Friday’s Top Stocks
I guess they, meaning the boys on Wall Street, were right after all–when they
said ‘never sell a dull market.’ Actually, the only thing dull has been the
below-average volume statistics. Everything else going on, from the broader
indices making it six consecutive sessions of higher highs, to investors embracing
the future of nanotechnology in the here and now–has actually made a whole lotta ‘cents’ these days. So while it’s been overall fun to play the intraday
game, cautious bull here doesn’t know about the overnight thing ahead of tomorrow’s
latest and greatest report. I forget which one it is, but with the indices finishing
up between .50% and 1%, let’s all say a collective ‘yahoo’ for those smart folks
that must know something–I prefer to just steer clear until we get that pesky,
oh so important report out of the way.
No FTD, but some investors were willing to make the low-volume commitment into
resistance. I can’t say that I totally blame ’em, at least when it comes to
growth stocks. Truth is, growth stocks are, and have been for the past few sessions,
breaking out of respectable basing patterns. Personally speaking, that means
that there’s stuff to do, at least on an intraday basis–and if you’re fortunate
enough to have one of these gems really shine while in the position, holding
out for outsized gains isn’t such a bad idea in my humble opinion. Another truth
is, even though I can’t blame ’em–I wouldn’t want to be ’em either–I’d rather
stick with disciplined, consistent daytrading tactics and let the other guy
worry about the vagaries of a very fickle market.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
17.14 | up .41 | na | 6% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
23.63 | down .13 | na | 4% below | not at extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors :Oil Services
(
OIH |
Quote |
Chart |
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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) |
82.76 | Inside day finishing top of range on above average volume | 4,081 | 9,716 |
| Aladdin | ( ALDN | Quote | Chart | News | PowerRating) |
20.30 | Top of range consolidation on above average volume continuation bar out of weekly b/o pattern |
256 | 733 |
| Harris and Harris | ( TINY | Quote | Chart | News | PowerRating) |
19.22 | Top of range close on weekly b/o attempt, closing in range on increased, above average trade |
688 | 3,212 |
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 |
| Whole Foods | ( WFMI | Quote | Chart | News | PowerRating) |
74.66 | bottom of range close on above average volume, reversing thru 20-day ema w/in downtrend channel |
718 | 692 |
| Saint Judes | ( STJ | Quote | Chart | News | PowerRating) |
71.14 | Bottom of range consolidation on increased volume, testing 50-day ema from above–out of pullback from lows pattern |
1,707 | 1,302 |
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 |
| Lexmark | ( LXK | Quote | Chart | News | PowerRating) |
91.75 | Bottom of range consolidation on engulfing gravestone doji pattern |
1,044 | 777 |
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 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
49.45 | 10,171 | 11,193 |
| National Semiconductor | ( NSM | Quote | Chart | News | PowerRating) |
45.46 | 4,079 | 5,850 |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) |
66.28 | 9,328 | 8,988 |
| Adobe | ( ADBE | Quote | Chart | News | PowerRating) |
40.32 | 3,583 | 3,603 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Linear Tech | ( LLTC | Quote | Chart | News | PowerRating) |
37.14 | 5,214 | 5,205 |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
59.84 | 4,630 | 3,431 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) |
24.24 | 13,522 | 23,102 |
| Johnson & Johnson | ( JNJ | Quote | Chart | News | PowerRating) |
50.52 | 7,404 | 6,377 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler