Tuesday’s Top Stocks
Wall Street apparently
got a little bit ahead of itself, as investors were “quick to book profits,” after
the surge in equity prices during the past week and a half finally found “Main
Street” ready to celebrate.
It turns out that all those
enthusiastic reports of a quick, decisive war were more suitable for The Real
World on MTV, and not the nightly world news reports that permeated the airwaves
late last week.
The ETFs all retreated from the opening bell on a gap down
opening due to “reasonable investor concern” over the duration of the
war. This action set the tone, as a trend day lower was established. Volume was
lighter, but losses were severe, as the various ETFs gave back approximately
half of last week’s gains with losses between roughly 3% to 4%. Taking into
account that two-thirds of today’s “consolidation” was on air, a
downside gap that is, tomorrow shall be interesting to see just how interested
investors are in maintaining their own front, while the front overseas marches
into further uncertainty.
When we last left off, I said somebody
was going to get hurt, little did I know that it would involve my motorcycle.
Sorry about missing Friday’s column, but some personal wounds needed attending
(fractured rib, 3 to 6 weeks to heal). The more pressing concern is, will the
market be able to quickly fashion some support for today’s wounds that were
springing red everywhere? The first line of support for the S&P 500 ETF
(
SPY |
Quote |
Chart |
News |
PowerRating)
comes in around the 85.80 area. This is the 38% Fibonacci retracement from
recent lows, as well as a prior resistance zone.
We’ll have to wait and see if the
market can bounce back as quick as yours truly. I don’t know, and as a daytrader
I have the luxury of not having to carry a position overnight. We anticipate
“the trade” every night, as we prepare our list of the best High and
Low RS stocks that are setting up, but fortunately we don’t need to execute
until we see the trade confirmation, in the here and now of the next trading
session.
Hottest Sectors : Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)
and Health Medical Organizations
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
and Software
(
SWH |
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.
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 |
Yahoo | ( YHOO | Quote | Chart | News | PowerRating) | 94 | 23.35 | 10,166M | 16,856M |
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.
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 |
Amerisourcebergen | ( ABC | Quote | Chart | News | PowerRating) | 27 | 51 | 1,642M | 1,026M |
DTE Energy | ( DTE | Quote | Chart | News | PowerRating) | 19 | 39 | 866K | 878K |
class=890430920-15102001> Varian Semiconductor | class=890430920-15102001> ( VSEA | Quote | Chart | News | PowerRating) | class=890430920-15102001> 29 | class=890430920-15102001> 22.29 | class=890430920-15102001> 1,218M | class=890430920-15102001> 771K |
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.
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.
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 |
United Online | ( UNTD | Quote | Chart | News | PowerRating) | 86 | 17 | 1,038M | 1,627M |
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 |
Chubb Group | ( CB | Quote | Chart | News | PowerRating) | 27 | 47.35 | 1,485M | 1,114M |
XL Capital | ( XL | Quote | Chart | News | PowerRating) | 30 | 69.80 | 957K | 788K |
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.
size=2 Helvetica>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2 Helvetica>Price | Pattern Type | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Silicon Laboratories | ( SLAB | Quote | Chart | News | PowerRating) | 83 | 26.36 | SJ out of a 123 bottom w/ 50DEMA | 1,184M | 1,208M |
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 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 |
Morgan Stanley | ( MWD | Quote | Chart | News | PowerRating) | 70 | 40.24 | 5,546M | 5,828M |
Abbott Labs | ( ABT | Quote | Chart | News | PowerRating) | 56 | 38.35 | 4,239M | 4,414M |
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 | 30.73 | 4,358M | 5,580M |
Newmont Mining | ( NEM | Quote | Chart | News | PowerRating) | 17 | 24.54 | 5,120M | 4,730M |
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.