
DRIV |
Quote |
Chart |
News |
PowerRating)
95
17.02
992K
1,549M

Cost Plus

(
CPWM |
Quote |
Chart |
News |
PowerRating)
84
30.95
244K
438K





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>









class=890430920-15102001>









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

Triad Hospitals


(
TRI |
Quote |
Chart |
News |
PowerRating)
7
21.95
864K
1,015M

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.




class=890430920-15102001>











class=890430920-15102001>











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
eBay
(
EBAY |
Quote |
Chart |
News |
PowerRating)		 73 92.78 LONG Daily
test of prior pivot highs, forming intraday Low level Cup & Handle		 6,732M 5,627M

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.




class=890430920-15102001>











class=890430920-15102001>































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
Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating)		 12 31.89 LONG 123 Daily
with intraday Cup & Handle		 14,895M 13,290M

class=890430920-15102001>
Neoware
class=890430920-15102001>

(
NWRE |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
25
class=890430920-15102001>
10.89

 LONG
class=890430920-15102001>
Intraday Cup and Handle at Breakout levels daily
class=890430920-15102001>
516K
class=890430920-15102001>
356K

class=890430920-15102001>
Northrop Grumman
class=890430920-15102001>

(
NOC |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
46
89.30
class=890430920-15102001>
SHORT
class=890430920-15102001>
Symmetrical Triangle Intraday, daily doji price bar into resistance zone
class=890430920-15102001>
1,734M
class=890430920-15102001>
2,618M


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

Dell Computer

(
DELL |
Quote |
Chart |
News |
PowerRating)
71
29.76
21,238M
18,131M

Bed Bath & Beyond

(
BBBY |
Quote |
Chart |
News |
PowerRating)
73
40.01
3,589M
4,673M

Nextel

(
NXTL |
Quote |
Chart |
News |
PowerRating)
88
15.63
25,019M
42,765M

Wal-Mart

(
WMT |
Quote |
Chart |
News |
PowerRating)
67
56.58
8,039M
8,087M

Analog Devices

(
ADI |
Quote |
Chart |
News |
PowerRating)
87
33.82
3,796M
4,826M

Institutional
Laggards.



class=890430920-15102001>









class=890430920-15102001>









class=890430920-15102001>









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)
26
30.80
18,848M
21,881M

Lockheed Martin

(
LMT |
Quote |
Chart |
News |
PowerRating)
43
50.25
3,483M
2,920M

Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.


P.S. I’ve
just released a new trading module on Intraday Breakouts. If
you’d like more information, click
here.