Were You Wearing Nike “Shorts”?
A “Micron” bomb
went off in the Semiconductor sector, sending traders running for cover as
the ETF’s spent the day in the red, on a day marked by distribution. This
report was in good company as a bear hug took hold of the market in today’s
trade. Federal Express managed to send investors an unwanted delivery in the
form of lower guidance, and apparently not everyone is making it a Blockbuster
(
BBI |
Quote |
Chart |
News |
PowerRating)
night, as this company also warned on the session. Further geopolitical tensions
involving all the usual suspects helped the bear keep his claws in the ETF’s,
but at the close of the day the marks were more cosmetic, as the indices kept
the bleeding down to about a percentage point deep.
Technically, the story remains the same, even
with today’s 7% selloff in the semiconductor sector
(
SMH |
Quote |
Chart |
News |
PowerRating). We remain in a
“fragile” uptrend as measured by the uptrend lines from the mid
November lows (11th-13th). The ETF’s have also still managed to keep their most
recent consolidations intact, with testing of this immediate support occurring
at the day lows. Volume picked up on Wednesday, which goes to show, that even
this close to the holidays, investors will still flee the “street”
when unwanted visitors such as bears are seen lurking down the canyons of
Manhattan.
The closing “marks” would point to
further wrestling with a bear, but as usual, our objective as daytraders is to
stay objective, as we have the luxury of trading from both sides of the market
when properly prepared. We are able to do this each and every day by coming in,
having done our homework, with our watchlists of potential longs and
shorts. An example of this would be last evening’s Nightly Daytrader’s
Report which had Nike
(
NKE |
Quote |
Chart |
News |
PowerRating) as a potential short due to price pattern
and a last hour volume surge. As we all know, the list presented each night is
not a ticket to trade without a game plan in mind. These stocks help give us a
head start by stacking the odds in our favor, but we still must be vigilant in
waiting for proper entry in order to obtain the best possible results.Â
One excellent way that you can clue into the
stocks on this list intraday, as well as other strong technical plays, is to
keep in tune with the markets during the trading session with our TradersWire
subscription service. For instance in Nike, from our Low RS list of stocks
in the Nightly Report, the stock formed a countertrend headfake before setting
up as a breakdown through a slanted triple bottom. It took Nike nearly 50
minutes into the trading day to form a proper setup, but when it did (Live
from TradersWire), our team was there to alert our subscribers to the
impending technical breakdown. Have a good night.
Â
Hottest Sectors (HOLDR’s):Â
Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating) and Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors (HOLDR’s): Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
and Software
(
SWH |
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>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| SafeNet | ( SFNT | Quote | Chart | News | PowerRating) | 93 | 26.68 | 277,000 | 354,000 |
| Boston Scientific | ( BSX | Quote | Chart | News | PowerRating) | 86 | 43.25 | 2,358,000 | 1,314,000 |
| Hewlett Packard | ( HPQ | Quote | Chart | News | PowerRating) | 87 | 18.80 | 13,900,000 | 13,600,000 |
Â
Weak RS issues closing in
Bottom of Range.
Stocks
are scanned from 3 Month RS of 20 or lower and TM’s Implosion and Technology
Implosion Lists on the Indicators page.
class=890430920-15102001>
size=2>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) | 18 | 56.65 | 5,625,000 | 8,985,000 |
| Biovail | ( BVF | Quote | Chart | News | PowerRating) | 32 | 25.60 | 994,000 | 4,770,000 |
| Polaris | ( PII | Quote | Chart | News | PowerRating) | 15 | 57.04 | 357,000 | 1,102,000 |
Â
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>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Teva Pharmaceuticals | ( TEVA | Quote | Chart | News | PowerRating) | 99 | 39.70 | 3,710,000 | 2,857,000 |
| IGEN Int’l. | ( IGEN | Quote | Chart | News | PowerRating) | 86 | 42.47 | 243,000 | 465,000 |
| Hot Topic | ( HOTT | Quote | Chart | News | PowerRating) | 83 | 24.31 | 915,000 | 1,174,000 |
Â
Weak RS issues with
Volume Surge in last hour.Â
Stocks are scanned
from 3 Month RS of 20 or lower and TM’s Implosion and Technology Implosion Lists
on the Indicators page.
size=2>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Trimeris | ( TRMS | Quote | Chart | News | PowerRating) | 12 | 39.96 | 567,000 | 917,000 |
| Mcgraw Hill | ( MHP | Quote | Chart | News | PowerRating) | 25 | 58.53 | 957,000 | 865,000 |
| Investors Financial | ( IFIN | Quote | Chart | News | PowerRating) | 22 | 27.20 | 647,000 | 428,000 |
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>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Sealed Air | ( SEE | Quote | Chart | News | PowerRating) | 99 | 37.80 | 1,636,000 | 1,127,000 |
Â
Weak RS Slim Jimsclass=890430920-15102001>.Â
class=890430920-15102001>Stocks
are scanned from 3 Month RS of 20 or lower and TM’s Implosion and Technology
Implosion Lists on the Indicators page.
size=2>Name | class=890430920-15102001>Symbol | class=890430920-15102001>Relative Strength | class=890430920-15102001> size=2>Price | class=890430920-15102001>Average Volume | class=890430920-15102001>Today’s Volume |
| Moody’s | ( MCO | Quote | Chart | News | PowerRating) | 14 | 40.22 | 811,000 | 2,124,000 |
Best of luck with your trading Thursday. Please use
protective stops on trades.