Friday’s Top Stocks
Well that certainly didn’t take too long to say–‘Yahoo!!’ It seems that yesterday’s
‘attempted rally day’ was actually more than enough reason for the ‘smart money’
folk (or is it short-term-memory folk?) to make it a second day in a row in
which denial has quickly become a case of acceptance, as far as inflation fears
and the cost of money are concerned. Now the focus or siren song of Wall Street
is all about the earnings, and playing a very quick ‘pick up game’–and how.
For the session, both the S&P 500 and Nasdaq were up between 1.40% to 1.86%
on heavy trade, and while it’s nice to see, the volatility and quality of the
move thus far still has this cautious bull steering clear of the herd.
Some great reversals to be sure, but hardly an environment to be pulling the
trigger on growth stocks. O’Neil is still counting the days until a qualified
FTD comes into play, but more importantly–bases on the majority of issues are
still in need of repair. If I were to take a wild stab at it without using my
own horns, I’d say at least another two weeks before any consistent breakouts
might occur…and that’s still a big ‘if’, at this time. The one thing that
isn’t a big ‘if’, is that surely we’ll be back tomorrow using our disciplined,
consistent brand of daytrading tactics.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
14.59 | down 1.07 | na | 8% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
21.31 | down 1.51 | na | 3% below | not at extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Friday’s stocks to watch:
Technical Strength.
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 |
| Integra Lifesciences | ( IART | Quote | Chart | News | PowerRating) |
32.09 | High of day close, nearing pivots within weekly triangle pattern |
138 | 179 |
Technical Weakness.
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 |
| NA | NA | NA | NA | NA |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
57.25 | 4,865 | 7,130 |
| Linear Technology | ( LLTC | Quote | Chart | News | PowerRating) |
37.93 | 5,336 | 4,850 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler