Thursday’s Top Stocks
The herd grew today, as the bulls
used more muscle power
in the form of volume to move ahead into
"greener pastures." Wall Street’s suits are still donning the bull threads, while keeping a
nervous eye on the ‘"red
flag," which for our bull-market players resembles the VIX. More of the
same for the ETFs today, as stronger volume coupled with solid market breadth
numbers propelled the market proxies up between .35 and 1%.
Another technical hurdle was
cleared today in both the SPYs and the QQQs. Year-To-Date price pivot highs,
and trendline resistance on the daily chart have been cleared. The DIAs are
still hovering at this resistance level, but in my humble opinion, two out of
three "ain’t too shabby." Of course, everyone’s big concern is the VIX…and
that quite possibly, is just the point. Even my Aunt Cletus is worried about the
VIX, and that’s why we continue to respect price and volume first. There have
been plenty of high quality opportunities the past two days, if you’re willing
to get past the noise, and listen to the charts.
Heck yes I have concern over the
"implieds," but it’s not going to prevent a solid intraday scalp trade
in the direction of the trend when it presents itself. The VIX is waving a flag
of caution, and of course this creates its own unique opportunities for savvy
position traders, but for the rest of us caveman daytraders, all that really
matters is being ready to trade those issues off of our High and Low RS
list, that are setting up as we see ’em during the next trading day .
Hottest Sectors : Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating) and Telecomm
(
TTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Software
(
SWH |
Quote |
Chart |
News |
PowerRating) and
Retail
(
RTH |
Quote |
Chart |
News |
PowerRating)
Thursday’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 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 |
Interdigital Communications | ( IDCC | Quote | Chart | News | PowerRating) | 89 | 21.73 | 1,108M | 650K |
Gtech Holdings | ( GTK | Quote | Chart | News | PowerRating) | 73 | 34.71 | 619K | 643K |
class=890430920-15102001> eResearch | class=890430920-15102001> ( ERES | Quote | Chart | News | PowerRating) | class=890430920-15102001> 93 | class=890430920-15102001> 29.50 | class=890430920-15102001> 345K | class=890430920-15102001> 583K |
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 |
MGM Mirage | ( MGM | Quote | Chart | News | PowerRating) | 39 | 27.75 | 1,013M | 1,454M |
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 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 |
Avocent | ( AVCT | Quote | Chart | News | PowerRating) | 90 | 31.05 | 938K | 1,130M |
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 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 |
Sepracor | ( SEPR | Quote | Chart | News | PowerRating) | 92 | 18.88 | 1,091M | 3,142M |
Autozone | ( AZO | Quote | Chart | News | PowerRating) | 82 | 80 | 1,193M | 1,599M |
Cognos | ( COGN | Quote | Chart | News | PowerRating) | 83 | 27.47 | 1,189M | 2,358M |
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 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 |
Henry Schein | ( HSIC | Quote | Chart | News | PowerRating) | 31 | 42.55 | 578K | 457K |
Quest Diagnostics | ( DGX | Quote | Chart | News | PowerRating) | 25 | 55.47 | 1,219M | 1,230M |
Pfizer | ( PFE | Quote | Chart | News | PowerRating) | 48 | 31.15 | 17,941M | 28,591M |
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
short or 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 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 |
| Lexmark | ( LXK | Quote | Chart | News | PowerRating) | 74 | 70.50 | SHORT | Low level SJ after reversing 4/7 52-wk.high | 1,617M | 1,820M |
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.
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 |
| Blockbuster | ( BBI | Quote | Chart | News | PowerRating) | 52 | 16.96 | LONG | Reclaimed 50-DEMA in Hammer pattern, with intraday C&H reversal setup | 951K | 1,925M |
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 |
Morgan Stanley | ( MWD | Quote | Chart | News | PowerRating) | 80 | 47.79 | 5,656M | 7,516M |
Nextel | ( NXTL | Quote | Chart | News | PowerRating) | 19 | 13.66 | 23,037M | 42,446M |
Amgen | ( AMGN | Quote | Chart | News | PowerRating) | 74 | 63.80 | 10,793M | 24,100M |
Linear Technology | ( LLTC | Quote | Chart | News | PowerRating) | 87 | 36.31 | 7,111M | 7,984M |
Institutional
Laggards.
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) | 35 | 61.25 | 2,998M | 2,422M |
3M Company | ( MMM | Quote | Chart | News | PowerRating) | 40 | 127.80 | 2,685M | 2,320M |
Intuit | ( INTU | Quote | Chart | News | PowerRating) | 19 | 38.75 | 4,664M | 4,864M |
Cardinal Health | ( CAH | Quote | Chart | News | PowerRating) | 30 | 52.25 | 3,162M | 14,184M |
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.