Friday’s Top Stocks
You know what they say, ‘oversold can become more oversold’….Well, use the
horns to sharpen the chalk, as the scoreboard today reflects the bulls’ tenacity
to keep that from never, ever happening again within the market’s still ‘confirmed
rally.’ Bargain hunters (without Warren’s approval) and probably some shorts
were thrown into the buy side mix in today’s trade, thus showing our lil’ ETF
friends to be standing tall with gains of .25% to .52%. Volume was heavier and
above-average on both the S&P and Nasdaq cash indices, with the Naz actually
poking its head to a fresh 52-week highs. With advancers leading by a 1.4:1
margin, what else can you say, but ‘yahoo?’
Who knew? Maybe the trader’s almanac did, but not me. As I’ve said before, maintenance
of existing profitable positions is one thing, and so is trading from the long
side intraday–but going home long overnight??? Hmmm–well, if it ain’t already
clearly profitable on paper, I personally don’t recommend it, as the edge in
my book just doesn’t add up. But, then again, sometimes the only thing that
I’m really sure of besides 1 + 1 = 2, is that the only way to keep the edge
in today’s and each and every day’s market– is through disciplined, consistent
daytrading tactics.
Once again, bulls and bears had the opportunity to make money in today’s trade.
It wasn’t perfect, and it never will be, but through the proper use of money
management, and then taking the trades that ‘you see’ as having definable edge
consistently–there’s a good possibility that today worked out for you. If it
didn’t, tomorrow is another day in which your edge might present itself, as
Friday brings us to yet, another high-probability trading day–forecast to open
for disciplined, consistent daytraders at 9:30 EST.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX | Quote | Chart | News | PowerRating) |
16.76 | down .10 | cvr 1 buy | 4% below | Not At Extreme |
| VXN ( VXN | Quote | Chart | News | PowerRating) |
25.37 | up .17 | cvn 1 and 5 buy | 3% below | Not At Extreme |
Hottest Sectors : Software
(
SWH |
Quote |
Chart |
News |
PowerRating) and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors :Â Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Gold/Silver (XAU)
Friday’s stocks to watch:
Technical Strength Top of Range.
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 Strength | Average Volume 000’s | Today’s Volume |
| Gevity | ( GVHR | Quote | Chart | News | PowerRating) |
17.23 | Wide range thrust bar w/confirmed volume on ema price recross w/in weekly high level base |
297 | 410 |
| NVE Corp | ( NVEC | Quote | Chart | News | PowerRating) |
44.23 | High volume b/o of mid level pivots w/in weekly high level base |
652 | 1,003 |
| CheckPoint | ( CHKP | Quote | Chart | News | PowerRating) |
24.73 | Top of range close, establishing 30-min extended cup and handle pattern off 52-week highs |
906 | 588 |
Technical Weakness Bottom of Range.
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 Strength | Average Volume 000’s | Today’s Volume |
| j2 Global | ( JCOM | Quote | Chart | News | PowerRating) |
28.50 | bottom of range close, nearing test of recent pivot lows on increased volume |
1,738 | 2,326 |
Stock Reversal Setups Closing Basis.
Stocks that are setting up on a closing basis as potential long or short 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 basing patterns (Slim Jims, 1,2,3s,
Double bottoms) consolidations, and triangle reversals. Background technical
supports in the form of Fibonacci levels, EMAs (DEMA=daily ema), RS, and former
price action are used in the decision making process.
Long Reversals Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume 000’s | Today’s Volume |
| NA | NA | NA | NA | NA | NA |
Short Reversals Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume 000’s | Today’s Volume |
| NA | NA | NA | NA | NA | NA |
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, patterns (consolidations or Slim Jims) , or
last hour volume surges, indicative of follow through in the very near term.
Institutional Favorites
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Mercury Interactive | ( MERQ | Quote | Chart | News | PowerRating) |
49.06 | 3,285 | 3,222 |
| KLA-Tencor | ( KLAC | Quote | Chart | News | PowerRating) |
60.87 | 8,747 | 9,295 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Amazon | ( AMZN | Quote | Chart | News | PowerRating) |
54.99 | 9,876 | 8,775 |
| Verizon | ( VZ | Quote | Chart | News | PowerRating) |
32.45 | 7,634 | 5,566 |
| Sina.com | ( SINA | Quote | Chart | News | PowerRating) |
38.22 | 10,611 | 7,943 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler