Here Are Wednesday’s Top Stocks

  • April 22, 2003
  • Chris Tyler

With little in the way of a buyers’ “stampede,” the bulls stuck it to the
bears in today’s session. After
yesterday’s one day consolidation of Thursday’s reversal to the upside, today
was another marked change in character as participants turned in their rabbit
gear (ready to turn tail) for some hoofs and horns. The closing prices have the
ETFs closing up over 2% on decidedly higher volume and bullish breadth
statistics. Some of tonight’s earnings highlights include: eBay, PeopleSoft, and
Amgen.

The semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) are leading the
upside as they broke through Year-To-Date resistance in Tuesday’s trade.
Continue to watch the leaders in this sector (KLAC, MXIM, LLTC) for continuation
of momentum, or for position reversals as the music stops, and it’s time to put
“your shorts” on a new seat. Not far behind, are the QQQs, currently testing
resistance in the form of a daily YTD Cup and Handle pattern. The SPYs are in
third place, with the lagging DOW
(
DIA |
Quote |
Chart |
News |
PowerRating) establishing an ascending mid level
triangle, from its January Highs. Closing prices are extremely close to
technical breakouts based on daily price pattern pivots, and the 200-Day EMA. 

As mentioned, price and volume are looking very
good at this time while our friend the VIX continues to keep us on our toes, as
we respect price and volume first, and sentiment indicators as potential
warnings flags, but not a red light.  Regardless of what the market may
throw at us the next trading day, whether up or down, in order to keep our
daytrading perpetually in motion, it’s always important to focus on our daily
ritual. By being prepared with our list of High and Low RS issues that are
setting up intraday, we guarantee ourselves consistent results, even when the
market decides to switch game faces into either an angry, raging bear, or a
soft, cuddly rabbit.

Hottest Sectors : Broker / Dealers
(
$XBD.X |
Quote |
Chart |
News |
PowerRating)
and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)


Weakest Sectors :  Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
and Telecomm
(
TTH |
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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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

Lexmark 

(
LXK |
Quote |
Chart |
News |
PowerRating)
74
71.11
1,619M
2,433M

Coach

(
COH |
Quote |
Chart |
News |
PowerRating)
89
42.54
1,114M
3,372M

 




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

Outback Steakhouse 

(
OSI |
Quote |
Chart |
News |
PowerRating)
45
35.77
556K
1,299M

Laboratory Holdings

(
LH |
Quote |
Chart |
News |
PowerRating)
22
26.66
1,348M
2,134M

 


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
Volume

National
Semiconductor 

(
NSM |
Quote |
Chart |
News |
PowerRating)
87
19.38
2,771M
2,439M

ANDRX Corp.

(
ADRX |
Quote |
Chart |
News |
PowerRating)
91
15.57
3,151M
1,923M

 


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 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

Blockbuster 

(
BBI |
Quote |
Chart |
News |
PowerRating)
52
16.70
951K
2,924M


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>









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

Sepracor 

(
SEPR |
Quote |
Chart |
News |
PowerRating)
92
17.35
1,091M
953K

Marvell Technology

(
MRVL |
Quote |
Chart |
News |
PowerRating)
82
24.11
1,091M
953K





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 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
MGM
Mirage
(
MGG |
Quote |
Chart |
News |
PowerRating)		 39 28.50 SHORT SJ
reversal w/ 50-DEMA as resistance		 1,103M 1,890M


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

KLA-Tencor

(
KLAC |
Quote |
Chart |
News |
PowerRating)
79
41.86
11,828M
14,525M

USA Interactive

(
USAI |
Quote |
Chart |
News |
PowerRating)
81
29.32
7,857M
5,951M

Electronic Arts

(
ERTS |
Quote |
Chart |
News |
PowerRating)
80
61.69
3,033M
3,449M

America Online

(
AOL |
Quote |
Chart |
News |
PowerRating)
63
13.33
20,477M
26,758M

Morgan Stanley

(
MWD |
Quote |
Chart |
News |
PowerRating)
80
46.40
5,656M
6,180M

Adobe

(
ADBE |
Quote |
Chart |
News |
PowerRating)
88
35.27
3,893M
3,912M

Institutional
Laggards.

None Today…“YIIKKESS!!!”

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 Intra-day Breakouts. If
you’d like more information, click
here.