Thursday’s Top Stocks
The DIAs and SPYs
finished at their worst levels since October, and with duct tape suddenly in
vogue, maybe we could borrow
some and try a quick application on the market, to see if it could be used for
that purpose as well. The ETFs, including the QQQs were down between 1% and 1.5%
as once more, light volume in a scared market equals downward pressure, falling
easily on their own weight.
The liquidation can’t be labeled as
intense, it’s been more of a case of buyers not having a reason to put in
competitive bids. Technical supports, especially in the SPYs have failed, and it
looks to be as close to a sure bet that an actual retest of the October lows is
in the making. The VIX continues to consolidate above prior resistance in a
multiday range, but this seems awfully close to changing. At this point it
seems all this index needs to prod it higher would be the next round of sellers.
When volume picks up, and currently that looks to happen as equities trend
lower, we should witness the type of action that marks bottoms, and cross your
fingers, that it all lines up with a quick resolution of the geopolitical
threats at large.
That’s my take on the situation at the
moment, but as I’ve said before, just like the seasons, the market will change,
and in a news driven environment it has the potential to happen very quickly.
Will the market get out of its deep funk, and mark February as the start of a
new season in prices? Heck, I don’t know, but I do know that over the long term
your very best bet to succeed as a daytrader lies upon trading with those High
and Low RS issues that best fit the conditions of the next trading day.
Hottest Sectors (HOLDRs):Â
Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Retail
(
RTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs):Â Oil
Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)
Thursday’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 |
| Abercrombie & Fitch | ( ANF | Quote | Chart | News | PowerRating) | 94 | 28.90 | 1,789,000 | 2,195,000 |
| Garmin | ( GRMN | Quote | Chart | News | PowerRating) | 92 | 30.30 | 520,000 | 1,603,000 |
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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 |
| BB & T Corp | ( BBT | Quote | Chart | News | PowerRating) | 31 | 31.76 | 1,397,000 | 932,000 |
| Overture | ( OVER | Quote | Chart | News | PowerRating) | 39 | 21.41 | 2,058,000 | 1,292,000 |
| Henry Schein | ( HSIC | Quote | Chart | News | PowerRating) | 13 | 36.04 | 560,000 | 600,000 |
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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 |
| Guidant | ( GDT | Quote | Chart | News | PowerRating) | 76 | 33.38 | 2,721,000 | 3,374,000 |
| St. Judes | ( STJ | Quote | Chart | News | PowerRating) | 88 | 42.55 | 1,783,000 | 33,521,000 |
| Storage Technology | ( STK | Quote | Chart | News | PowerRating) | 85 | 22.52 | 800,000 | 609,000 |
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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 |
| Krispy Kreme | ( KKD | Quote | Chart | News | PowerRating) | 16 | 28.55 | 725,000 | 793,000 |
| Accredo Health | ( ACDO | Quote | Chart | News | PowerRating) | 6 | 25.47 | 1,042,000 | 1,377,000 |
| Omnicom Group | ( OMC | Quote | Chart | News | PowerRating) | 26 | 54.77 | 1,585,000 | 2,023,000 |
Stocks in Slim
Jims Â
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.
None
Today.
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 |
| Ingersol Rand | ( IR | Quote | Chart | News | PowerRating) | 30 | 36.89 | 962,000 | 591,000 |
| Automated Data | ( ADP | Quote | Chart | News | PowerRating) | 17 | 32.88 | 2,624,000 | 2,008,000 |
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. Candidates listed may have triggered on a closing basis, or close to
triggering ( my general rule is to list the pattern setup if it is within +/-.15
of trigger price). Patterns include 1,2,3s and Slim Jim (SJ) 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 | Pattern Type | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Zimmer Holdings | ( ZMH | Quote | Chart | News | PowerRating) | 71 | 41.43 | 1,2,3 w/downtrend extended | 1,066,000 | 823,000 |
| Royal Gold | ( RGLD | Quote | Chart | News | PowerRating) | 89 | 25.25 | double bottom w/ SJ | 736,000 | 706,000 |
| Patterson | ( PTEN | Quote | Chart | News | PowerRating) | 85 | 32.02 | triple extended bottom | 1,581,000 | 1,117,000 |
| Omnicare | ( OCR | Quote | Chart | News | PowerRating) | 56 | 23.46 | SJ | 552,000 | 1,384,000 |
class=890430920-15102001> Hyperion Solutions | class=890430920-15102001> ( HYSL | Quote | Chart | News | PowerRating) | class=890430920-15102001> 34 | class=890430920-15102001> 25.60 | class=890430920-15102001> sym. triangle | class=890430920-15102001> 652,000 | class=890430920-15102001> 1,706,000 |
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class=890430920-15102001>Low RS
Reversal Patterns.
Stocks with 3 Month RS of 35 and / or
Institutional Favorites that are setting up (within .15 of trigger) on a closing basis as potential
short reversal pattern
candidates. Patterns include 1,2,3s and Slim Jim (S.J.) 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 | Pattern Type | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Coke | ( KO | Quote | Chart | News | PowerRating) | 26 | 39.74 | consolidation below S.J. | 5,746,000 | 9,294,000 |
| Deere & Co. | ( DE | Quote | Chart | News | PowerRating) | 29 | 41.52 | desc. triangle | 1,458,000 | 1,107,000 |
| General Dynamics | ( GD | Quote | Chart | News | PowerRating) | 15 | 64.75 | break of counter-trend rally | 1,815,000 | 1,405,000 |
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class=890430920-15102001>
Institutional
Favorites
and Institutional
Laggards.
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.
Institutional
FavoritesÂ
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 |
| BMC Software | ( BMC | Quote | Chart | News | PowerRating) | 80 | 18.60 | 1,947,000 | 1,931,000 |
| Novellus | ( NVLS | Quote | Chart | News | PowerRating) | 28 | 28.17 | 10,078,000 | 8,909,000 |
class=890430920-15102001>Institutional
Laggards.
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) | 22 | 50 | 7,253,000 | 15,606,000 |
| SBCÂ | ( SBC | Quote | Chart | News | PowerRating) | 19 | 23.05 | 8,217,000 | 9,712,000 |
| Cephalon | ( CEPH | Quote | Chart | News | PowerRating) | 41 | 49.95 | 1,889,000 | 2,341,000 |
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Best of luck waiting in line at Home
Depot. Please use
protective stops on class=890430920-15102001> all trades.