Monday’s Top Names
The Bulls could use
something a bit stronger than a good cup of java. Unfortunately,
while Starbucks was able to deliver a nice freshly brewed earnings report, the
ETFs were getting ground roasted themselves.
All of the major averages
closed firmly in the red as the geopolitical rhetoric escalated, the dollar
plunged to three-year lows against the euro, crude oil gushed up to over $33
dollars a barrel, and investors lack of yen for the greenback translated into an
appreciation for higher gold prices, which established a six-year high in today’s
trade. Phew, I need a coffee break just thinking about it all.
Well, stabilization didn’t last too
long, even with the background evidence of price supports in the form of
volatility signals and technical support levels within our now “former” trading
range. Could it be a giant Failure-and-Go Slim Jim?
Well, as I said in the chatroom earlier today, today puts us one day closer to a
reversal. That said, death and taxes are the only certainties in life. And to
make sure that we have taxes to pay, our job as daytraders is to always stick
with the issues demonstrating the best characteristics that fit that day’s
conditions.
I believe it was also
pointed out two days ago that oversold can become more oversold. Today fits that
bill, as the “profit-taking” (I guess that ended officially with the ETFs testing the trading range lows in today’s session…chuckle, chuckle) has
put the VIX more than 21% through the 10-Day moving average and testing its
trading range highs.
Hottest Sectors (HOLDRs): Retail
(
RTH |
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)
Monday’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 |
| NBTY Inc. | ( NBTY | Quote | Chart | News | PowerRating) | 85 | 18.78 | 672,000 | 586,000 |
| Fair Isaac | ( FIC | Quote | Chart | News | PowerRating) | 84 | 47.13 | 393,000 | 446,000 |
| Wallace Computer | ( WCS | Quote | Chart | News | PowerRating) | 89 | 25.78 | 533,000 | 1,172,000 |
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 |
| Schlumberger | ( SLB | Quote | Chart | News | PowerRating) | 17 | 37.36 | 3,014,000 | 3,620,000 |
| Cognizant Technology | ( CTSH | Quote | Chart | News | PowerRating) | 8 | 57.84 | 614,000 | 1,319,000 |
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 |
| Varian Semiconductor | ( VSEA | Quote | Chart | News | PowerRating) | 89 | 28.07 | 1,045,000 | 1,715,000 |
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 |
| Take-Two Interactive | ( TTWO | Quote | Chart | News | PowerRating) | 8 | 20.88 | 1,880,000 | 997,000 |
| Progressive | ( PGR | Quote | Chart | News | PowerRating) | 14 | 47.94 | 697,000 | 1,532,000 |
| United Parcel | ( UPS | Quote | Chart | News | PowerRating) | 29 | 60.80 | 2,185,000 | 2,754,000 |
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 |
| Anglogold | ( AU | Quote | Chart | News | PowerRating) | 89 | 38.35 | 1,055,000 | 1,715,000 |
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 |
| Philip Morris | ( MO | Quote | Chart | News | PowerRating) | 19 | 38.90 | 9,991,000 | 6,618,000 |
| Chevrontexaco | ( CVX | Quote | Chart | News | PowerRating) | 17 | 63.59 | 2,954,000 | 3,611,000 |
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 |
| Macromedia | ( MACR | Quote | Chart | News | PowerRating) | 94 | 14.95 | 736,000 | 1,144,000 |
| Cablevision | ( CVC | Quote | Chart | News | PowerRating) | 91 | 17.65 | 2,279,000 | 1,361,000 |
| Storage Technology | ( STK | Quote | Chart | News | PowerRating) | 91 | 22.68 | 887,000 | 810,000 |
class=890430920-15102001> Bed Bath & Beyond | class=890430920-15102001> ( BBBY | Quote | Chart | News | PowerRating) | class=890430920-15102001> 63 | class=890430920-15102001> 33.92 | class=890430920-15102001> 3,230,000 | class=890430920-15102001> 3,248,000 |
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.
None Today.
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.
None Today.
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 |
| Microsoft | ( MSFT | Quote | Chart | News | PowerRating) | 28 | 49.86 | 34,211,000 | 51,700,000 |
| Maxim Integrated Products | ( MXIM | Quote | Chart | News | PowerRating) | 49 | 31.68 | 9,406,000 | 7,725,000 |
| American International Group | ( AIG | Quote | Chart | News | PowerRating) | 17 | 56.12 | 5,450,000 | 15,715,000 |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) | 24 | 36.18 | 5,406,000 | 9,091,000 |
Best of luck with your trading Monday. Please use
protective stops on trades.