Friday’s Top Stocks

I guess no news really can mean good news, at least as far as today’s market was concerned. With the Fed out of the way, and no company ‘confessions’ to speak of (as in,’I got a dirty little secret’), traders that were fed up with our recent pullback decided to take matters into their own hands today…that is, those that bothered to show up in Thursday’s session. Is tomorrow the 4th of July already? Well, light volume or not, our ETF friends the Spyders
(
SPY |
Quote |
Chart |
News |
PowerRating)
, the Diamonds
(
DIA |
Quote |
Chart |
News |
PowerRating)
, and the Q’s
(
QQQ |
Quote |
Chart |
News |
PowerRating)
, all put in spirited performances nonetheless, up between ,90% and 2.25%. As mentioned, volume was rather anemic, but once more, market health as gauged by advancers over decliners stole the show, up by approximately a 2:1 ratio…Yahoo!!!

Sometimes it doesn’t hurt when you stick out your hand, or head for that matter. Yesterday I said that if I were a ‘betting man’, I would put my chips on a resumption of our ‘confirmed rally.’ Toss this ol’ dog a bone for that fetch, but more importantly, I also continued to preach the merits of daytrading. Today, the market gods were kind enough to not ‘pull down my longs’, cuz’ I don’t wear shorts. For that I say thank you, but for today and every day I continue to say thank you to daytrading.

‘Assume the position ladies and gentlemen,’ during market hours of course. By keeping to our list of High and Low RS issues, bull, bear, and everything in between, we’ll be there when we see it happening. In our realm, not only is seeing believing, but it’s also the right to participate successfully day in and day out, in our little ‘land of opportunity.’

Volatility Readings:

Volatility Index Close Net Change Signals/Direction % Above/Below 10 Day Moving Average Significance

VIX
(
$VIX.X |
Quote |
Chart |
News |
PowerRating)
21.80 down 1.39 none 2% below
Not At Extreme

VXN
(
$VXN.X |
Quote |
Chart |
News |
PowerRating)
30.91 down .84 none 6% below
Not At Extreme

Hottest Sectors :  Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)

and Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)


Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and Gold
& Silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating)


Friday’s HELVETICA>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 Today’s Volume
Cognizant Technology
(
CTSH |
Quote |
Chart |
News |
PowerRating)
25.20 High volume thrust bar at 52-week high
consolidation pattern, to close in top of range
1,830m 2,020m
Polycom
(
PLCM |
Quote |
Chart |
News |
PowerRating)
14 3-Week
consolidation b/o on volume closing top of range
1,571m 2,173m
SPX Corp
(
SPW |
Quote |
Chart |
News |
PowerRating)
44.79 3-Week
consolidation at break out area, closing top of range on volume
1,004m 1,484m
Children’s
Place

(
PLCE |
Quote |
Chart |
News |
PowerRating)
19.49 52-Week highs
established out of daily consolidation pattern on volume
300k 1,100m




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 Today’s Volume
Nabors Industries
(
NBR |
Quote |
Chart |
News |
PowerRating)
40.15 Bottom of range close off technical reversal
lower, on volume
1,905m 2,192m
Cintas
(
CTAS |
Quote |
Chart |
News |
PowerRating)
36.10 Consolidation bottom of range , below
technical break of 50-Day EMA
1,054m 1,435m

class=890430920-15102001>

class=890430920-15102001>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.


class=890430920-15102001>Long Reversals class=890430920-15102001>Closing Basis.


Name Symbol Price Technical Strength Average Volume Today’s Volume
Fannie Mae
(
FNM |
Quote |
Chart |
News |
PowerRating)
66.60 Double-Double..intraday and daily double
bottoms in place
5,113m 6,652m
Mercury Interactive
(
MERQ |
Quote |
Chart |
News |
PowerRating)
39.94 Near high of day, off 50-Day EMA consolidation
test on daily, with volume increase
4,025m 3,548m
Neoware
(
NWRE |
Quote |
Chart |
News |
PowerRating)
15.03 Volume reversal day with a top of range close
from the 20-Day EMA support
453k 428k

class=890430920-15102001>

Short
Reversals



Closing Basis.


None Today.

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 Today’s Volume
Foundry
(
FDRY |
Quote |
Chart |
News |
PowerRating)
15.60 3,900m 3,570m
Teva Pharmaceutical
(
TEVA |
Quote |
Chart |
News |
PowerRating)
57.05 2,691m 2,983m
Amazon
(
AMZN |
Quote |
Chart |
News |
PowerRating)
36.72 9,885m 10,237m
Nextel
(
NXTL |
Quote |
Chart |
News |
PowerRating)
18.16 25,256m 39,680m

Institutional
Laggards.

Name Symbol Price Average Volume Today’s Volume
Morgan Stanley
(
MWD |
Quote |
Chart |
News |
PowerRating)
43.73 5,839m 6,860m
Johnson & Johnson
(
JNJ |
Quote |
Chart |
News |
PowerRating)
]
52.30 8,656m 8,625m
Intuit
(
INTU |
Quote |
Chart |
News |
PowerRating)
43.71 4,578m 5,497m

Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.

Chris Tyler