Here Are Wednesday’s Top Names
The ETFs finished the day
mixed in a session that welcomed back the Generals. Today’s
activity marked the highest volume in two weeks, which was above average on both
the NASDAQ and NYSE. The SPY was slightly below the surface most of the day,
while the DIAs eked out the slightest of gains to stay at sea level. The QQQs
were able to float above the surface with a percentage point gain on the heels
of sector strength in both software and the semiconductors. Both areas benefited
from individual companies receiving kind words from Wall Street analysts earlier
in the day, and with no real news to torpedo technology, it was enough to keep
the recent price extension above water.
With none of the ETFs making any real headway as
far as price is concerned and daily volume picking up, distribution was
confirmed in the SPYs, but less clear with the DIAs. The QQQs according to the
textbook definition, recorded a day of accumulation, but with the volatility
indices still registering tests of their recent bottoms I can’t help but feel
the need to take precaution. My own personal style is quite often through the
use of options. With volatilities at these levels, and prices extended in the
short term, well let’s just say the trading looks that much better. Whichever
way we do end up going tomorrow, or the next day, the one constant in my routine
to weather the fare days, as well as the stormy ones, is to keep diligent with
my lists of relative strength stocks that best suit the conditions that be. Have
a good night.
Hottest Sectors (HOLDR’s):Â Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDR’s): Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating) and Oil
Services
(
OIH |
Quote |
Chart |
News |
PowerRating)Â
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>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 |
| Boston Scientific | ( BSX | Quote | Chart | News | PowerRating) | 72 | 44.91 | 2,180,000 | 2,059,000 |
| Network Associates | ( NET | Quote | Chart | News | PowerRating) | 94 | 19.06 | 2,050,000 | 2,828,000 |
| BMC Software | ( BMC | Quote | Chart | News | PowerRating) | 84 | 19.18 | 1,850,000 | 3,356,000 |
| Coach | ( COH | Quote | Chart | News | PowerRating) | 78 | 34.60 | 802,000 | 1,600,000 |
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 |
| Kohls | ( KSS | Quote | Chart | News | PowerRating) | 16 | 53.55 | 3,507,000 | 2,923,000 |
| Abbott Labs | ( ABT | Quote | Chart | News | PowerRating) | 94 | 17 | 4,228,000 | 6,402,000 |
| Synopsys | ( SNPS | Quote | Chart | News | PowerRating) | 51 | 41.69 | 1,893,000 | 2,425,000 |
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>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 |
| PeopleSoft | ( PSFT | Quote | Chart | News | PowerRating) | 93 | 21.15 | 6,679,000 | 11,817,000 |
| JetBlue | ( JBLU | Quote | Chart | News | PowerRating) | 95 | 28.99 | 1,070,000 | 910,000 |
| Cognos Inc | ( COGN | Quote | Chart | News | PowerRating) | 85 | 25.27 | 1,027,000 | 1,646,000 |
| International Business Machines | ( IBM | Quote | Chart | News | PowerRating) | 86 | 86 | 8,482,000 | 11,886,000 |
Â
Weak RS issues with
Volume Surge in last hour.Â
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 |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) | 8 | 48.93 | 5,693,000 | 11,121,000 |
| Autozone | ( AZO | Quote | Chart | News | PowerRating) | 12 | 69.68 | 1,299,000 | 2,621,000 |
| Clorox | ( CLX | Quote | Chart | News | PowerRating) | 22 | 41.30 | 1,454,000 | 968,000 |
| Take-Two Interactive | ( TTWO | Quote | Chart | News | PowerRating) | 9 | 23.31 | 1,941,000 | 1,256,000 |
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 |
| **Avocent | ( AVCT | Quote | Chart | News | PowerRating) | 91 | 25.04 | 544,000 | 956,000 |
| **Hewlett Packard | ( HPQ | Quote | Chart | News | PowerRating) | 90 | 19.95 | 13,781,000 | 15,623,000 |
**Both Avocent and Hewlett
Packard are extended intraday Slim
Jims. Here’s a chart of AVCT, but I’ll give you the opportunity to work
out HPQ by yourself because nothing teaches better than the process of doing the
work yourself.
Weak RS Slim Jimsclass=890430920-15102001>.Â
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 |
| Lincare Holdings | ( LNCR | Quote | Chart | News | PowerRating) | 25 | 32.08 | 931,000 | 987,000 |
Institutional Favorites.
The following stocks are selected from
the NASDAQ, S&P500 & 600 Indices. These are heavily traded 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, as well as the potential for extra momentum due
to program trading (which affects many of these issues), the relative
strength criteria is more subjective, and quite often less stringent in
evaluating an issue.Â
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 |
| NBTY Inc | ( NBTY | Quote | Chart | News | PowerRating) | 87 | 19.91 | 646,000 | 1,490,000 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) | 94 | 19.15 | 9,936,000 | 14,130,000 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) | 91 | 13.74 | 24,665,000 | 17,619,000 |
| Bed Bath & Beyond | ( BBBY | Quote | Chart | News | PowerRating) | 65 | 36.20 | 3,464,000 | 3,104,000 |
| Oracle | ( ORCL | Quote | Chart | News | PowerRating) | 87 | 12.69 | 45,045,000 | 72,764,000 |
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, as well as the potential for extra momentum due
to program trading (which affects many of these issues), the relative
strength criteria is more subjective, and quite often less stringent in
evaluating an issue.Â
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 |
| Linear Technology | ( LLTC | Quote | Chart | News | PowerRating) | 80 | 29.34 | 7,467,000 | 6,680,000 |
| Chevrontexaco | ( CVX | Quote | Chart | News | PowerRating) | 24 | 68.45 | 3,225,000 | 4,202,000 |
| Techne Corp | ( TECH | Quote | Chart | News | PowerRating) | 8 | 25.95 | 410,000 | 835,000 |
Â
Best of luck with your trading Wednesday. Please use
protective stops on trades.