Here Are Thursday’s Top Names
With news from Intel that
even the spin doctors on Wall Street couldn’t put a good face on, the ETFs all
traded down on the session, to close off about 1% on Wednesday. With
a reduction in capex spending over at Intel, more political saber rattling with
Iraq and N.Korea, as well as reduced guidance and words of caution from the
likes of Automatic Data, DuPont, and Banc of America, it was a good day to trim
the portfolio.Â
Volume was moderate on the session.
While today’s price action doesn’t break the recent trend of higher prices (we
are still in established trading ranges in the ETFs), it did inject a sense of
reality into the equation. Bad news was reacted to with lower prices in today’s
session. The market has recently ignored negative news and pushed higher. The
fact that today was a shift away from recent behavior could be construed as an
important sign, and a reason why I said that it was a good day to trim the
portfolio. One day doesn’t make a trend of course, but it always pays to listen
to what the market is saying. Regardless of where the balance of power goes to
tomorrow, as daytraders we can always stay one step ahead of the game by being
prepared with our lists of high and low RS issues, for which to best trade the
current conditions with the highest odds.
Have a good evening.
Hottest Sectors (HOLDRs): Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Thursday’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 |
| Hyperion Solutions | ( HYSL | Quote | Chart | News | PowerRating) | 87 | 31.95 | 496,000 | 399,000 |
| Avocent | ( AVCT | Quote | Chart | News | PowerRating) | 93 | 26.05 | 536,000 | 392,000 |
Â
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 |
| Cardinal Health | ( CAH | Quote | Chart | News | PowerRating) | 13 | 59.96 | 3,002,000 | 2,082,000 |
| Mid Atlantic Medical | ( MME | Quote | Chart | News | PowerRating) | 4 | 30.12 | 586,000 | 868,000 |
Â
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 |
| Avid Technology | ( AVID | Quote | Chart | News | PowerRating) | 93 | 22.28 | 592,000 | 663,000 |
| Storage Technology | ( STK | Quote | Chart | News | PowerRating) | 92 | 25.49 | 852,000 | 1,021,000 |
| Espeed | ( ESPD | Quote | Chart | News | PowerRating) | 80 | 18.83 | 532,000 | 291,000 |
Â
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 |
| LifePoint Hospitals | ( LPNT | Quote | Chart | News | PowerRating) | 3 | 25.13 | 942,000 | 959,000 |
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 |
| Integrated Circuit Systems | ( ICST | Quote | Chart | News | PowerRating) | 88 | 22.64 | 1,720,000 | 2,308,000 |
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.
Â
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 long reversal pattern
candidates.
None Today.
class=890430920-15102001>New Category
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 |
| Cephalon | ( CEPH | Quote | Chart | News | PowerRating) | 58 | 53.32 | 2,065,000 | 2,097,000 |
| Prudential | ( PRU | Quote | Chart | News | PowerRating) | 64 | 33.93 | 2,408,000 | 2,594,000 |
| United Technologies | ( UTX | Quote | Chart | News | PowerRating) | 59 | 64.40 | 2,153,000 | 1,626,000 |
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 |
| Cintas | ( CTAS | Quote | Chart | News | PowerRating) | 24 | 45.23 | 1,296,000 | 1,684,000 |
| Johnson & Johnson | ( JNJ | Quote | Chart | News | PowerRating) | 18 | 55 | 6,717,000 | 7,759,000 |
| Lockheed Martin | ( LMT | Quote | Chart | News | PowerRating) | 12 | 53.74 | 3,208,000 | 2,522,000 |
Â
Best of luck with your trading Thursday. Please use
protective stops on trades.