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 ( $VXN.X | Quote | Chart | News | PowerRating) |
30.91 | down .84 | none | 6% below | Not At Extreme |
Hottest Sectors :Â Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
and Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and Gold
& Silver
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$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