Thursday’s Top Stocks
Let’s see here, ummm….the broader market finished fractionally mixed, from
down a fractional .30% for the Naz, to a whopping .16% gain for the S&P
500. Furthermore, traders were frustrated by the lack of lighter, below-average
trade in today’s session. Market pundits are very much awaiting the next great
economic release due Friday, so they can make a more informed investment decision.
Cross currents between the market averages continue to perplex, as the broader
S&P forms a high level weekly consolidation and the Naz continues to demonstrate
relative weakness within the context of the 11-month old bull…blah, blah,
blah. In other market-related news, this cautious bull, just says ‘yahoo’ for
steering clear of all the non’cents’.
So maybe MAMA deserved a little bit more loving as the ‘momo’ stock gapped
higher over 3 points. Oh well, you win some, you lose some, and definitely end
up missing some of the moves altogether if you stick with the intraday mantra.
One thing’s for sure though, no regrets. They might not have thrown MAMA from
the train altogether in today’s trade, but it sure looks like it went over the
wrong side of the tracks by the end of the session. Well, whatever they do with
MAMA tomorrow–one thing’s for sure, if there’s either momo or morons involved,
I want to be there front and center, with 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) |
14.63 | up .03 | na | 4% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.85 | up .43 | cvn 2, 6 sell | 3% below | not at extreme |
Hottest Sectors : Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductor
(
SMH |
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 |
| Kroll | ( KROL | Quote | Chart | News | PowerRating) |
24.71 | Second inside day consolidation after daily upthrust thru trendline |
531 | 354 |
| EndWave | ( ENWV | Quote | Chart | News | PowerRating) |
12.05 | Top of range consolidation on increased, above-average (IAA) volume test of daily high-level basing pattern b/o pivots |
71 | 343 |
| OMNI Energy | ( OMNI | Quote | Chart | News | PowerRating) |
5.98 | High volume daily thrust bar thru angular resistance within weekly basing pattern, to finish top of range |
477 | 847 |
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 |
| BioLase Technology | ( BLTI | Quote | Chart | News | PowerRating) |
18 | Bottom of range consolidation on above-average volume, finishing slightly below daily supports |
829 | 1,091 |
| NetFlix | ( NFLX | Quote | Chart | News | PowerRating) |
33.02 | Bottom of range consolidation on IAA Volume reversal bar out of pullback from lows |
1,968 | 2,987 |
| Mamma.com | ( MAMA | Quote | Chart | News | PowerRating) |
12.70 | Climatic topping pattern, bottom of range close | 2,036 | 68,281 |
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 |
| Staples | ( SPLS | Quote | Chart | News | PowerRating) |
27.05 | 3,122 | 4,566 |
| Biogen | ( BIIB | Quote | Chart | News | PowerRating) |
58.28 | 4,875 | 7,239 |
| Paychex | ( PAYX | Quote | Chart | News | PowerRating) |
33.31 | 2,602 | 4,503 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| ATI Technology | ( ATYT | Quote | Chart | News | PowerRating) |
15.11 | 2,753 | 3,841 |
| QLogic | ( QLGC | Quote | Chart | News | PowerRating) |
42.80 | 3,999 | 2,416 |
| Echostar | ( DISH | Quote | Chart | News | PowerRating) |
35.50 | 3,108 | 3,151 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler