Here Are Tuesday’s Top Stocks
Up, down and all
around,
much to the delight of the daytrader, and right into our first resistance area
off of yesterday’s price supports. The
DIAs and SPYs both traded out of extended ascending triangles in the early going
(to
the delight of my triangle course) before retreating into a retest of
session, and opening lows, and then reversing course once again to the upside.
“It’s good to be a daytrader.” I used the line in a recent report and
felt it only appropriate, given the ample amounts of opportunity in today’s
session.
What made the markets move in Friday’s
session? No, not Hans, not Mohammed,….traders!!! I’m going to leave you
tonight
with those words of wisdom. Traders move the markets, and we, as daytraders have
to be prepared to take advantage of those situations where other people give us
the gift of intraday volatility, and the ability to trade our list of High and
Low RS issues from both sides of the market. I’m off to Oregon for the weekend, my
apologies for the abbreviated edition, and since trade identification was
established before the closing bell, please use extra diligence. Have a
great weekend
P.S. Qcharts
decided to take the afternoon off, effectively taking an already abbreviated
report, and whittling it down to nothing. Once again, apologies from our
software vendor.
Hottest Sectors (HOLDRs): Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) and Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Oil
Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and Pharmaceuticals
(
PPH |
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 |
| Cognex | ( CGNX | Quote | Chart | News | PowerRating) | 84 | 22.55 | 376k | 440k |
| St.Jude Medical | ( STJ | Quote | Chart | News | PowerRating) | 89 | 43.40 | 1,835M | 1.600m |
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 |
| Amerada Hess | ( AHC | Quote | Chart | News | PowerRating) | 14 | 43.85 | 841K | 528k |
| Expedia | ( EXPE | Quote | Chart | News | PowerRating) | 24 | 59.74 | 2,213M | 2000M |
class=890430920-15102001>
Stocks in Slim
Jims
None
Today.
class=890430920-15102001>
Institutional
Favorites
The following stocks are selected from
the Nasdaq, S&P 500 & 600 Indices, and HOLDRs. These are normally heavily traded,
liquid issues that
are exhibiting relative strength or weakness, 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 3 Month RS 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 |
Yahoo | ( YHOO | Quote | Chart | News | PowerRating) | 82 | 18.79 | 9,050M | 6,500M |
Merck | ( MRK | Quote | Chart | News | PowerRating) | 40 | 53.94 | 6,063M | 4,700M |
Best of luck with your Qcharts. Please use
protective stops on class=890430920-15102001> all trades.