Friday’s Top Stocks
After barely clearing
‘the wall’ in yesterday’s trade, it seems ‘the worry’ was once again on
investors’ minds. On the session, after attempting to vault slightly
higher intraday, all three of the major indices finished fractionally lower by
approximately .30% on a bit less volume, but still above-average. Hmm?? No yahoo
again, but I’d give today’s action another ‘yippee’, as there was still plenty
to do from both sides of today’s trade.
Well today’s show went from XXX to an R. After
two sessions of upside, perking investors interest just enough to take a peek
once again–what else could we expect? The triple XXX is in reference to an
unseen, but powerful trading entity that was apparently trying to muscle the
S&P500 higher during the past two weeks–while the R in today’s trade stands for
the ‘red’ in the indices. Not that the red was too harsh mind you, but this
cautious bull continues to favor staying on his toes, rather than on his hoofs.
Hmm?? If the conspiracy is true, it looks like
they had their way–triple XXX that is (apparently the account no’s were X’ed
out). That’s pure conjecture mind you, but I’m always a sucker for market
manipulation theories. Given the fact that volatility levels got stretched all
the way down past their respective YTD lows while many individual stocks beneath
the index surface were not faring quite as well as CNBC and our broader market
averages would have you believe, you might say that this cautious bull is
possibly more a buyer of that, than in the longevity of the bull. Yup, I’m personally not done
thinking about that particular angle. However, thinking is one thing and acting
is another thing all together–and when it comes to that, I’ll just continue to
act out in the market using 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) |
14.39 | up .76 | cvr 2, 6 sell | 1% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
19.39 | up .41 | cvn 2, 6 sell | 5% 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 |
| Chico’s FAS | ( CHS | Quote | Chart | News | PowerRating) |
46.26 | Top of range close on increased, above-average trade, nearing cup pivots daily |
1,064 | 1,088 |
| Sigmatel | ( SGTL | Quote | Chart | News | PowerRating) |
28.34 | Increased above-average volume b/o of weekly pivots in right side of base |
305 | 1,142 |
| palmOne | ( PLMO | Quote | Chart | News | PowerRating) |
31.37 | Increased, above-average volume top of range consolidation on fresh 52-week highs |
3,097 | 8,536 |
^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 |
| Semiconductor HOLDRs | ( SMH | Quote | Chart | News | PowerRating) |
37.07 | Bottom of range close w/in established downtrend |
19,434 | 18,184 |
| IBM | ( IBM | Quote | Chart | News | PowerRating) |
89.99 | Bottom of range close w/in daily consolidation ‘return to neckline’ pattern |
5,024 | 4,069 |
| Autodesk | ( ADSK | Quote | Chart | News | PowerRating) |
39.65 | Inside bar bottom of range close against Fibonacci zone and momentum loss daily |
2,156 | 2,183 |
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 |
| Genentech | ( DNA | Quote | Chart | News | PowerRating) |
55.03 | 2,747 | 3,971 |
| Verisign | ( VRSN | Quote | Chart | News | PowerRating) |
18.92 | 2,697 | 3,658 |
| General Electric | ( GE | Quote | Chart | News | PowerRating) |
33.27 | 28,799 | 34,239 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Microsoft | ( MSFT | Quote | Chart | News | PowerRating) |
28.39 | 70,181 | 65,512 |
| Oil Services | ( OIH | Quote | Chart | News | PowerRating) |
71.06 | 2,045 | 1,319 |
| eBay | ( EBAY | Quote | Chart | News | PowerRating) |
88.74 | 8,371 | 6,491 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler