Thursday’s Top Stocks
Will Thursday make it three in a row? The
ETFs were able to add on to price gains from daily price supports to form
bullish engulfing patterns. The market “acted” in the morning in
another fine performance of opening weakness under the veil of investor’s
concern with last nights presidential address. And then after a quick act 1, the
reaction to the upside. This was qualified very nicely by the media, after the
fact of course, as investors gaining confidence in the market because the
“certainty” that Bush does indeed want the mustached head of you know
who.
So here we are, in the now and Zen.
The charts look good off of Fibonacci supports and recent lows, so let’s throw
caution into the wind and….focus!! As always, regardless of which way the
market’s recent action points to, our only way to make “points” is to
stay with the best setups. We do that by remaining focused on those issues
demonstrating leadership for whichever direction the market may decide to take,
and being prepared to trade in the here and now.
Hottest Sectors (HOLDRs):Â
Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) and Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs):Â Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
and Retail
(
RTH |
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 |
| Silicon Laboratories | ( SLAB | Quote | Chart | News | PowerRating) | 87 | 25.28 | 1,323,000 | 1,217,000 |
| Barr Labs | ( BRL | Quote | Chart | News | PowerRating) | 88 | 79.61 | 614,000 | 584,000 |
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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 |
| Kraft Foods | ( KFT | Quote | Chart | News | PowerRating) | 31.20 | 8 | 2,007,000 | 25,496,000 |
| Lockheed Martin | ( LMT | Quote | Chart | News | PowerRating) | 17 | 50.50 | 2,812,000 | 2,887,000 |
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 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 |
| Storage Technology | ( STK | Quote | Chart | News | PowerRating) | 80 | 23.08 | 892,000 | 867,000 |
Â
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 |
| Cheesecake Factory | ( CAKE | Quote | Chart | News | PowerRating) | 16 | 31.46 | 757,000 | 761,000 |
| Anheuser Busch | ( BUD | Quote | Chart | News | PowerRating) | 25 | 47.57 | 2,343,000 | 2,855,000 |
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 |
| Wallace Computers | ( WCS | Quote | Chart | News | PowerRating) | 92 | 26.30 | 594,000 | 1,127,000 |
| Mylan | ( MYL | Quote | Chart | News | PowerRating) | 85 | 26.76 | 1,270,000 | 3,110,000 |
| CBRL Group | ( CBRL | Quote | Chart | News | PowerRating) | 86 | 31.97 | 720,000 | 704,000 |
| NetScreen Technologies | ( NSCN | Quote | Chart | News | PowerRating) | 93 | 19.95 | 1,173,000 | 1,465,000 |
Â
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 |
| Hotels.com | ( ROOM | Quote | Chart | News | PowerRating) | 9 | 41.80 | 1,153,000 | 1,027,000 |
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 | 14.40 | 739,000 | 1,302,000 |
| Anglogold | ( AU | Quote | Chart | News | PowerRating) | 92 | 26.30 | 594,000 | 1,127,000 |
class=890430920-15102001>
Macromedia
is close to setting up intraday as a triple bottom on the 5 minute chart,
undercutting prior lows by .10. Long entries off reversal bars above
14.50-14.55 is the price trigger as of Wednesday’s close.
class=890430920-15102001>Anglogold
has closed below prior day’s lows, suggesting follow thru out of a consolidation
pattern. This one looks good on either side, as it’s a good contra market stock
that develops patterns with reasonable potential for intraday gains.
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.
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 |
| General Dynamics | ( GD | Quote | Chart | News | PowerRating) | 9 | 66.39 | 1,807,000 | 2,027,000 |
| Take-Two Interactive | ( TTWO | Quote | Chart | News | PowerRating) | 8 | 20.21 | 1,860,000 | 1,164,000 |
| Schlumberger | ( SLB | Quote | Chart | News | PowerRating) | 24 | 37.65 | 3,068,000 | 3,745,000 |
class=890430920-15102001>General
Dynamics looks to have closed as a breakdown out of a High level Slim Jim
reversal pattern. Wednesday marked the fifth day of the contra rally in this Low
RS issue.
class=890430920-15102001>Take-Two
Interactive has put in a Shake-n-Bake Slim Jim formation on the 5 min. chart, on
a closing basis, in the direction of the daily trend down.
class=890430920-15102001>Schlumberger
has established a 1,2,3 Higher High reversal setup as of the close, using the 5
min. chart.
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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 |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) | 59 | 38 | 13,859,000 | 14,718,000 |
| Applebee’s | ( APPB | Quote | Chart | News | PowerRating) | 68 | 26.22 | 497,000 | 875,000 |
| Comcast Corp | ( CMCSK | Quote | Chart | News | PowerRating) | 73 | 26.61 | 11,152,000 | 17,258,000 |
| Bed Bath & Beyond | ( BBBY | Quote | Chart | News | PowerRating) | 25 | 34 | 3,250,000 | 4,818,000 |
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 |
| Boeing | ( BA | Quote | Chart | News | PowerRating) | 34 | 30.61 | 2,799,000 | 2,791,000 |
| Johnson & Johnson | ( JNJ | Quote | Chart | News | PowerRating) | 21 | 52.40 | 7,006,000 | 9,095,000 |
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Best of luck with your trading Bunky. Please use
protective stops on trades.