Here Are Wednesday’s Top Stocks
Tuesday ushered in some of the year’s “tightest” trading, as volatility
contracted in the ETFs. The
market proxies all finished off slightly lower in what is best described as
anemic trading. With volume statistics dropping off well below average, today’s
game was a heck of a lot less thrilling than yesterday’s climactic ending…
that goes for both the market and the college hoops action last
night.
Considering that Microchip Technology
(
MCHP |
Quote |
Chart |
News |
PowerRating) and RF Micro Devices
(
RFMD |
Quote |
Chart |
News |
PowerRating) both warned last night, one could
say that a “doji-style” day for the major ETFs was not too shabby of a
performance, especially if one considers yesterday’s late day sell-off. Does
this mean that it’s safe to listen to Joe Battapaglia again? Probably not, and
that’s regardless of what happens “in the big picture.” One thing
that’s safe to listen too though, and that is that our best opportunities as
daytraders always start off by being prepared each and every day with our list of
High and Low RS issues, because you can’t win the war if you’re not prepared to
fight the battle.
Hottest Sectors : Banking Index
(
$BKX.X |
Quote |
Chart |
News |
PowerRating) and Biotechs
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductors
(
SMH |
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.
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 |
Bear Stearns | ( BSC | Quote | Chart | News | PowerRating) | 72 | 67.84 | 1,361M | 1,254M |
Teva Pharmaceuticals | ( TEVA | Quote | Chart | News | PowerRating) | 87 | 44.84 | 2,456M | 1,914M |
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>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 |
Lockheed Martin | ( LMT | Quote | Chart | News | PowerRating) | 13 | 45.10 | 3,426M | 2,339M |
Affiliated Computer | ( ACS | Quote | Chart | News | PowerRating) | 9 | 41.20 | 1,778M | 1,596M |
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.
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 |
Cerner | ( CERN | Quote | Chart | News | PowerRating) | 1 | 16.53 | 1,361M | 2,383M |
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 |
Genentech | ( DNA | Quote | Chart | News | PowerRating) | 76 | 36.59 | 2,405M | 1,770M |
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.
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 |
| Barr Labs | ( BRL | Quote | Chart | News | PowerRating) | 96 | 57.09 | intraday triangle off of 13-DEMA | 1,294M | 932M |
class=890430920-15102001> Biovail | class=890430920-15102001> ( BVF | Quote | Chart | News | PowerRating) | class=890430920-15102001> 89 | class=890430920-15102001> 40.76 | class=890430920-15102001> SJ off of 13-DEMA | class=890430920-15102001> 1,236M | class=890430920-15102001> 1,157M |
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 |
| Cephalon | ( CEPH | Quote | Chart | News | PowerRating) | 11 | 40.97 | Intraday mid level SJ | 2,308M | 2,084M |
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 |
Costco | ( COST | Quote | Chart | News | PowerRating) | 80 | 32.85 | 4,458M | 5,653M |
Morgan Stanley | ( MWD | Quote | Chart | News | PowerRating) | 69 | 42.72 | 5,638M | 4,396M |
3M Company | ( MMM | Quote | Chart | News | PowerRating) | 65 | 133.36 | 2,565M | 2,400M |
Bed Bath & Beyond | ( BBBY | Quote | Chart | News | PowerRating) | 64 | 37.18 | 3,469M | 4,143M |
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 |
Maxim Integrated Products | ( MXIM | Quote | Chart | News | PowerRating) | 26 | 35.63 | 8,943M | 11,484M |
Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) | 13 | 32.41 | 15,245M | 23,688M |
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
class=890430920-15102001>
you’d like more information, click
here.