Thursday’s Top Stocks
So was the Fed decision good, bad, or just another moment in the ongoing show?
Personally, I dunno–but it kept raging bulls very busy in ‘profit-taking’ mode
as the broader averages experienced something called a technical pullback. Easy
come, easy go–the natural process of the market’s give and take within bull
and bear markets. If you waited till today, there was some definite ‘taking’
involved, as our bovine friends looked a little wounded, down in the red between
1.15% to 1.75%. Trade was heavier and above-average which, especially considering
the pre-Fed inactivity, was very refreshing to see, with investors determined
to behave like lemmings over a cliff…just as things are looking interesting
once again for cautious bulls everywhere.
What a show it is. Sometimes it requires a special guest appearance by a Wall
Street celebrity to get the market to do the right thing, but if you have a
little bit of patience–you’re almost guaranteed to see the high-probability
pullbacks occur, and they usually seem to happen when things no longer look
‘oh, so wonderful.’ Hmm, I guess my Aunt Cletus’ stash ran out after all, and
who says election years are bullish anyhow? Personally, neither weigh very much
on my decision-making process. The only thing that matters to me is that those
pesky little Moving Averages that were hovering in the right hand corner of
your charts, are now front and center–‘oh, yahoo!!’ Toss in some price and
Fibonacci supports, and things are finally looking good again for cautious bulls
that stress technical analysis. But heck, why wait around, when on average–the
market continues to offer disciplined, consistent daytraders–high-probability
setups each and every day?
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
16.94 | up 1.62 | na | 9% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
24.88 | up 1.85 | cvn 3 buy | 13% above | at extreme |
Hottest Sectors : NA
Weakest Sectors : Gold/Silver (XAU) and Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Thursday’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 |
| Cell Therapeutics | ( CTIC | Quote | Chart | News | PowerRating) |
10.03 | Inside daily bar after engulfing hammer within consolidation, right side of base |
519 | 691 |
| Nabi BioPharma | ( NABI | Quote | Chart | News | PowerRating) |
16.03 | Top of range consolidation on increased, above-average volume b/o of angular consolidation resistance |
555 |
714 |
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 |
| QLogic | ( QLGC | Quote | Chart | News | PowerRating) |
44.37 | Increased, above average break of Low RS consolidation, closing bottom of range |
4,111 | 6,247 |
| Nam Tai | ( NTE | Quote | Chart | News | PowerRating) |
30.03 | Bottom of range close on break of recent price supports and trendline from daily lows |
1,449 | 1,080 |
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 |
| NA | NA | NA | NA | NA |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Interactive Corp | ( IACI | Quote | Chart | News | PowerRating) |
31.29 | 8,246 | 9,430 |
| Intuit | ( INTU | Quote | Chart | News | PowerRating) |
47.48 | 2,612 | 2,841 |
Best of luck to everyone. Please use protective stops on all trades.