Here Are Wednesday’s Top Stocks
In Tuesday’s trade
investors started out the session cautious, after yesterday’s routing of the
major market indices. However,
by the closing bell, even after a late -fternoon pullback, all three of the ETFs
ended the day with gains between .5 and 1.5% on heavier, but less than average
trade. Market breadth was also solidly positive as investors scooped up most of
yesterday’s casualties, but did so less aggressively than in recent sessions.
The best evidence for this was the fact that only three Dow Jones components
finished with gains greater than 1 point, while 26 were up on the day.
So far so good, for the bulls, as our
highest technical supports have held thus far, and even managed to produce a bid
with greater conviction off of those levels. With prices off their best levels
of the day, the bulls will focus on session highs as the first clue for market
follow through on Wednesday. The VIX has closed at its lowest levels since late
January, signaling caution, but not action just yet. Price and volume will
continue to be our leading indicator with the volatility index being a
secondary, but trusted, partner.
As daytraders of course, our favorite
friends are our lists of High and Low RS issues. Regardless if we find ourselves
looking the bear in the eyes, or riding the bull for the day, the best way to
confront the conditions of the day is by having prepared the night before.
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
and Pharmaceutical
(
PPH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and Regional Banks
(
RKH |
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 |
Barr Labs | ( BRL | Quote | Chart | News | PowerRating) | 98 | 55.92 | 1,596M | 846K |
Coach | ( COH | Quote | Chart | News | PowerRating) | 85 | 39.70 | 1,135M | 2,006M |
class=890430920-15102001> Garmin | class=890430920-15102001> ( GRMN | Quote | Chart | News | PowerRating) | class=890430920-15102001> 87 | class=890430920-15102001> 36.89 | class=890430920-15102001> 485K | class=890430920-15102001> 1,508M |
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>
None Today.
class=890430920-15102001>
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 |
Biovail | ( BVF | Quote | Chart | News | PowerRating) | 94 | 40.35 | 1,190M | 1,546M |
CheckFree | ( CKFR | Quote | Chart | News | PowerRating) | 92 | 23.30 | 1,522M | 1,606M |
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>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 |
Hotels.com | ( ROOM | Quote | Chart | News | PowerRating) | 84 | 59 | 1,190M | 1,546M |
Analog Devices | ( ADI | Quote | Chart | News | PowerRating) | 80 | 29.85 | 3,576M | 4,126M |
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 |
General Dynamics | ( GD | Quote | Chart | News | PowerRating) | 13 | 56.49 | 2,542M | 1,909M |
InVision | ( INVN | Quote | Chart | News | PowerRating) | 31 | 22.45 | 983K | 559K |
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 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 |
Adobe | ( ADBE | Quote | Chart | News | PowerRating) | 88 | 31.67 | 3,499M | 5,651M |
Amazon | ( AMZN | Quote | Chart | News | PowerRating) | 91 | 26.92 | 7,274M | 7,210M |
Apollo | ( APOL | Quote | Chart | News | PowerRating) | 77 | 49.93 | 1,828M | 4,769M |
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 |
Biogen | ( BGEN | Quote | Chart | News | PowerRating) | 9 | 30.92 | 4,358M | 3,838M |
Chubb Group | ( CB | Quote | Chart | News | PowerRating) | 27 | 45.75 | 1,485M | 4,196M |
Intuit | ( INTU | Quote | Chart | News | PowerRating) | 13 | 38.90 | 4,886M | 6,089M |
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.