Wednesday’s Top Names
A penny just doesn’t seem to go as far these days. 3M, Johnson & Johnson
and Citigroup all beat earnings expectations by this margin,
and after a very brief “blip” up on the market radar, the ETFs ended
with losses between 1.0% and 1.75% on the session. Strong December Housing Starts
and an upgrade of the semi equipment manufacturers also did very little to
curtail the “profit-taking,” Actually, in all fairness, I believe this
might have been the first day where I didn’t see or hear those words
manufactured for Main Street.
It’s simply amazing how quickly Wall
Street can change “chairs.” With four straight sessions of losses for
the ETFs, and even good news being overlooked in favor of the unknown (Iraq, N.
Korea), we now have the indices challenging the 70% to 78% Fibonacci support
zones from the late December lows. Well, through it all, at least Wall Street
manages to take profits all the way down, and pick up bargains all the way up.
Fortunately for us, as daytraders our task is much simpler, with no need for the
same smoke and mirrors filling the trading rooms of Manhattan. Each and every
night we prepare with what we “see” is happening in the market,
concentrating on our high-probability strong and weak RS issues and not
worrying about what the Street is “saying.”
No CVR buy signals as of the close of
trade, but the CVR III is only a fraction away. Let’s remember that even though
momentum going into tomorrow’s trade points lower, that with technical evidence
starting to confirm an oversold condition, we’ll be at our best if we stay
ready for whichever game the Street decides to play tomorrow.
Have a good evening.
Hottest Sectors (HOLDRs): Software
(
SWH |
Quote |
Chart |
News |
PowerRating)
and Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating) and Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
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 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 |
| Scios Inc. | ( SCIO | Quote | Chart | News | PowerRating) | 76 | 36.80 | 688,000 | 703,000 |
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 |
| Johnson & Johnson | ( JNJ | Quote | Chart | News | PowerRating) | 19 | 53.94 | 6,755,000 | 9,797,000 |
| Lowes | ( LOW | Quote | Chart | News | PowerRating) | 10 | 35.65 | 5,221,000 | 5,254,000 |
| Take-Two Interactive | ( TTWO | Quote | Chart | News | PowerRating) | 5 | 20.62 | 1,832,000 | 3,335,000 |
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.
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 |
| Autozone | ( AZO | Quote | Chart | News | PowerRating) | 5 | 63.75 | 1,437,000 | 1,078,000 |
| Weight Watchers | ( WTW | Quote | Chart | News | PowerRating) | 6 | 39.74 | 554,000 | 1,098,000 |
| Synopsys | ( SNPS | Quote | Chart | News | PowerRating) | 26 | 39.20 | 1,745,000 | 869,000 |
| Amerisourcebergen | ( ABC | Quote | Chart | News | PowerRating) | 7 | 53.75 | 2,217,000 | 900,000 |
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 |
| Neoware | ( NWRE | Quote | Chart | News | PowerRating) | 83 | 17.60 | 533,000 | 320,000 |
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.
class=890430920-15102001>
class=890430920-15102001>
None Today.
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 |
| Maxim Integrated Products | ( MXIM | Quote | Chart | News | PowerRating) | 54 | 32.54 | 9,457,000 | 8,451,000 |
| Cymer Inc. | ( CYMI | Quote | Chart | News | PowerRating) | 81 | 33.56 | 1,889,000 | 1,420,000 |
class=890430920-15102001>Maxim
Integrated Products is retesting intraday (double bottom test) and daily
chart supports in the form of a 50% Fibonacci retracement from the October
bottom, and the late December lows.
class=890430920-15102001>Cymer
Inc. is establishing a low level Slim
Jim reversal pattern after testing the 50-Day EMA and prior day lows
(through by approx. .25).
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.
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 |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) | 6 | 49.67 | 5,595,000 | 7,955,000 |
class=890430920-15102001>Electronic
Arts is setting up as a potential 1,2,3 reversal pattern after a counter
“lap” session higher. No daily chart “supports” in the form
of technical resistance until the 13-Day moving average at 50.65.
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.
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 |
| Ebay | ( EBAY | Quote | Chart | News | PowerRating) | 80 | 75.81 | 5,889,000 | 11,449,000 |
| Amazon | ( AMZN | Quote | Chart | News | PowerRating) | 64 | 21.10 | 8,473,000 | 6,312,000 |
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 |
| Dell | ( DELL | Quote | Chart | News | PowerRating) | 11 | 24.75 | 24,633,000 | 28,351,000 |
| Target | ( TGT | Quote | Chart | News | PowerRating) | 32 | 28.63 | 5,121,000 | 3,086,000 |
Best of luck with your trading
Wednesday. Please use
protective stops on trades.