Friday’s Top Stocks
Ouch, that stung!! Nope, Taser (TASR) wasn’t the culprit, as that sleeping
giant awoke during the afternoon giving some of the folks in our chat room a
very nice 2- to 3-point profit out of a ‘3-D’ type intraday set up. Nope, the
sting or zapping came from another leg down in the Nasdaq on increased, above-average
trade. With the growth and tech-stock-laden index off by 1.12%, it was the type
of FTD day that has us going, ‘Oh No Mr. Bill!!’–and that includes this little
cautious bull as well, as something heavier than interest rates definitely pulled
the collective plug on the market in today’s trade.
Well yesterday’s bottom call lasted all of about 60 minutes in today’s trade,
but more importantly than being wrong or right about one particular call, is
steering clear of nasty conditions when the bull turns into just plain ol’ bull.
For growth stock traders, today was in my opinion a defining day, as far as
tightening stops on any open positions, and not looking to take any fresh breakouts
that may have triggered. I can say that looking at my own list of potential
candidates, this wouldn’t have been an issue in today’s trade. Ironically, within
the realm of my intraday world, my calls for intraday longs–both momentum and
reversal plays–were the trades that worked out best in today’s session. Huh,
go figure?? It just goes to show, sticking it out with disciplined, consistent
daytrading tactics seems to A.D.D. up, especially when the rest of the market
it turns out, is just as flakey as the rest of us.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
16.24 | down .42 | na | 2% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.48 | up .89 | na | 3% above | not at extreme |
Hottest Sectors : Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Friday’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) |
34.34 | Top of range, increased above average daily hammer bar on p/b from highs |
349 | 355 |
| Taser | ( TASR | Quote | Chart | News | PowerRating) |
100 | top of range close on reversal bar out of daily chart p/b from highs |
5,481 | 3,813 |
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 |
| Coach | ( COH | Quote | Chart | News | PowerRating) |
40.40 | inside doji bar testing daily technical supports | 1,457 | 1,080 |
| Jos. A. Bank | ( JOSB | Quote | Chart | News | PowerRating) |
34.40 | inside doji bar slightly below key technical supports | 297 | 271 |
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 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
60.37 | 9,167 | 11,843 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
57.20 | 4,830 | 6,492 |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) |
66.04 | 9,122 | 7,416 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler