Friday’s Top Stocks
It might have taken
ambulatory care at Cardinal Health and a downgrade of Yahoo to prod some
investors in the right direction–but, today’s reversal lower for the
major averages is probably the right prescription for any raging bulls out
there. Not that today’s action of down .93% to 1.57% is really the cure all, or
quick fix for the market. There’s still has a whole bunch of technical ailments
out there that are in need of stronger treatment–and besides, on a closing
basis, the bulls have only backed up into very familiar ground within the old
trading range. Nonetheless, for some traders, today’s action could probably be
considered good medicine nonetheless, as stop losses and money management are
the best remedy against taking in too much red bull.
The semiconductors lead the way once again–to
the downside, as they traded off approximately 3.75%. This action leaves the SMH
testing the 78% retracement level from the proxy’s recent June lows, and many
individual components testing their 50-Day MAs and various Fibonacci levels.
With the TRIN index screaming to levels not seen since mid May, and range
supports being tested elsewhere, there is some evidence for reversal
longs–which this cautious bull was poking his own horns at, on an intraday
basis. With the holiday weekend upon us though, and probably more slips and
giggles on tomorrow’s latest and greatest number–why bother with the nightshift
when all that we really need is our daily dose 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) |
15.02 | up 1.00 | na | 3% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
20.10 | up .73 | na | 3% above | not at extreme |
Hottest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductors
(
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 |
| Gilead Sciences | ( GILD | Quote | Chart | News | PowerRating) |
66.85 | Narrow range doji w/in weekly handle |
3,134 | 4,327 |
| Nanogen | ( NGEN | Quote | Chart | News | PowerRating) |
7.24 | Top of range consolidation on increased, above-average volume breakout of daily chart resistance |
1,884 | 3,625 |
| Hot Topic | ( HOTT | Quote | Chart | News | PowerRating) |
20.99 | Engulfing bullish bar w/ increased volume, in daily pullback pattern |
1,316 | 1,509 |
^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 |
| NA | NA | NA | NA | NA | NA |
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 |
| Maxim Integrated | ( MXIM | Quote | Chart | News | PowerRating) |
50.19 | 6,182 | 8,126 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
54.76 | 9,175 | 8,727 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Verisign | ( VRSN | Quote | Chart | News | PowerRating) |
19.22 | 2,783 | 3,350 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
34.30 | 13,061 | 28,611 |
| Biogen Idec | ( BIIB | Quote | Chart | News | PowerRating) |
61.86 | 3,763 | 3,388 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler