Here Are Friday’s Top Names
They say time heals all
wounds, and sometimes that can be accomplished in as little time as the next
trading day. The market decided to clean
up yesterday’s abrasions to wounded investors with all of the ETFs closing up
handily on the session. Supposed asset allocation shifts, investor cheering of
December same store sales numbers, and a market friendly initial claims report
were all in part responsible for today’s gains which has the averages closing in
on their recent highs.
A good day for
the bulls, and an even better day for money management, if yesterday had by
chance (short), caught you off guard this morning. A simple one to two day
pullback, and prices are right back to extension highs. Volume was moderate on
the day, but that doesn’t help those who don’t stick to their money management
rules.
No signals in the CVR tonight, but as always, err on the side of caution,
as the wind that blows through the canyons of Wall Street is sometimes known to
change directions rather abruptly. As daytraders we don’t have to concern
ourselves with forecasting the future, and what might happen the next day. Our
task is much simpler. Do our work each night, prepare to trade the best stocks
for the occassion, and trade in the moment.
Have a good evening.
Hottest Sectors (HOLDRs):
Software
(
SWH |
Quote |
Chart |
News |
PowerRating) and Retail
(
RTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Telecommunications
(
TTH |
Quote |
Chart |
News |
PowerRating)
and Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)
Friday’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 |
| JP Morgan | ( JPM | Quote | Chart | News | PowerRating) | 88 | 27.30 | 11,600,000 | 11,190,000 |
| Cymer Inc | ( CYMI | Quote | Chart | News | PowerRating) | 94 | 38.69 | 1,895,000 | 2,416,000 |
| ADTRAN | ( ADTN | Quote | Chart | News | PowerRating) | 91 | 37.85 | 533,000 | 895,000 |
| Network Associates | ( NET | Quote | Chart | News | PowerRating) | 96 | 19.63 | 2,107,000 | 3,333,000 |
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 |
| Moody’s | ( MCO | Quote | Chart | News | PowerRating) | 19 | 40.64 | 820,000 | 1,777,000 |
| Lincare | ( LNCR | Quote | Chart | News | PowerRating) | 18 | 31.29 | 925,000 | 1,219,000 |
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.
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 |
| Internet Security Systems | ( ISSX | Quote | Chart | News | PowerRating) | 86 | 23.14 | 2,001,000 | 2,056,000 |
| Biosite | ( BSTE | Quote | Chart | News | PowerRating) | 84 | 38.45 | 639,000 | 355,000 |
| Cognos | ( COGN | Quote | Chart | News | PowerRating) | 83 | 25.97 | 1,044,000 | 1,162,000 |
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.
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 |
| Patterson Dental | ( PDCO | Quote | Chart | News | PowerRating) | 13 | 42.68 | 569,000 | 913,000 |
| Waters Corp | ( WAT | Quote | Chart | News | PowerRating) | 20 | 21 | 1,030,000 | 990,000 |
| Amerisourcebergen | ( ABC | Quote | Chart | News | PowerRating) | 8 | 54.86 | 2,262,000 | 2,229,000 |
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 |
| New Century Financial | ( NCEN | Quote | Chart | News | PowerRating) | 89 | 30 | 807,000 | 1,410,000 |
| Integrated Circuit Systems | ( ICST | Quote | Chart | News | PowerRating) | 87 | 21.80 | 1,765,000 | 2,851,000 |
| J.C. Penney | ( JCP | Quote | Chart | News | PowerRating) | 85 | 24.56 | 2,886,000 | 4,328,000 |
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.
None today.
class=890430920-15102001>New Category
High RS
Reversal Patterns.
Stocks with 3 Month RS of 80 or higher
that are setting up on a closing basis as potential reversal pattern
candidates.
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 |
| Genesis Microchip | ( GNSS | Quote | Chart | News | PowerRating) | 97 | 17.54 | 2,829,000 | 2,614,000 |
class=890430920-15102001>
class=890430920-15102001>Genesis
Microchip is an example of a potential high level reversal
1,2,3
setup. ***BTW to avoid any confusion, in the chart above, stop loss
placement below the opening bar low is referencing Thursday’s low (slightly
below the 3 point).
class=890430920-15102001>
Institutional Favorites.
The following stocks are selected from
the Nasdaq, S&P 500 & 600 Indices. These are normally heavily traded,
liquid issues that
are exhibiting strength, 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 relative
strength 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.
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 |
| Veritas | ( VRTS | Quote | Chart | News | PowerRating) | 85 | 20 | 9,468,000 | 16,031,000 |
| Oracle | ( ORCL | Quote | Chart | News | PowerRating) | 87 | 13.01 | 44,936,000 | 70,659,000 |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) | 59 | 38.68 | 14,951,000 | 17,097,000 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) | 91 | 13.98 | 24,364,000 | 24,500,000 |
| Echostar | ( DISH | Quote | Chart | News | PowerRating) | 85 | 25.05 | 3,864,000 | 2,124,000 |
| Bed Bath & Beyond | ( BBBY | Quote | Chart | News | PowerRating) | 67 | 36.78 | 3,336,000 | 2,748,000 |
class=890430920-15102001>Institutional
Laggards.
The following stocks are selected from
the NASDAQ, S&P500 & 600 Indices. These are heavily traded issues that
are exhibiting relative weakness, pattern setups (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 relative
strength 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.
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 |
| Starbucks | ( SBUX | Quote | Chart | News | PowerRating) | 28 | 20.80 | 3,588,000 | 3,940,000 |
| Texas Instruments | ( TXN | Quote | Chart | News | PowerRating) | 42 | 15.86 | 12,886,000 | 9,434,000 |
Best of luck with your trading Friday. Please use
protective stops on trades.