Friday’s Top Stocks
Not that the market is making shorts an easy commitment, but it sure isn’t
making the case for longs either. Within the several day to two week consolidation,
of which today’s fractional losses between .07% to .72% were a part–it’s become
increasingly difficult to find any continuity. As a matter of fact, with stocks
like GS, CAT, SNDK, XLNX pointing south, while a handful of ‘gotta have ’em’
stocks like CFC, HAR, URBN, and YHOO are trying to keep the hope mantra alive
for investors, this cautious bull’s best piece of advice is to play it light
and tight, or quite possibly steering clear altogether.
The case for concern continues for this little guy. The usually leading semis
(SMH), various big name brokers and banks, stunted growth stocks, the intermediate
downtrend against key resistance levels, and the bullish rationale for low volatility
levels are all key ingredients in making the case for a resumption of lower
prices. Of course what I see in the tea leaves has nothing to do with what’s
obviously being plugged elsewhere–other than the two monitors at my desk. Hmm,
maybe tomorrow I’ll give the TV a chance so that I can see what’s really happening
out there. Maybe, maybe not, but one thing’s for sure–we can continue to stick
with our 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) |
15.04 | up .38 | na | 0% | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
21.33 | up .94 | cvn 2, 6 sell | 4% below | not at extreme |
Hottest Sectors : Gold/Silver (XAU)
Weakest Sectors : Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
Friday’s stocks to watch:
Longs.
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 Assesment | Average Volume 000’s | Today’s Volume |
| Cognex | ( CGNX | Quote | Chart | News | PowerRating) |
36 | Base on base weekly pattern b/o | 298 | 668 |
| United Online | ( UNTD | Quote | Chart | News | PowerRating) |
19.88 | Top of range close, near daily handle triggers | 1,189 | 434 |
| OmniVision | ( OVTI | Quote | Chart | News | PowerRating) |
15.31 | Into daily chart support zone btw 15 – 16.25 | 3,111 | 5,382 |
^next^
Shorts.
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 Assesment | Average Volume 000’s | Today’s Volume |
| NVE Corp | ( NVEC | Quote | Chart | News | PowerRating) |
26.72 | testing daily supports | 868 | 450 |
| Countrywide Financial | ( CFC | Quote | Chart | News | PowerRating) |
71 | Into daily chart Bear Butterfly pattern resistance zone 70.75 – 73.25 |
2,489 | 3,468 |
Institutional Longs and Institutional Shorts.
The following stocks are selected from the Nasdaq, S&P 500 & 600 Indices,
and HOLDRs, and are based on a combination of daily and intraday analysis.
Institutional Longs
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| NA | NA | NA | NA | NA |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Goldman Sachs | ( GS | Quote | Chart | News | PowerRating) |
89.34 | 3,844 | 3,500 |
| QLogic | ( QLGC | Quote | Chart | News | PowerRating) |
25.53 | 4,663 | 5,183 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
53.97 | 9,719 | 8,602 |
| Dow Jones ETF | ( DIA | Quote | Chart | News | PowerRating) |
103.95 | 7,085 | 2,778 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler