Here Are Wednesday’s Top Names
Curtain call in three
minutes, Mr. Intel. Today’s
session was marked by very low volatility after a gap down by the ETFs on a
weaker-than-expected retail sales report for December, and to tell you the
truth, this wasn’t even that dramatic. If you’re like me, you probably felt like
this was the sixth or seventh time this number has been reported. Maybe they
should get a head start on the December 2003 sales figure to incite the
market.
With everyone waiting for earnings
season to begin, starting with Intel’s report this evening, intraday volatility
contracted considerably. The ETFs have spent the last eight sessions in a range
of under 4%, so be prepared: Days like today, and our current lateral movement
on the daily’s shouldn’t last too much longer. A positive spin on the Intel
story by Wall Street could be just the ticket to move this market higher. Price
and pattern are setting up for longs in the broader scheme of things, but
there’s always a caveat. Right now, the finger pointing is directed at the
volatility indices.
In a recent piece I made mention that
the volatility levels should keep you on your toes, but not prevent you from
making the trade, if you see it. As a matter of fact it was pointed out that the
situation (which continues as I write this) makes it an opportune way to either
hedge yourself, or take directional trades with much less risk than one would
have with holding the underlying stock. If you trade overnighters keep this
especially in mind, and if you trade on an intraday basis keep those lists of
the best setups within High and Low RS stocks ready at your side, because
tomorrow is another opportunity for those who are prepared to take advantage of
whichever direction the market ultimately takes.
Have a good evening.
Hottest Sectors (HOLDRs): Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
and Software
(
SWH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
Wednesday’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 |
| Cognos | ( COGN | Quote | Chart | News | PowerRating) | 81 | 25.21 | 1,071,000 | 915,000 |
| Genesis Microchip | ( GNSS | Quote | Chart | News | PowerRating) | 96 | 18.09 | 2,839,000 | 1,994,000 |
| ADTRAN | ( ADTN | Quote | Chart | News | PowerRating) | 92 | 40.24 | 557,000 | 975,000 |
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 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 |
| Hotels.com | ( ROOM | Quote | Chart | News | PowerRating) | 22 | 46.90 | 1,086,000 | 1,429,000 |
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 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) | 86 | 31.83 | 513,000 | 621,000 |
| BMC Software | ( BMC | Quote | Chart | News | PowerRating) | 86 | 19.11 | 1,827,000 | 2,784,000 |
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 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 |
| Charles River Labs | ( CRL | Quote | Chart | News | PowerRating) | 5 | 30.16 | 513,000 | 2,542,000 |
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 |
| Avocent | ( AVCT | Quote | Chart | News | PowerRating) | 91 | 25.97 | 554,000 | 506,000 |
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.
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) | 23 | 60.43 | 3,000,000 | 2,401,000 |
| Autozone | ( AZO | Quote | Chart | News | PowerRating) | 10 | 65.40 | 975,000 | 2,010,000 |
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 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) | 90 | 14.57 | 23,135,000 | 15,385,000 |
| Amazon | ( AMZN | Quote | Chart | News | PowerRating) | 63 | 22,74 | 8,619,000 | 7,063,000 |
| Cisco | ( CSCO | Quote | Chart | News | PowerRating) | 85 | 15.59 | 75,309,000 | 69,800,000 |
| Intuit | ( INTU | Quote | Chart | News | PowerRating) | 52 | 51.47 | 3,192,000 | 2,072,000 |
| Xilinx | ( XLNX | Quote | Chart | News | PowerRating) | 88 | 25.90 | 10,591,000 | 13,007,000 |
| Freddie Mac | ( FRE | Quote | Chart | News | PowerRating) | 53 | 64.73 | 2,984,000 | 4,600,000 |
| International Business Machines | ( IBM | Quote | Chart | News | PowerRating) | 84 | 88.58 | 8,449,000 | 7,564,000 |
class=890430920-15102001>Institutional
Laggards.
The following stocks are selected from
the Nasdaq, S&P 500 & 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 |
| Starbucks | ( SBUX | Quote | Chart | News | PowerRating) | 10 | 20.24 | 3,499,000 | 2,986,000 |
Best of luck with your trading
Wednesday. Please use
protective stops on trades.