Friday’s Top Stocks
It wasn’t perfect, but today’s consolidation work in the ETFs could probably
qualify for all intents and purposes as ‘inside doji’ style trade. With ever-so-slight
fractional gains and losses, too close for me to dare spell out which side of
the unchanged mark each one came in at–it was a day to give to the bulls within
the market’s still ‘confirmed rally.’ With the combined ratio of advancing issues
vs. declining issues just a tad over the even mark and volume statistics so
darned close to yesterday’s figures–you have to say there was definite interest
in the market as traders and investors tried to determine if they should ‘try
and hide’ from the bull, or just plain ol’ ‘try on the hide’–just say moo.
In the narrow confines of investor indecision or ‘doji’ days, it can be difficult
to see beyond the day. What we have at this moment in time, is a market bent
on frustrating a whole lot of folks as the market has established an 11-day
lateral consolidation barely 1.5% wide in the S&P500, since breaking to
fresh 52-Week Highs. I’m sure it’s fooled a whole bunch of folks (self included)
as it bobs and weaves to the beat of the latest numbers–of which we seem to
have in spades as of late. I will quote once more, because it still pertains
to the current market (a week later)–‘it has become a market fraught with flyers
and plungers.’ The consistency shall return once we see ourselves outside of
the trading range, but until then, as always, let’s just keep to our own reality
of trading ‘the present’, with good ol’ fashioned consistent, disciplined daytrading.
It wasn’t my best, but then again it wasn’t my worst either. All we can do
is continue to take the high-probability triggers on a trade-by-trade basis.
If you get wise to an unfriendly market dictated by chop early in the game,
ease off. If it happens to be one of those days where it seems it’s right to
take the trade and they ‘still ain’t working’–ease off. Once in a while, it’s
going to happen, especially if the market isn’t exactly cooperating –but that’s
why we always look forward to resumption of the most important daily trend,
namely our brand of consistent, disciplined daytrading.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX | Quote | Chart | News | PowerRating) |
16.49 | down .26 | none | 2% below | Not At Extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
25.45 | down .10 | none | 0% | Not At Extreme |
Hottest Sectors : Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating) and Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Friday’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 |
| Quest Diagnostics | ( DGX | Quote | Chart | News | PowerRating) |
69.46 | Cup and handle b/o on increased, average volume | 867 | 860 |
| Gevity HR | ( GVHR | Quote | Chart | News | PowerRating) |
18.92 | Top of range consolidation on above average pivot b/o within weekly high level basing pattern |
314 | 540 |
| FARO Technologies | ( FARO | Quote | Chart | News | PowerRating) |
24.91 | Top of range ‘consolidation day’ after hammer technical reversal |
444 | 1,143 |
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 |
| NA | NA | NA | NA | NA | NA |
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 |
| Maxim Integrated | ( MXIM | Quote | Chart | News | PowerRating) |
53.31 | 6,451 | 7,762 |
| Merck | ( MRK | Quote | Chart | News | PowerRating) |
45.80 | 7,700 | 17,100 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Interactive Corp | ( IACI | Quote | Chart | News | PowerRating) |
33.22 | 8,581 | 6,205 |
| Verizon | ( VZ | Quote | Chart | News | PowerRating) |
31.93 | 7,549 | 4,879 |
| Home Depot | ( HD | Quote | Chart | News | PowerRating) |
36.32 | 8,739 | 7,728 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler