Here Are Wednesday’s Top Stocks

  • April 15, 2003
  • Chris Tyler

A positive spin by analysts on
Big Blue’s (IBM) future prospects helped the ETFs rally on the session.

Negative guidance out of semi equipment maker
Novellus was essentially ignored, with even the semiconductor sector
(
SMH |
Quote |
Chart |
News |
PowerRating)
finishing higher on the day. Volume picked up on Tuesday as the index proxies
marched forward between one-half and a percentage point, closing at their best
levels of the day. Tomorrow should prove to be a return towards more normal
volume levels as a large group of companies report tonight and tomorrow morning,
including: INTC, MSFT, TXN, LLTC, KFT, CAT, STX, MER, EMC, GDT, and GENZ.

As of the writing of this report, after-hours
trade is indicating a fairly positive bias, setting up the daily charts for (at
a minimum) a retest of recent pivot consolidation highs, and possibly more. I
think I heard on several occasions today that the VIX is dropping due to the
“war premium” being knocked out of the equation…yeh, right. It’s
only my humble opinion, but the “this time it’s different”
rationalization usually ends up biting one in the you know what. It doesn’t mean
we have to necessarily spiral down, but, at a minimum, it does look to favor a
solid percentage move, and should afford some good trading opportunities.

Fortunately, as daytraders, we get to take each
day as it’s presented to us the next trading day. That means taking our list of
High and Low RS issues, waiting for the setups, and regardless of ego or
opinion, going along for the ride, however long it may last, until it’s time to
hop off.

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


Weakest Sectors : Health Medical
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)
and Oil Services
(
OIH |
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

Hotels.com

(
ROOM |
Quote |
Chart |
News |
PowerRating)
92
67.19
1,377M
1,048M

j2 Global

(
JCOM |
Quote |
Chart |
News |
PowerRating)
95
34.25
448K
544K

class=890430920-15102001>
Netease
class=890430920-15102001>

(
NTES |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
95
class=890430920-15102001>
20.25
class=890430920-15102001>
944K
class=890430920-15102001>
1,304M




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

Automatic Data Processing

(
ADP |
Quote |
Chart |
News |
PowerRating)
19
31.91
3,130M
1,903M

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.

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.




class=890430920-15102001>









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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

Biovail


(
BVF |
Quote |
Chart |
News |
PowerRating)
91
42.70
1,297M
1,183M

Cree Inc.

(
CREE |
Quote |
Chart |
News |
PowerRating)
86
22.93
2,271M
1,517M

OmniVision Technology

(
OVTI |
Quote |
Chart |
News |
PowerRating)
92
24.72
1,641M
1,612M





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

Baker Hughes


(
BHI |
Quote |
Chart |
News |
PowerRating)
36
28.03
2,227M
4,225M

class=890430920-15102001>
Kraft


class=890430920-15102001>

(
KFT |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
12
class=890430920-15102001>
28.85
class=890430920-15102001>
3,578M
class=890430920-15102001>
3,824M

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>

None Today.



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

Maxim Integrated

(
MXIM |
Quote |
Chart |
News |
PowerRating)
32
37.05
8,597M
7,400M

Adobe

(
ADBE |
Quote |
Chart |
News |
PowerRating)
83
33.87
3,761M
3,695M

Amgen

(
AMGN |
Quote |
Chart |
News |
PowerRating)
79
60.15
10,739M
10,929M

Fedex

(
FDX |
Quote |
Chart |
News |
PowerRating)
61
59.45
1,664M
2,537M

Institutional
Laggards.



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

Intuit

(
INTU |
Quote |
Chart |
News |
PowerRating)
26
40.12
4,799M
3,867M

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.