Friday’s Top Stocks

Apparently cornering ‘No.2’ in a 15-mile radius wasn’t quite good enough to
keep the market’s regularly scheduled dump from taking place
. After two days
of gains off an oversold technical condition, the digestive process known as
‘profit-taking’ looked to be more important to market participants. Actually,
it didn’t look too bad, all said and done, as both the S&P500 and Nasdaq
finished in the red between -.12% to -.72%–but within the upper part of the
trading session’s daily range, while volume came in at lower levels and below-average.
Hmm, now where did all the options players go? Maybe they’re having too much
fun to do the regularly scheduled Thursday spring cleaning routine, or is March
Madness a label for more than one game these days?

Nothing much new to report, especially on such light activity and the fact
that I missed what I consider to be the best opportunity of the past week. At
this juncture it just becomes a game of keeping flexible as intraday setups
are popping up from both sides of the coin on the ol’ charting radar screen.
We’ve got the ever-familiar long reversal plays still showing up to the game,
but also–after a couple sessions of upside–we have quite a few issues that
are looking interesting as intraday shorts as they test daily resistance zones.
I don’t know what tomorrow will bring, but I do know that I’ll continue to show
up to the next day’s game using 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)
1835 up .21 na 0% not at extreme
VXN
(
$VXN |
Quote |
Chart |
News |
PowerRating)
24.68 down .07 cvn 6 buy 2% below not at extreme

Hottest Sectors : Gold/Silver (XAU)

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
Taser
(
TASR |
Quote |
Chart |
News |
PowerRating)
62.40 High of day close on increased, above average volume expansion
bar
2,698 10,523
Chinadotcom
(
CHINA |
Quote |
Chart |
News |
PowerRating)
9.14 Inside consolidation bar after daily technical test of
supports
5,266 2,032

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
Caterpillar
(
CAT |
Quote |
Chart |
News |
PowerRating)
77.20 Daily chart pullback from lows candidate, closing against
technical resistance zone
2,641 2,446
Lowes
(
LOW |
Quote |
Chart |
News |
PowerRating)
54.84 Daily chart pullback candidate, against technical price
and MA resistance
3,821 4,792

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
General Electric
(
GE |
Quote |
Chart |
News |
PowerRating)
30.72 20,667 26,690
Symantec
(
SYMC |
Quote |
Chart |
News |
PowerRating)
43.79 4,264 4,864
eBay
(
EBAY |
Quote |
Chart |
News |
PowerRating)
69.20 7,238 5,211

Institutional Laggards.

Name Symbol Price Average Volume 000’s Today’s Volume
Dell
(
DELL |
Quote |
Chart |
News |
PowerRating)
33.43 17,664 17,294
Marvell Technology
(
MRVL |
Quote |
Chart |
News |
PowerRating)
41.35 2,741 2,909

Best of luck to everyone. Please use protective stops on all trades.

Chris Tyler