Friday’s Top Stocks
In Thursday’s trade, after all the intraday zig and zag was done, the bull camp got
one more notch on their horns. With both the Nasdaq Composite and S&P500 closing
up between .42% to .56%, some key MA resistance within the intermediate
downtrends was cleared for the first time in over a month. I guess even with the
below-average trade, folks that have been playing any reversal lows have good
reason to say ‘Yahoo.’ Friendly words of advice though, remember to book some of
those profits for real–‘cuz gasoline on this holiday weekend might finally make
you cringe, and gravity within downtrends is not a lesson to soon be forgotten.
It was a very nice range day for daytraders. Not that I was always on the
right side of things, but a couple ‘reverse when broken’ trades and some that
worked the first time around did keep the pre-holiday trade interesting. Today
did in fact turn into one of those days where it was good to have your laundry
list of potential longs and shorts ready. For some that might actually just be
one vehicle, like the Spyders or the SMHash. For others like this cautious bull,
I need to have at least ten or fifteen of each. I then typically gravitate
towards an even tighter focus list during the course of the day. And for others,
all they need to hold onto is their Hansen’s, as they watch the soda ‘pop’ get
devoured by other investors. However you go about things–the one common
ingredient that we can all agree upon is our disciplined, consistent daytrading
tactics.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
15.48 | down .75 | cvr 3 sell | 15% below | at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
21.59 | down .06 | cvn 3, 6 sell | 15% below | at extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Oil Services
(
OIH |
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 |
| Digital River | ( DRIV | Quote | Chart | News | PowerRating) |
31.60 | second day inside consoly near daily technical supports | 803 | 1,172 |
^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 |
| WCI | ( WCI | Quote | Chart | News | PowerRating) |
22.25 | Bottom of range consolidation on daily chart reversal bar out of contra-trend pullback from lows |
368 | 354 |
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) |
66.24 | 2,657 | 3,114 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
54.98 | 9,852 | 10,797 |
| Microchip | ( MCHP | Quote | Chart | News | PowerRating) |
31.73 | 3,012 | 3,421 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Ask Jeeves | ( ASKJ | Quote | Chart | News | PowerRating) |
39.18 | 4,137 | 5,132 |
| Halliburton | ( HAL | Quote | Chart | News | PowerRating) |
28.60 | 4,061 | 4,492 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler