Here Are Thursday’s Top Names
“Moooo”… Pigs aren’t the only
group that the market likes to slaughter.
The Gateway cow
could be heard loud and clear in the wee hours of the morning.
(
GTW |
Quote |
Chart |
News |
PowerRating) issued a warning call that has its end
product sounding more and more like a commodity, or should I say the
company’s mascot. How prophetic — that deserves one more
“Mooo.”
This set the early tone for the market which had the ETFs
registering percentage declines to the tune of around 2%. Throw in Intel’s
“I’ve got a secret” admission that spending in the first part of ‘ 03
looks subdued, sprinkle some geopolitical tensions involving North Korea and
Iraq on top, and voila, a recipe for a trend day down.
The
volatility levels and quick price extensions into resistance zones told the
story before the page was turned, and as of the close, it doesn’t look like we’re
finished with this chapter just yet. Today’s action marks a healthy pullback,
and I’ll throw in the token “on lighter volume” for everyone that
likes to listen to CNBC. Seriously, that much is true about today’s “profit
taking” ( I love when the media says that).
Volatilities are still barely
above their tests of supports on the daily price charts, and with prices closing
near session lows, the early direction call for tomorrow points to more
“profit taking.” Remember, as daytraders, our concern is to stay on top of our
game with discipline and attention to the rules, keeping us prepared to play
profitably against the game Wall Street throws our way each and every day.
Have a good evening.
Hottest Sectors (HOLDRs): Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating) and Oil
Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Telecommunications
(
TTH |
Quote |
Chart |
News |
PowerRating)
and Software
(
SWH |
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>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 |
| Avocent | ( AVCT | Quote | Chart | News | PowerRating) | 92 | 25.73 | 555,000 | 670,000 |
| New Century Financial | ( NCEN | Quote | Chart | News | PowerRating) | 89 | 29.12 | 807,000 | 1,885,000 |
| Varian Semiconductor | ( VSEA | Quote | Chart | News | PowerRating) | 93 | 28.60 | 1,095,000 | 1,839,000 |
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>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 |
| Take-Two Interactive | ( TTWO | Quote | Chart | News | PowerRating) | 9 | 21.99 | 1,941,000 | 1,708,000 |
| CDW Computers | ( CDWC | Quote | Chart | News | PowerRating) | 36 | 44.06 | 1,960,000 | 1,982,000 |
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>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 |
| Genesis Microchip | ( GNSS | Quote | Chart | News | PowerRating) | 97 | 16.94 | 2,829,000 | 3,757,000 |
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>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 |
| Kohls | ( KSS | Quote | Chart | News | PowerRating) | 15 | 52.89 | 3,586,000 | 5,175,000 |
| Hotel.com | ( ROOM | Quote | Chart | News | PowerRating) | 23 | 47.25 | 1,057,000 | 3,308,000 |
| Amerisourcebergen | ( ABC | Quote | Chart | News | PowerRating) | 8 | 55.50 | class=890430920-15102001> 2,262,000 | 2,419,000 |
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 |
| **JP Morgan | ( JPM | Quote | Chart | News | PowerRating) | 88 | 26.77 | 11,611,000 | 15,856,000 |
| NBTY Inc | ( NBTY | Quote | Chart | News | PowerRating) | 86 | 19.82 | 666,000 | 840,000 |
class=890430920-15102001>**JP
Morgan is an example of a potential Slim Jim reversal pattern.
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>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 |
| Autozone | ( AZO | Quote | Chart | News | PowerRating) | 11 | 67.89 | 1,359,000 | 1,735,000 |
Institutional Favorites.
The following stocks are selected from
the NASDAQ, S&P500 & 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>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 |
| Freddie Mac | ( FRE | Quote | Chart | News | PowerRating) | 59 | 62.90 | 2,900,000 | 3,445,000 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) | 91 | 13.47 | 24,364,000 | 23,606,000 |
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>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 |
| First Data | ( FDC | Quote | Chart | News | PowerRating) | 73 | 35.21 | 3,076,000 | 3,431,000 |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) | 6 | 49.46 | 5,641,000 | 11,877,000 |
| Cephalon | ( CEPH | Quote | Chart | News | PowerRating) | 66 | 48.90 | 2,097,000 | 1,426,000 |
| **Hewlett Packard | ( HPQ | Quote | Chart | News | PowerRating) | 87 | 19.55 | 13,991,000 | 15,424,000 |
class=890430920-15102001>**Hewlett Packard is
noteworthy as to how the “Institutional” stocks can change rapidly,
especially with a non confirming RS. HPQ was listed under Institutional
Favorites yesterday. After bucking the
market for much of the session, the stock logged an “outside day” with
significant last hour volume, thus putting the stock on our list of laggards.
This is a case of the issue still maintaining a strong RS reading, but the short
term prospects from a daytrading perspective indicate a potential move against
its established daily trend.
Best of luck with your trading Thursday. Please use
protective stops on trades.