Tuesday’s Top Stocks

  • April 21, 2003
  • Chris Tyler

If you were prepared ahead of time, then you might be calling today’s session
‘Good Monday’,

otherwise you might be wishing that today was also a holiday. If you didn’t do
the work before the patterns triggered, you’re probably apt to describe today’s
trade as a light volume churner, as the ETFs finished the day in the green by
the slightest of margins on much thinner trade. A lack of economic news coupled
with the holiday closure of European bourses had the indices consolidating
Thursday’s gains as traders await more earnings reports due out this week.

The Trap Door entries were there, as the Nasdaq tested angular resistance on the daily chart. If you had your numbers ready,
there was opportunity in the form of the forementioned pattern (see today’s Live
from TradersWire). The sell off from these levels left a lot to be desired
for the remainder of the trading day as the ETFs “chopped” throughout.
The VIX continued to drop to new Year-To-Date lows as the QQQs press resistance,
and with the SPYs and DIAs not to far behind. The semis
(
SMH |
Quote |
Chart |
News |
PowerRating) and Internet
HOLDRs
(
HHH |
Quote |
Chart |
News |
PowerRating) are leading the charge, with the Biotechs also providing some
leadership. The semis appear to be the first to be above significant resistance
so continue to monitor and be ready to trade this sector from both sides. Some
of the better trades in this sector include Linear Technologies
(
LLTC |
Quote |
Chart |
News |
PowerRating),
Maxim Integrated
(
MXIM |
Quote |
Chart |
News |
PowerRating), and KLA-Tencor
(
KLAC |
Quote |
Chart |
News |
PowerRating).

Hottest Sectors : Oil Services
(
OIH |
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)


Tuesday’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.




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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

Avid Technologies 

(
AVID |
Quote |
Chart |
News |
PowerRating)
85
27.02
823K
1,851M

OmniVision Technologies

(
OVTI |
Quote |
Chart |
News |
PowerRating)
94
26.10
1,651M
763K

Netease

(
NTES |
Quote |
Chart |
News |
PowerRating)
96
22.4
999K
1,609M

 




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

McKesson 

(
MCK |
Quote |
Chart |
News |
PowerRating)
18
23.70
1,720M
1,428M

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

InterDigital
Communications 

(
IDCC |
Quote |
Chart |
News |
PowerRating)
87
21.35
1,090M
896K

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

Bed Bath &
Beyond 

(
BBBY |
Quote |
Chart |
News |
PowerRating)
79
39.32
3,535M
2,495M

Marvell Technology

(
MRVL |
Quote |
Chart |
News |
PowerRating)
78
23.13
3,209M
1,367M





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

MGM Mirage 

(
MGG |
Quote |
Chart |
News |
PowerRating)
36
28
1,025M
1,145M

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 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>

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 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

KLA-Tencor

(
KLAC |
Quote |
Chart |
News |
PowerRating)
65
40.84
11,703M
12,157M

USA Interactive

(
USAI |
Quote |
Chart |
News |
PowerRating)
81
29.08
7,922M
4,531M

Electronic Arts

(
ERTS |
Quote |
Chart |
News |
PowerRating)
77
60.51
3,045M
1,966M

Institutional
Laggards.



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

Bank One

(
ONE |
Quote |
Chart |
News |
PowerRating)
31
34.90
4,425M
4,247M

SBC

(
SBC |
Quote |
Chart |
News |
PowerRating)
10
20.13
10,304M
8,757M

 

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.