Tuesday’s Top Stocks

  • May 23, 2003
  • Chris Tyler

In a day marked by ‘inside day’
technical action, where was the ‘MOmentum’? In
Philip Morris of course. Oops, my bad, I meant to say in Altria (MO). To
go along with the decidedly quiet nature of the ETFs in Friday’s pre-holiday
trade, the volume also confirmed our belief that the ‘big boys’ being ‘outdoors’
a little sooner than the official close of trade, might have had something to do
with the ETFs staying ‘indoors’. The SPYs and DIAs both closed fractionally
higher, while the QQQs closed unchanged on positive market breadth, but little
in the way of solid institutional support.

The big caps are still lagging, but considering
that today marked the start towards a ‘four’ day holiday, we won’t read too much
into Mr. Softy
(
MSFT |
Quote |
Chart |
News |
PowerRating) or ‘the others’ price action too deeply. Price
supports have continued to hold, so the best piece of advice for the long
weekend ahead would be to hold onto a nice cold one, read a good book, and then
as always, use a little bit of the extra time to ‘read’ the market. Stay
prepared for the start of summer by knowing which ones to hold, and which ones
to fold, ahead of time, and ahead of the curve, for the next day’s trade. Have a
great holiday.

Volatility Readings:

Volatility
Index		 Close Net
Change		 Signals/Direction %
Above/Below 10 Day Moving Average		 Significance
VIX 21.38 Down
.24		      
None		 3.5%
Below 		 Not
At Extreme
VXN 29.73 Down
.35		       CVR
6 Sell		 7%
Below
Not At Extreme

 

Hottest Sectors :  Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating), Internet
(
HHH |
Quote |
Chart |
News |
PowerRating), and Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating) 


Weakest Sectors : Retail
(
RTH |
Quote |
Chart |
News |
PowerRating) and
Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating)


Tuesday’s HELVETICA>stocks to watch:


Technical
Strength Top of Range.

Stocks are scanned from TM’s Proprietary and Technology 10 Momentum lists on the Indicators
page, as well as being hand selected, based on the most recent technical action.
This may include some or all of the following: abnormal volume, price patterns,
as well as bullish action off of technical price supports or clearance of
technical resistance in that day’s session.




class=890430920-15102001>









class=890430920-15102001>









































size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001> size=2 Helvetica face=”Arial”>Price Technical
Strength		 class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Avid Technologies 

(
AVID |
Quote |
Chart |
News |
PowerRating)
30.42
52-Week High, Slim Jim
close on daily volume
723k
1,028m

class=890430920-15102001>
Macromedia
class=890430920-15102001>

(
MACR |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
17.80


class=890430920-15102001>
Volume thrust daily
reversal, top of range
class=890430920-15102001>
1,470m


class=890430920-15102001>
1,390m


class=890430920-15102001>
Vimpel
class=890430920-15102001>

(
VIP |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
43
class=890430920-15102001>
WRB with volume to reverse pullback from highs
class=890430920-15102001>
286k


class=890430920-15102001>
346k


class=890430920-15102001>
UT Starcom
class=890430920-15102001>

(
UTSI |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
28.40
class=890430920-15102001>
52-Week High and Cup & Handle intraday
class=890430920-15102001>
2,965m
class=890430920-15102001>
2,671m


class=890430920-15102001>
Zoran Industries
class=890430920-15102001>

(
ZRAN |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
17.94
class=890430920-15102001>
Slim Jim intraday , reversing pullback from recent
highs
class=890430920-15102001>
983k


class=890430920-15102001>
515k

 




Technical Weakness Bottom of Range.

Stocks
are scanned from  TM’s Implosion and Technology
Implosion Lists on the Indicators page, as well as being
hand selected, based on the most recent technical action. This may include some
or all of the following: abnormal volume, price patterns, as well as bearish
technical action at key support, or resistance levels based on closing prices.

class=890430920-15102001>



































size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001> size=2 Helvetica face=”Arial”>Price Technical
Strength		 class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Weight Watchers 

(
WTW |
Quote |
Chart |
News |
PowerRating)
41.10
Triangle close at lows,
broke daily pivots on volume
568k
1,339m

Kohl’s

(
KSS |
Quote |
Chart |
News |
PowerRating)
51.20
Kings & Queens bearish
pattern, on daily volume, closing near price pivots
4,561m
4,867m

Cabot Microelectronics

(
CCMP |
Quote |
Chart |
News |
PowerRating)
41.55
Closed below March pivots on volume, slightly below
intraday triangle
901k
901k

 



class=890430920-15102001>Stock Reversal Setups Closing Basis.

Stocks that are setting up on a closing basis as potential long
or short 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
,Slim Jim (SJ)
consolidations, and Triangles. Background
technical supports in the form of Fibonacci levels, EMAs (DEMA=daily ema), RS, and former price
action are
used in the decision making process.


class=890430920-15102001>Long Reversals class=890430920-15102001>Closing Basis.




class=890430920-15102001>









class=890430920-15102001>

















size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001> size=2 Helvetica face=”Arial”>Price Technical
Strength		 class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Caci International 

(
CAI |
Quote |
Chart |
News |
PowerRating)
30.79
Reversing action off daily
technical supports with volume, Kings and Queens attempt at closing price
470k
979k

class=890430920-15102001>
Eli Lilly
class=890430920-15102001>

(
LLY |
Quote |
Chart |
News |
PowerRating)
class=890430920-15102001>
58.10
class=890430920-15102001>
Slim Jim intraday
close, off hammer reversal, daily test of supports with volume
class=890430920-15102001>
3,291m
class=890430920-15102001>
5,332m

 


class=890430920-15102001>Short
Reversals
 Closing Basis.



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.

Institutional
Favorites 































size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Yahoo 

(
YHOO |
Quote |
Chart |
News |
PowerRating)
28.50
14,158m
14,737m

Vodafone

(
VOD |
Quote |
Chart |
News |
PowerRating)
20.94
2,765m
4,653m

Microchip

(
MCHP |
Quote |
Chart |
News |
PowerRating)
20.10
5,209m
3,916m

 

Institutional
Laggards.































size=2 Helvetica face=”Arial”>Name

 class=890430920-15102001>Symbol
class=890430920-15102001> size=2 Helvetica face=”Arial”>Price class=890430920-15102001>Average
Volume 		class=890430920-15102001>Today’s
Volume

Apollo 

(
APOL |
Quote |
Chart |
News |
PowerRating)
52.40
2,109m
2,302m

3-M 

(
MMM |
Quote |
Chart |
News |
PowerRating)
123.50
2,829m
1,259m

WalMart

(
WMT |
Quote |
Chart |
News |
PowerRating)
52
8,397m
6,847m

      

 

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 Intra-day Breakouts. If
you’d like more information, click
here.