Friday’s Top Stocks
In a perverse sort of way,
some traders might finally get to say, ‘Oh Yahoo!!’
If you owned the stock, probably not–but, for
cautious bulls out there, the excuse du jour has taken the grilling of the bull
down into key price supports. On the day, with both the S&P500 and Nasdaq
Composite finishing down between .82% to 1.56%, I’m finally seeing some Red Bull
that I don’t mind tasting.
I know, now is not the time to be thinking about
buying. No, not now!! Not when they obviously want to sell, and not when we are
testing price supports, the 200-Day EMA, and a 62% retracement in the Nasdaq.
Nope, now is simply not the right time if you believe in ‘the bull.’ For others
like myself, I don’t mind poking the horns around the cratered landscape. I’m
selective of course, and picking bottoms can be tricky, so I don’t just rush in
and buy anything that’s down. Nope, I rely on the technical tools of the trade
that make sense to me–’cause the last time I checked, relying on anything else
stopped making ‘cents’ a long time ago.
With the leading laggard, the semiconductor
sector (SMH), finally firming up after a leading May test of its own, three days
ago, this cautious bull has his list of reversal longs ready for action. However,
with volatility levels still hovering in a price area that this analyst doesn’t
mind calling a joke, and many names still in need of more punishment–I’ve also
got my list of focus shorts. One thing’s for sure though, right or wrong I won’t
leave anything to hope–only 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) |
16.05 | up .30 | cvr 1 buy | 5% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.74 | up .48 | cvn 6 buy | 10% above | at extreme |
Hottest Sectors : Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Internet
(
HHH |
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 |
| Avid Technology | ( AVID | Quote | Chart | News | PowerRating) |
52.13 | Top of range close on high volume reversal-hrust bar |
527 | 1,427 |
| QLogic | ( QLGC | Quote | Chart | News | PowerRating) |
25.36 | Confirmed 1,2,3 low against weekly channel supports |
4,091 | 3,015 |
| P.F. Changs | ( PFCB | Quote | Chart | News | PowerRating) |
41 | Top of range close on above-average volume continuation bar off weekly support zone |
568 | 659 |
^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 |
| University of Phoenix | ( UOPX | Quote | Chart | News | PowerRating) |
90.33 | Testing Fibonacci, channel, and symmetry zone resistance |
237 | 274 |
| Harman Intl. | ( HAR | Quote | Chart | News | PowerRating) |
87.57 | Two day inside bar consolidation pattern after technical price break of prior trend supports |
497 | 557 |
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 |
| Sina | ( SINA | Quote | Chart | News | PowerRating) |
2658 | 4,828 | 5,707 |
| KLA-Tencor | ( KLAC | Quote | Chart | News | PowerRating) |
45.29 | 7,292 | 6,131 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Oil Services | ( OIH | Quote | Chart | News | PowerRating) |
71.70 | 1,912 | 1,326 |
| Lennar | ( LEN | Quote | Chart | News | PowerRating) |
42.18 | 1,961 | 2,468 |
| Interactive Corp | ( IACI | Quote | Chart | News | PowerRating) |
29.64 | 4,563 | 4,662 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler