Friday’s Top Stocks
‘Tickle me Elmo’–’cause I personally cannot believe my eyes. With the indices
scoring fresh highs between .50% and 1% on very strong, increased volume–this
is way past ‘cautious bull’s turf, and where he likes to put his horns to work.
Somebody discovered the bull market today–I think it might have been my Aunt
Cletus pulling up her mattress finally, or maybe it was just good ol’ fashioned
‘fear of missing the boat’, and with today’s volume, that definitely includes
the so-called smart money. Just don’t ask ‘cautious bull’ to be playing with
his own money up here–it looks a little too funny, in my humblest of opinions.
‘Like the Energizer Bunny on steroids’ is probably one more analogy for this
market run. Seriously, folks, in one man’s humble opinion, the uptrend that
has been intact, and in fine shape for many, many months is, and has been for
at least a few sessions, scaring the bejusus out of yours truly. MM is all I
can say. Oh yeah baby–Marilyn Monroe…No!! I’ve come to whisper something
to you–Money Management. If you’re still in it–great, but just remember what
goes up, must eventually come down. These are not the words of a bear, just
a ‘cautious bull.’ One or two sessions could quickly translate paper profits
into very real paper losses if you aren’t disciplined with your MM–remember
to treat her with respect, especially as we’re ‘finally entering the bull market’….lordy,
lordy. Oh well, and if you can’t handle that truth–like yours truly, just continue
to stick with what has gotten you this far in the first place–namely consistent,
disciplined daytrading tactics.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
14.46 | down .39 | cvr 1 sell | 12% below | at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
21.91 | unched | cvn 6 sell | 7% below | not at extreme |
Hottest Sectors : Oil Services
(
OIH |
Quote |
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News |
PowerRating) and Semiconductors
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SMH |
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News |
PowerRating)
Weakest Sectors :Â Retail
(
RTH |
Quote |
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PowerRating) and Internet
(
HHH |
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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 |
| SM & A | ( WINS | Quote | Chart | News | PowerRating) |
12.55 | top of range close on increased above average test of mid-level daily chart consolidation breakout |
193 | 453 |
| ADTRAN | ( ADTN | Quote | Chart | News | PowerRating) |
35.45 | 30-minute chart extended cup and handle out of bullish price gap |
636 | 859 |
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 |
| Lowes | ( LOW | Quote | Chart | News | PowerRating) |
53.88 | Bottom of range consolidation on increased, above-average volume within daily consolidation |
3,350 | 5,625 |
| Cal-Maine | ( CALM | Quote | Chart | News | PowerRating) |
30 | Bottom of range consolidation on retest of daily chart pivot lows, with confirming increased, above-average volume |
405 | 647 |
| Countrywide Fncl. | ( CFC | Quote | Chart | News | PowerRating) |
70.95 | Bottom of range consolidation on above average, increased volume, breaking below key daily chart price supports |
1,768 | 5,200 |
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 |
| Xilinx | ( XLNX | Quote | Chart | News | PowerRating) |
40.78 | 6,582 | 10,194 |
| Hewlett Packard | ( HPQ | Quote | Chart | News | PowerRating) |
24.64 | 11,294 | 22,317 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Eli Lilly | ( LLY | Quote | Chart | News | PowerRating) |
68.10 | 3,534 | 5,654 |
| Adobe | ( ADBE | Quote | Chart | News | PowerRating) |
38 | 3,271 | 6,517 |
| eBay | ( EBAY | Quote | Chart | News | PowerRating) |
64.43 | 8,627 | 8,100 |
Best of luck to everyone. Please use protective stops on all trades.