Thursday’s Top Stocks
As it stands, today’s session marked what Mr. Bill calls an ‘attempted rally
day’, which is another way of saying that a possible reversal low has been put
in place. With both the S&P 500 and Nasdaq up between .56% to .86% on increased,
above-average trade, cautious bulls have to look at today’s action as the first
step towards possibly being able to say, ‘yahoo’ again in the not-too-distant
future.
Time will tell, and the charts will be our guide in making that decision as
to whether or not the market will pull itself out of what is, at this point,
an established downtrend. With lower pivot highs in place, and most growth issues
well inside their bases–today was a step, but not a reason to jump up to the
proverbial plate to swing the big bat. Some titans of commerce, namely eBay
(EBAY) and Qualcomm (QCOM) look to be propping up the after-hours trade–but,
if you’re like me, and you need a little something more–we’ll see what tomorrow
ushers in when our disciplined, consistent brand of daytrading resumes once
again.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
15.59 | down .92 | cvr 1 buy | 3% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.82 | down .25 | na | 4% above | not at extreme |
Hottest Sectors : Software
(
SWH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Gold/Silver (XAU)
Thursday’s stocks to watch:
Technical Strength.
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 |
| Cognex | ( CGNX | Quote | Chart | News | PowerRating) |
33.62 | Bullish hammer reversal on increased, above-average trade | 357 | 665 |
| Scientific Atlanta | ( SFA | Quote | Chart | News | PowerRating) |
32.65 | Top of range consolidation on increased, above-average volume, clearing daily resistance |
1,435 | 1,693 |
Technical Weakness.
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 |
| Sierra Wireless | ( SWIR | Quote | Chart | News | PowerRating) |
34.38 | Bottom of range consolidation on inside day, gravestone doji–against technical resistance |
1,221 | 1,596 |
| Arrhythmia Research | ( HRT | Quote | Chart | News | PowerRating) |
15.77 | Bottom of range on technical b/d of daily supports | 289 | 125 |
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 |
| Sina Corp. | ( SINA | Quote | Chart | News | PowerRating) |
33.87 | 4,099 | 4,467 |
| Caterpillar | ( CAT | Quote | Chart | News | PowerRating) |
81.08 | 2,493 | 3,011 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
55.69 | 4,865 | 7,166 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
57.01 | 9,161 | 21,994 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler