Tuesday’s Top Stocks
All of the ETFs ended
in the plus column, although lackluster percentage gains, low volatility, and
light volume had a stranglehold on traders in today’s session. Encouraging
reports out of the housing market and from the ISM contributed to the positive
tone, more than offsetting losses in the healthcare and defense sectors.
Investors are eagerly awaiting (or are they sleeping until) Secretary of State
Colin Powell’s Wednesday address to the UN Security Council. No doubt, this
contributed to the lethargic trade, and tomorrow, barring any shocking
developments overnight, will most certainly play a part in Tuesday’s (in)activity.
No change to report technically.
Supports continue to hold after a light volatility session, and could very well
produce more of the same ahead of the meeting, so to read deeper into the
situation only begets trouble. As daytraders fortunately, we can keep out of
trouble by maintaining our lists of High and Low RS issues, and only taking
those setups that establish themselves in the here and now, and let everyone
else worry about Wednesday.
Hottest Sectors (HOLDRs):Â Retail
(
RTH |
Quote |
Chart |
News |
PowerRating) and Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs):Â Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Tuesday’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 |
| SAP Aktiengesell | ( SAP | Quote | Chart | News | PowerRating) | 78 | 23.66 | 1,553,000 | 1,870,000 |
| Royal Gold | ( RGLD | Quote | Chart | News | PowerRating) | 92 | 27.60 | 646,000 | 533,000 |
| ADTRAN | ( ADTN | Quote | Chart | News | PowerRating) | 79 | 33.56 | 720,000 | 291,000Â |
Â
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 |
| General Dynamics | ( GD | Quote | Chart | News | PowerRating) | 11 | 65.88 | 1,803,000 | 1,486,000 |
class=890430920-15102001>
General
Dynamics is forming a a symmetrical triangle, closing in the bottom 50% its
trading range, and at its lowest levels in a week. The issue is a High ADX /
negative DMI stock. For more information on trading
Triangles click here.
Â
class=890430920-15102001>
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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.
None Today.
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) | 13 | 20.81 | 1,817,000 | 778,000 |
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 |
| Symantec | ( SYMC | Quote | Chart | News | PowerRating) | 80 | 47.31 | 3,501,000 | 3,927,000 |
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 |
| Automatic Data Processing | ( ADP | Quote | Chart | News | PowerRating) | 9 | 34 | 2,702,000 | 3,193,000 |
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 |
| Applebees | ( APPB | Quote | Chart | News | PowerRating) | 72 | 26.11 | 495,000 | 460,000 |
class=890430920-15102001>
Applebees
has formed a low level Slim Jim reversal setup on increasing volume and
improving short term stochastics (8,3,3).Â
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 |
| Panera Bread | ( PNRA | Quote | Chart | News | PowerRating) | 19 | 29.68 | 715,000 | 1,163,000 |
class=890430920-15102001> Sungard Data | class=890430920-15102001> ( SDS | Quote | Chart | News | PowerRating) | class=890430920-15102001> 15 | class=890430920-15102001> 19.66 | class=890430920-15102001> 1,492,000 | class=890430920-15102001> 1,346,000 |
Â
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 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) | 71 | 52.13 | 13,597,000 | 9,650,000 |
| EchoStar | ( DISH | Quote | Chart | News | PowerRating) | 86 | 25.99 | 4,178,000 | 3,961,000 |
| Home Depot | ( HD | Quote | Chart | News | PowerRating) | 13 | 21.38 | 17,003,000 | 12,474,000 |
| Verizon | ( VZ | Quote | Chart | News | PowerRating) | 46 | 38.73 | 7,788,000 | 6,841,000 |
| Cognizant Technology | ( CTSH | Quote | Chart | News | PowerRating) | 35 | 62.53 | 718,000 | 2,467,000 |
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 |
| Cardinal Health | ( CAH | Quote | Chart | News | PowerRating) | 14 | 57.18 | 2,804,000 | 2,824,000 |
| Intuit | ( INTU | Quote | Chart | News | PowerRating) | 11 | 42.07 | 2,956,000 | 5,331,000 |
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Best of luck with your trading everyone.
Please use
protective stops on trades.