Friday’s Top Stocks
I don’t know–maybe I should be called ‘stubborn bull’, instead of ‘cautious
bull?’ To be quite honest though–with more divergent, mixed, and very volatile
(at least in the individual equity names) trade conditions out there, I really
don’t feel like my horns are collecting dust for lack of a very good reason.
On the session, which I was even less able to quantify or qualify, due to hush-hush
obligations outside the realm of the ongoing market mayhem–our bovine friends
all finished down on the session, off between .33% to 1.09%, after scoring marginal
fresh multi-year highs. With tomorrow ending the fifth straight (and for some
investors, sixth straight) week up, and not a pullback yet, worthy of a letter
home about, maybe today deserves a little ‘yahoo’, as we might just see some
good ol’ fashioned profit-taking after all.
I won’t be holding my breath of course, but then again–I won’t be left holding
the bag either. This cautious bull was very glad to have ‘steered clear’ of
today’s trade (not intentionally, but what the ‘hay’) as the underlying tug-o-war
between greed, fear, bears, bulls, shorts, and probably my Aunt Cletus too–is
really getting to be too much. I did take the occasional gander at today’s trade,
and it was, in these humble, bovine orbs–another day fraught with more risk
than I dare to care for. Sitting on one’s thumbs is sometimes a better alternative
to sitting on a playing field of shrapnel. My attitude is that even though the
market is open five days a week, that doesn’t mean I personally have to open
up my own shop, if I don’t feel the high-probability environment is there to
greet me with open arms. I’m not bearish, sour, scorned, or bullish for that
matter–I just am, and when some of my high-probability ingredients come back
into the bigger picture, I will gladly embrace disciplined, consistent daytrading
once more.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
15.13 | up .70 | cvr 1, 6 sell | 3% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
21.46 | up .75 | none | 2% below | not at extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors :Â Semiconductor
(
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 |
| Teva Pharmaceutical | ( TEVA | Quote | Chart | News | PowerRating) |
61 | Top of range close on increased, above-average volume out of ‘right side of base’ consolidation |
2,465 | 10,857 |
| Eon Labs | ( ELAB | Quote | Chart | News | PowerRating) |
57.58 | Top of range consolidation on increased, above-average volume, finishing 1% thru high-level weekly base triggers |
342 |
466 |
| Sonic Solutions | ( SNIC | Quote | Chart | News | PowerRating) |
20.27 | Top of range close on increased, above-average volume, finishing .05% thru weekly pattern b/o levels to All-Time-Highs |
539 | 1,626 |
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 |
| Microchip | ( MCHP | Quote | Chart | News | PowerRating) |
31.95 | Bottom of range consolidation on inside daily bar tailing candle, below MA supports |
3,072 | 2,415 |
| Stratasys | ( SSYS | Quote | Chart | News | PowerRating) |
27 | Increased, above-average volume break of daily technical supports, finishing in bottom of range consolidation |
333 | 364 |
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 |
| Lowes | ( LOW | Quote | Chart | News | PowerRating) |
55.21 | 3,625 | 4,674 |
| Verizon | ( VZ | Quote | Chart | News | PowerRating) |
37.49 | 7,759 | 8,242 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| QLogic | ( QLGC | Quote | Chart | News | PowerRating) |
45.28 | 4,127 | 4,706 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) |
26.58 | 13,204 | 13,480 |
| Computer Assoc. | ( CA | Quote | Chart | News | PowerRating) |
27.28 | 3,483 | 6,817 |
Best of luck to everyone. Please use protective stops on all trades.