Here Are Tuesday’s Top Names
Mr. “Softie” played hardball with the market today, as the market
“gates” were stormed by investors
who decided en masse (once again), that just maybe, Wall Street had gotten ahead
of itself once again.
Actually, in all fairness, it
wasn’t just Bill Gates’ Microsoft that was responsible for investors
“profit taking” (I love that phrase) in today’s session, leaving the
ETFs finishing with percentage decreases across the board. The market was
bombarded by a triple threat: poor economic reports, overall weak corporate
guidance going forward, and more of the same geopolitical rhetoric that is used
as Wall Street’s favorite whipping boy.
Today’s losses did indeed change the
technical picture of the market. Last night it was mentioned that today could
prove pivotal, and it looks like the bear has come out from his winter
hibernation. The QQQs were the hardest hit, and the biggest cause for concern,
as it was an easy break through the 50-Day EMA, and the now defunct trading
range. The SPYs did a little bit better, holding the lows from January 3rd,
though it did close below the 50-Day as well. Finally, the DIAs held range lows
and its EMA, causing one to think that “diamonds” are an investors best
friend, at least out of these lil’ gems.Â
A CVR I buy signal was triggered in
the VIX, suggesting a hint of oversold, but remember to always let price and
volume be your guide to market decisions. Oversold can always become more
oversold, so its best for us to remember to stay focused on our task at hand. As
daytraders that means always having our lists of the “best” issues
ready for whichever way the market winds decide to blow the next trading
day.Â
Have a good holiday.
Hottest Sectors (HOLDRs): Regional
Banks
(
RKH |
Quote |
Chart |
News |
PowerRating) and Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Software
(
SWH |
Quote |
Chart |
News |
PowerRating)
and Semiconductors
(
SMH |
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 |
| Hutchinson Technology | ( HTCH | Quote | Chart | News | PowerRating) | 88 | 25.36 | 550,000 | 474,000 |
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.
None Today.
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 |
| Boston Scientific | ( BSX | Quote | Chart | News | PowerRating) | 69 | 45.77 | 1,981,000 | 3,569,000 |
| Cablevision | ( CVC | Quote | Chart | News | PowerRating) | 95 | 19.35 | 2,793,000 | 1,768,000 |
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 |
| Abbott Labs | ( ABT | Quote | Chart | News | PowerRating) | 13 | 38.09 | 4,657,000 | 9,051,000 |
| General Dynamics | ( GD | Quote | Chart | News | PowerRating) | 13 | 74 | 1,329,000 | 3,671,000 |
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 |
| NBTY, Inc. | ( NBTY | Quote | Chart | News | PowerRating) | 73 | 18.90 | 689,000 | 597,000 |
| class=890430920-15102001>Barr Labs | class=890430920-15102001> ( BRL | Quote | Chart | News | PowerRating) | 78 | 79.19 | 585,000 | 515,000 |
Â
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 |
| Schlumberger | ( SLB | Quote | Chart | News | PowerRating) | 33 | 40.71 | 2,809,000 | 2,898,000 |
| Lowes | ( LOW | Quote | Chart | News | PowerRating) | 12 | 36.72 | 5,207,000 | 5,371,000 |
| Take-Two Interactive | ( TTWO | Quote | Chart | News | PowerRating) | 5 | 21.71 | 1,793,000 | 1,195,000 |
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. Patterns include 1,2,3s and Slim Jim consolidations. Background
supports in the form of Fibonacci levels, EMAs, 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 | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Maxim Integrated Products | ( MXIM | Quote | Chart | News | PowerRating) | 70 | 32.93 | 9,540,000 | 9,275,000 |
| IBM | ( IBM | Quote | Chart | News | PowerRating) | 67 | 81.30 | 8,426,000 | 17,073,000 |
| Cymer Inc. | ( CYMI | Quote | Chart | News | PowerRating) | 86 | 33.52 | 1,929,000 | 1,572,000 |
| Eli Lilly | ( LLY | Quote | Chart | News | PowerRating) | 47 | 65.80 | 3,537,000 | 2,877,000 |
class=890430920-15102001>New Category
class=890430920-15102001>Low RS
Reversal Patterns.
Stocks with 3 Month RS of 35 and / or
Institutional Favorites that are setting up on a closing basis as potential
short reversal pattern
candidates. Patterns include 1,2,3s and Slim Jim 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.
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 |
| Johnson & Johnson | ( JNJ | Quote | Chart | News | PowerRating) | 17 | 54.78 | 6,759,000 | 5,620,000 |
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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 |
| Ebay | ( EBAY | Quote | Chart | News | PowerRating) | 72 | 74.85 | 5,764,000 | 14,428,000 |
| Staples | ( SPLS | Quote | Chart | News | PowerRating) | 66 | 18.71 | 4,798,000 | 4,128,000 |
| Accredo Health | ( ACDO | Quote | Chart | News | PowerRating) | 65 | 38.24 | 705,000 | 788,000 |
| Freddie Mac | ( FRE | Quote | Chart | News | PowerRating) | 48 | 64.48 | 2,991,000 | 2,098,000 |
class=890430920-15102001>Institutional
Laggards.
The following stocks are selected from
the NASDAQ, S&P500 & 600 Indices. These are normally, heavier 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 |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) | 4 | 47.95 | 5,512,000 | 5,669,000 |
| Cintas | ( CTAS | Quote | Chart | News | PowerRating) | 13 | 43.26 | 1,307,000 | 1,562,000 |
| Northrop Grumman | ( NOC | Quote | Chart | News | PowerRating) | 8 | 95.30 | 1,851,000 | 1,221,000 |
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Best of luck with your trading Tuesday. Please use
protective stops on trades.