Friday’s Top Stocks
Oh, the ‘bull’–yes, it’s true both our major market proxies finished higher,
between a respectable .31% to 1.07%, and advancing issues did trump decliners
by an approximate 2:1 margin, but I don’t buy it. Apparently I’m in some pretty
good company as the folks that swing the big sticks weren’t exactly stepping
up to the plate–as volume came in ‘yet again’ lighter and below average. Friday
(and thank god for that) brings an end to the latest chapter in our never-ending
saga of ‘Waiting For Godot,’ as the latest and greatest, really, really important
number is finally released, giving investors some vital clues as to what they
want to do with their market-weighted portfolios…’oh yahoo.’
MAMA and some of her relatives were thrown in front of the train today as many
recent ‘mo-mo’ issues turned into ‘I must be a moron, what was I thinking?’
type of plays. For a day in which both the averages were up, with the Nasdaq
leading the way–it didn’t feel like a very strong session to this cautious
bull, as price increases were led by the sagging semiconductor sector, which
has been about as much fun to play as a trip to the dentist…in one humble
dude’s opinion. I’ll just chalk this one up as a can’t win ’em all type situation,
oh well. No problem with that, and I’d rather accept a loss when it’s more a
result of what I consider to be broader market conditions– ’cause tomorrow
it’s back to the regularly scheduled program of 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) |
14.71 | up .10 | na | 2% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.52 | down .57 | cvn 6 sell | 4% below | not at extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : NA
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 |
| PETsMart | ( PETM | Quote | Chart | News | PowerRating) |
26.93 | Inside bar, top of range close on above average volume forming daily handle |
1,449 | 2,546 |
| Alcatel | ( ALA | Quote | Chart | News | PowerRating) |
17.68 | High volume daily chart b/o attempt, finishing at pivot triggers |
1,854 | 7,364 |
| Dynatronics | ( DYNT | Quote | Chart | News | PowerRating) |
3.08 | Volume surge b/o of one month daily chart consolidation |
83 | 1,233 |
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 |
| BioLase Technology | ( BLTI | Quote | Chart | News | PowerRating) |
17.88 | slight continuation move below daily chart supports | 839 | 481 |
| NTL Inc | ( NTLI | Quote | Chart | News | PowerRating) |
65.75 | Reversal bar on increased, above-average volume within high level base |
815 | 1,964 |
| Mamma.com | ( MAMA | Quote | Chart | News | PowerRating) |
11.05 | bottom of range finish on continuation move from climatic topping bar |
3,850 | 19,298 |
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 |
| aQuantive | ( AQNT | Quote | Chart | News | PowerRating) |
9.08 | Spinning top bar forming potential 123 reversal pattern on increased, above-average volume |
756 | 1,188 |
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 |
| Netease | ( NTES | Quote | Chart | News | PowerRating) |
58.38 | 2,496 | 3,750 |
| Biogen | ( BIIB | Quote | Chart | News | PowerRating) |
59.02 | 4,875 | 5,652 |
| JP Morgan | ( JPM | Quote | Chart | News | PowerRating) |
42.60 | 9,288 | 9,699 |
| Veritas | ( VRTS | Quote | Chart | News | PowerRating) |
31.42 | 6,299 | 10,179 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Caterpillar | ( CAT | Quote | Chart | News | PowerRating) |
76.90 | 2,514 | 1,314 |
| Dell | ( DELL | Quote | Chart | News | PowerRating) |
33.13 | 16,831 | 13,873 |
| Citigroup | ( C | Quote | Chart | News | PowerRating) |
49.38 | 11,471 | 19,453 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler