Wednesday’s Top Stocks
With thirty minutes left until someone turns out the lights on the floor of
the NYSE, that is if anyone is still hanging around–I don’t mind if I get a
head start on today’s market wrap. ‘Absolutely brutal’ are the words that roll
of this cautious bull’s tongue in trying to describe today’s inaction from the
perspective of the daytrader. Maybe it wasn’t the case for everyone, but with
over two-thirds of the session spent in a listless, light volume drift, after a
gap higher–it certainly wasn’t my bag baby, even if our two major averages did
close up between .75% to 1.15%. They say to never sell a dull market, but
today’s lack of activity made a stronger case for never trading a dull market,
in my most humble of opinions.
Nothing has changed in this corner, except for the market becoming a wee bit
more difficult, in this, our fourth session of below-average trade within a
seven day trading range. With technical lows in place, but increasing
indifference and lack of effort from both bulls and bears–it seems totally
appropriate to call this a trading range as neither group has grabbed the
reigns. I have other names for it as well, but those words are probably best not
said in this column. Oh well, feeling plain ol’ cautious within the immediate
consolidation, and the larger intermediate downtrend still seems to be the best
policy at this point–who knows, maybe tomorrow will usher in disciplined,
consistent daytrading tactics as being the best policy once again.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
19.78 | down 1.25 | cvr 2 buy | 5% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
27.74 | down 1.45 | cvn 2 buy | 2% above | not at extreme |
Hottest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Wednesday’s stocks to watch:
Longs.
Stocks are scanned from TM’s Proprietary and Technology 10 Momentum lists on
the Indicators page, as well as being hand selected, based on the most recent
technical action. This may include some or all of the following: abnormal
volume, price patterns, as well as bullish action off of technical price
supports or clearance of technical resistance in that day’s session.
| Name | Symbol | Price | Technical Assesment | Average Volume 000’s | Today’s Volume |
| Invitrogen | ( IVGN | Quote | Chart | News | PowerRating) |
65.77 | Top of range consoly of increased, above average trade out of daily hammer low |
941 | 1,578 |
| Mobile Telesys | ( MBT | Quote | Chart | News | PowerRating) |
113.19 | Top of range consoly on increased, above average trade, thru 3-day highs |
350 | 402 |
^next^
Shorts.
Stocks are scanned from TM’s Implosion and Technology Implosion Lists on the
Indicators page, as well as being hand selected, based on the most recent
technical action. This may include some or all of the following: abnormal
volume, price patterns, as well as bearish technical action at key support,
or resistance levels based on closing prices.
| Name | Symbol | Price | Technical Assesment | Average Volume 000’s | Today’s Volume |
| Lowes | ( LOW | Quote | Chart | News | PowerRating) |
51.05 | Mid level close after test of daily price resistance |
3,849 | 6,173 |
| Cognizant Technology | ( CTSH | Quote | Chart | News | PowerRating) |
42.80 | Gravestone doji reversal bar against technical resistance | 1,130 | 2,377 |
Institutional Longs and Institutional Shorts.
The following stocks are selected from the Nasdaq, S&P 500 & 600 Indices,
and HOLDRs.
Institutional Longs
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Research In Motion | ( RIMM | Quote | Chart | News | PowerRating) |
99.97 | 5,352 | 8,318 |
| Phelps Dodge | ( PD | Quote | Chart | News | PowerRating) |
63.68 | 2,668 | 2,970 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Amazon | ( AMZN | Quote | Chart | News | PowerRating) |
41.87 | 7,379 | 5,046 |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) |
49.62 | 4,021 | 3,870 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler