Here Are Wednesday’s Top Stocks
Another day of losses
for the ETFs on heavier volume that will be counted as a day of distribution for
anyone who’s counting. Disparaging
economic commentary from Secretary Snow, forecasts of doom and gloom in Europe,
more of the same ol’ geopolitical cross currents, further penetration of price
levels not seen since last Fall, record bond inflows, and even talk of some
margin calls going out, are finally giving bulls something to consider, such as
throwing in the proverbial towel. Tuesday’s trade, against the backdrop of more
negative headlines, had all the ETFs down between one half and three quarters of
a percentage point, as the worn-out bull was last seen walking past the
“games bullpen,” and off the playing field.
…..and finally, it looks like we
could be seeing the key ingredients for a playable bottom. Multiyear technical
supports are within our scopes, with volatility, and sentiment indicators slowly
confirming a reversal worth playing for the position players out there. For
position trading from the bull camp, I don’t think we’re there just quite yet,
but as always, we’re ready to trade the conditions of the day, whether my
evil position-playing twin is right or wrong. With our lists of High and Low RS
stocks that are demonstrating the best characteristics for that particular day
we don’t need any long-term forecasts to profit consistently. As daytraders, our
prospects are right in front of us each and every day, and ready to be enjoyed by
those willing to do the work necessary to trade nothing less than the very next
trading day.
Hottest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
and Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and Broker / Dealers
(
$XBD.X |
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 |
| Coach | ( COH | Quote | Chart | News | PowerRating) | 88 | 36.16 | 1,078M | 1,214M |
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 |
| Northrop Grumman | ( NOC | Quote | Chart | News | PowerRating) | 79 | 26 | 1,480M | 2,018M |
| United Parcel | ( UPS | Quote | Chart | News | PowerRating) | 29 | 53.18 | 2,327M | 2,952M |
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>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 |
| EchoStar Communications | ( DISH | Quote | Chart | News | PowerRating) | 96 | 28.50 | 3,963M | 3,995M |
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.
class=890430920-15102001>
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>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 |
| St. Jude Medical | ( STJ | Quote | Chart | News | PowerRating) | 91 | 45.46 | 1,726M | 1,066M |
| eResearch | ( ERES | Quote | Chart | News | PowerRating) | 96 | 24.26 | 327K | 725K |
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>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 |
| Cabot Microelectronics | ( CCMP | Quote | Chart | News | PowerRating) | 18 | 38.34 | 991K | 805K |
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.
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 |
| Guidant | ( GDT | Quote | Chart | News | PowerRating) | 86 | 33.61 | Double Bottom w/50-DEMA | 2,744M | 3,415M |
class=890430920-15102001> Biovail | class=890430920-15102001> ( BVF | Quote | Chart | News | PowerRating) | class=890430920-15102001> 93 | class=890430920-15102001> 36.92 | class=890430920-15102001> Double Bottom w/13-DEMA | class=890430920-15102001> 1,126M | class=890430920-15102001> 1,578M |
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.
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>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 |
Xilinx | ( XLNX | Quote | Chart | News | PowerRating) | 80 | 22.18 | 10,628M | 7,555M |
Advance PCS | ( ADVP | Quote | Chart | News | PowerRating) | 85 | 27.68 | 1,364M | 2,629M |
Amazon | ( AMZN | Quote | Chart | News | PowerRating) | 82 | 22.81 | 7,325M | 4,017M |
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 |
American International Group | ( AIG | Quote | Chart | News | PowerRating) | 20 | 44.47 | 7,684M | 9,399M |
Eli Lilly | ( LLY | Quote | Chart | News | PowerRating) | 33 | 53.70 | 2,996M | 4,807M |
Goldman Sachs | ( GS | Quote | Chart | News | PowerRating) | 37 | 62.95 | 3,725M | 4,168M |
Best of luck with your trading. 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.