Here Are Monday’s Names
The ETFs all closed strong
after a string of losing sessions took the averages down to key technical levels
of support in yesterday’s trade.
Today’s upward momentum from the opening bell off of these price supports was
also fueled by a bit of an oversold condition and general market sentiment,
which measured by the volatility index
(
$VIX |
Quote |
Chart |
News |
PowerRating), was showing signs of investor
stress. A settlement between Wall Street dealers and Federal regulators, a void
of news regarding the Iraqi situation, and no bombs from US companies, in
the form of negative earnings and/or guidance all contributed to today’s
rally.
Volume was the strongest that the markets have
seen in over three weeks, but since it was a quadruple witching expiration
(single stock futures included…ho ho ho, I mean ha ha ha) it’s difficult to
get too excited about this figure. As mentioned, the VIX was helpful as a
secondary indicator, but somewhat troubling is the VXN. It’s at its lowest
levels in over two weeks while the Nasdaq is currently underperforming the other
averages. Is it a leading indicator? It would be nice from an investor’s
standpoint, as it would suggest higher prices if the trend can continue, but
from a daytrading point of view it’s another sign to stay on my toes.
This tells
me to keep my lists ready, stay prepared to trade both sides of the market, and
let CNBC (snicker) tell us whether we put in a bottom or not. Momentum going into Monday’s session suggests leaning towards the long side, but our best bet,
especially in light of the mixed signals is to be prepared by continuously doing
our homework, and establishing our own holy grail for trading.
Have a good
weekend.
Hottest Sectors (HOLDRs): Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating) and Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
and Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating)
Monday’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>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Dentsply | ( XRAY | Quote | Chart | News | PowerRating) | 61 | 38 | 1,150,000 | 4,055,000 |
| Varian | ( VAR | Quote | Chart | News | PowerRating) | 81 | 50.38 | 538,000 | 638,900 |
| Boston Scientific | ( BSX | Quote | Chart | News | PowerRating) | 91 | 44.19 | 2,000,000 | 2,062,000 |
| Websense | ( WBSN | Quote | Chart | News | PowerRating) | 89 | 22.12 | 850,000 | 998,900 |
Weak RS issues closing in
Bottom of Range.
Stocks
are scanned from 3 Month RS of 20 or lower and TM’s Implosion and Technology
Implosion Lists on the Indicators page.
class=890430920-15102001>
size=2>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Triad Hospitals | ( TRI | Quote | Chart | News | PowerRating) | 20 | 29.90 | 1,212,000 | 738,000 |
| Tech Data Corp | ( TECD | Quote | Chart | News | PowerRating) | 24 | 27.72 | 1,151,000 | 470,600 |
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>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Avid Technology | ( AVID | Quote | Chart | News | PowerRating) | 97 | 22.03 | 424,000 | 1,460,000 |
| Diebold | ( DBD | Quote | Chart | News | PowerRating) | 67 | 40.79 | 321,000 | 508,800 |
| IGEN Int’l. | ( IGEN | Quote | Chart | News | PowerRating) | 89 | 41.96 | 253,000 | 367,,400 |
| XTO Energy | ( XTO | Quote | Chart | News | PowerRating) | 85 | 26.08 | 921,000 | 1,398,000 |
Weak RS issues with
Volume Surge in last hour.
Stocks are scanned
from 3 Month RS of 20 or lower and TM’s Implosion and Technology Implosion Lists
on the Indicators page.
size=2>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Inter-Tel Corp | ( INTL | Quote | Chart | News | PowerRating) | 27 | 21.08 | 385,000 | 465,000 |
| CDW Computers | ( CDWC | Quote | Chart | News | PowerRating) | 29 | 44.09 | 2,096,000 | 1,739,000 |
| Tenet Healthcare | ( THC | Quote | Chart | News | PowerRating) | 3 | 15.35 | 14,761,000 | 26,622,000 |
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>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Pulte Homes | ( PHM | Quote | Chart | News | PowerRating) | 76 | 49.70 | 643,000 | 692,000 |
Weak RS Slim Jimsclass=890430920-15102001>.
class=890430920-15102001>Stocks
are scanned from 3 Month RS of 20 or lower and TM’s Implosion and Technology
Implosion Lists on the Indicators page.
size=2>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| **Hutchinson | ( HTCH | Quote | Chart | News | PowerRating) | 65 | 21.29 | 482,000 | 434,000 |
| **Krispy Kreme | ( KKD | Quote | Chart | News | PowerRating) | 29 | 33 | 676,000 | 1,420,000 |
| Biovail | ( BVF | Quote | Chart | News | PowerRating) | 19 | 25.49 | 1,093,000 | 1,326,000 |
**Explanation: Hutchinson is
forming an extended countertrend Slim Jim. Krispy Kreme is showing a day-long
Slim Jim after a prolonged downtrend from earlier this week.
Best of luck with your trading Monday. Please use
protective stops on trades.