Friday’s Top Stocks
Doji consolidation days on lighter, below-average trade in the markets’
nearly two week trading range might have made some folks happy, but it did
little to change this cautious bull’s appetite for equities within the larger
intermediate downtrend. I’m sure the fractional closes around the ‘unched’ mark
had the ‘raging’ types (both bulls and bears) loving the action, and becoming
more cantankerous than ever. I know this because during periods of indecision,
I’m always amazed to find all the new friends (from both camps) that I’m
making when I look at my e-mail each day. Hmm, maybe instead of being the
subject of both sides correspondences, I should just become the intermediary and
introduce them to one another? I suppose that would play out just as well as the
market has these past few days. No ‘Yahoo’ here, only ‘yahoos’ in my mailbox.
For the rest of you of you folks out there (which is still the vast
majority), and whom I look forward to talking with via my mailbox each day–you
guessed right, if you said there was absolutely no change in this guy’s cautious
demeanor. Intraday, some shorts and some longs worked well (thank you RIMM and
NAV), and a few others didn’t. Shocking isn’t it? Not really, especially
considering where the market stands within its intermediate downtrend and the
fact that its an expiration week. Also worth thinking about quite possibly, are
the seasonal tendencies of the market as we head into the start of Summer.
Today marked the seventh session since the ‘rally attempt’ day in the S&P500,
and much to the chagrin of ‘cautious’ bulls–no dice. These cautious folks also
realize that even if we did have an FTD, there’s still very few stocks that are
setting up on a technical and fundamental basis. For most daytraders, while
there’s still trading to be had from both sides of the coin–range bound, light
volume characteristics typically don’t add up to whole lot of cents either.
Learn not to trade every wiggle and learn to watch–it might not add to a whole
lot of cents, but it sure makes sense within the realm of disciplined,
consistent daytrading.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
19.36 | down .01 | na | 0% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
25.66 | down .43 | na | 7% below | not at extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Friday’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 |
| Western Wireless | ( WWCA | Quote | Chart | News | PowerRating) |
26.15 | inside day holding daily chart handle pivots within weekly base |
1,632 | 1,277 |
| Avocent | ( AVCT | Quote | Chart | News | PowerRating) |
32.67 | consolidation day after upthrust reversal bar on daily chart |
458 | 256 |
| Digital River | ( DRIV | Quote | Chart | News | PowerRating) |
31.67 | inside day holding daily chart handle pivots within weekly base |
786 | 1,122 |
^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 |
| Cognizant Technology | ( CTSH | Quote | Chart | News | PowerRating) |
42.68 | Triple Gravestone Doji pattern within gap pullback from lows |
1,128 | 814 |
| Mandalay Bay | ( MBG | Quote | Chart | News | PowerRating) |
52.39 | Bottom of range close within pullback from daily lows | 1,448 | 817 |
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 |
| Teva Pharma | ( TEVA | Quote | Chart | News | PowerRating) |
65.44 | 3,173 | 2,756 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Burlington Resources | ( BR | Quote | Chart | News | PowerRating) |
65.54 | 1,499 | 1,697 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
53.58 | 9,575 | 15,438 |
| Lexmark | ( LXK | Quote | Chart | News | PowerRating) |
91.70 | 799 | 1,138 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler