Wednesday’s Top Stocks
Who is feared more on
Wall Street?
In a session that featured both Greenspan
and bin Laden,
investors clearly favored the latter, as the ETFs were guilty of falling on
their own weight as geopolitical concerns outweighed any positive evidence of an
economic rebound offered by the Fed chairman.
After an early attempt at gaining ground, the DIAs and SPYs closed down slightly
under 1%, while the QQQs were able to show a fractional gain on the day.
Tuesday was another light-volume
session that solidifies yesterday’s comments regarding the technical state of
the markets at this juncture. Short entries off of contra-trend rallies were
mentioned Monday
night and looked to have worked like a charm on Tuesday. The action has the
indices still below prior support, but with bin Laden doing his best
impersonation of a South Park character, it looks like things could be percolating.
Further escalation will undoubtedly
move the market, so stay prepared, as the outlook could change very quickly. And
of course, as daytraders, our best way of preparing, regardless if bin Laden
becomes a regular on Comedy Central or not is to keep our list of High and Low
RS issues and trade the ones that best fit the prevailing day’s conditions.
Hottest Sectors (HOLDRs):
Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) and Biotechs
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDRs): Regional
Banks
(
RKH |
Quote |
Chart |
News |
PowerRating) and Utilities
(
UTH |
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 |
| Royal Gold | ( RGLD | Quote | Chart | News | PowerRating) | 92 | 26.02 | 724,000 | 1,063,000 |
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 |
| Marsh Mclennan | ( MMC | Quote | Chart | News | PowerRating) | 16 | 39.89 | 1,547,000 | 2,024,000 |
| Lincare | ( LNCR | Quote | Chart | News | PowerRating) | 19 | 28.73 | 1,116,000 | 1,301,000 |
| First Data | ( FDC | Quote | Chart | News | PowerRating) | 35 | 33.23 | 2,935,000 | 2,834,000 |
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 |
| Mylan Labs | ( MYL | Quote | Chart | News | PowerRating) | 90 | 27.76 | 1,421,000 | 3,037,000 |
| Storage Technology | ( STK | Quote | Chart | News | PowerRating) | 82 | 27.78 | 792,000 | 336,000 |
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 |
| Coke | ( KO | Quote | Chart | News | PowerRating) | 21 | 38.93 | 5,611,000 | 7,453,000 |
| Chubb | ( CB | Quote | Chart | News | PowerRating) | 24 | 48.90 | 1,393,000 | 1,425,000 |
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.
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 |
| General Dynamics | ( GD | Quote | Chart | News | PowerRating) | 16 | 65.40 | 1,794,000 | 1,011,000 |
| Synopsys | ( SNPS | Quote | Chart | News | PowerRating) | 21 | 37.28 | 1,538,000 | 863,000 |
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 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 |
| Silicon Labs | ( SLAB | Quote | Chart | News | PowerRating) | 80 | 24.21 | 1,308,000 | 1,176,000 |
| Mercury Interactive | ( MERQ | Quote | Chart | News | PowerRating) | 85 | 33,72 | 3,422,000 | 3,136,000 |
| Avocent | ( AVCT | Quote | Chart | News | PowerRating) | 90 | 26.60 | 509,000 | 574,000 |
| Power Integration | ( POWI | Quote | Chart | News | PowerRating) | 91 | 21 | 567,000 | 577,000 |
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 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 |
| Kohls | ( KSS | Quote | Chart | News | PowerRating) | 19 | 50.57 | 3,789,000 | 3,016,000 |
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
Favorites
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 |
| Apollo | ( APOL | Quote | Chart | News | PowerRating) | 76 | 44.70 | 1,943,000 | 2,129,000 |
| USA Interactive | ( USAI | Quote | Chart | News | PowerRating) | 56 | 24.28 | 4,076,000 | 5,032,000 |
| Microchip Technology | ( MCHP | Quote | Chart | News | PowerRating) | 68 | 23.97 | 4,677,000 | 4,269,000 |
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 |
| Microsoft | ( MSFT | Quote | Chart | News | PowerRating) | 20 | 46.43 | 36,094,000 | 41,767,000 |
| Amazon | ( AMZN | Quote | Chart | News | PowerRating) | 72 | 20.80 | 7,400,000 | 6,702,000 |
| United Technologies | ( UTX | Quote | Chart | News | PowerRating) | 48 | 62.60 | 2,198,000 | 3,229,000 |
| Fleet Boston | ( FBF | Quote | Chart | News | PowerRating) | 53 | 24.57 | 3,758,000 | 3,195,000 |
Best of luck with your trading. Please use
protective stops on class=890430920-15102001> all trades.