Monday’s Top Stocks

  • April 17, 2003
  • Chris Tyler

Maybe we could call today ‘Good Thursday’, as the ETFs finished up the
holiday-shortened week near their best levels of the session. For
pre-holiday trade, the numbers were quite strong by most market breadth measures
that technicians use to gauge the quality of the move. The market averages
finished up between 1%-2.25% on the second-heaviest volume of the week. The
move forward was also accompanied by advancers beating decliners by more than 2
to 1.

With
today’s trade, the QQQs are testing downtrend resistance against prior highs,
while the DIAs and SPYs are still closer to being, “still range bound.” Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) continue to lead the charge, actually
notching fresh year-to-date highs in today’s action. Keep a close eye on the
highs established today, as it stands to reason that a push through this number
will have the lemmings running through the canyons of Wall Street. 

The Biotech
sector
(
BBH |
Quote |
Chart |
News |
PowerRating) has also demonstrated recent market leadership, so if the sound
of cattle is “herd” breaking out of “the range,” these two
sectors should be seen as early leaders. Of course, if resistance proves to be a
formidable opponent once more, and considering the VIX readings, it wouldn’t be
all that shocking, we’ll be ready to jump on this fledgling bull’s back, and
bring him back to pasture.

Although the VIX continues to amaze, remember
it’s a secondary indicator. When things get stretched, in the end, it’s more
important for us as daytraders to be able to run with the bulls / lemmings,
instead of getting trampled. Keeping to your list of those High and Low RS
issues that are best performing with the trend of the day is always the logical
choice, even when it feels like the market is running around with its head
chopped off. 

Have a good holiday.

Hottest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
and Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)


Weakest Sectors : Health Medical
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)
and Telecomm
(
TTH |
Quote |
Chart |
News |
PowerRating)


Monday’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.




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

Gilead Sciences

(
GILD |
Quote |
Chart |
News |
PowerRating)
78
44.04
3,912M
2,611M

Gtech Holdings

(
GTK |
Quote |
Chart |
News |
PowerRating)
82
34.20
606K
558K




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.


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>









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

Silicon Laboratories


(
SLAB |
Quote |
Chart |
News |
PowerRating)
81
28.08
881K
1,055M

eBay

(
EBAY |
Quote |
Chart |
News |
PowerRating)
79
90.20
6,059M
7,337M

Marvell Technology

(
MRVL |
Quote |
Chart |
News |
PowerRating)
75
23.15
3,257M
2,819M





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

Hewlett Packard


(
HPQ |
Quote |
Chart |
News |
PowerRating)
13
15.30
12,175M
15,763M

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>





















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

class=890430920-15102001>
Cree Inc.
class=890430920-15102001>

(
CREE |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
90
class=890430920-15102001>
20.05

class=890430920-15102001>
Long
class=890430920-15102001>
Slim Jim “hammer”daily finish off gap
fill 3/31
class=890430920-15102001>
2,212M
class=890430920-15102001>
12,208M

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>































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

class=890430920-15102001>
IDEC Pharmaceuticals
class=890430920-15102001>

(
IDPH |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
18
class=890430920-15102001>
32.02

class=890430920-15102001>
Short
class=890430920-15102001>
1,2,3 forming at prior daily resistance
class=890430920-15102001>
3,813M
class=890430920-15102001>
4,564M

class=890430920-15102001>
Affiliated Computer
Services
class=890430920-15102001>

(
ACS |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
19
class=890430920-15102001>
44.80

class=890430920-15102001>
Short
class=890430920-15102001>
2 Day SJ with 50-DEMA
resistance
class=890430920-15102001>
1,782M
class=890430920-15102001>
1,250M


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

Texas Instruments

(
TXN |
Quote |
Chart |
News |
PowerRating)
83
19.40
10,744M
15,102M

Amazon

(
AMZN |
Quote |
Chart |
News |
PowerRating)
50
24.99
7,334M
6,623M

KLA-Tencor

(
KLAC |
Quote |
Chart |
News |
PowerRating)
51
39.95
11,706M
15,238M

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

United Technologies

(
UTX |
Quote |
Chart |
News |
PowerRating)
46
60
2,861M
7,325M

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.