Friday’s Top Stocks
Thursday’s light volume trade to the downside, while still technically supported
by recent price and various moving averages did nothing to change this cautious
bull’s thoughts on feeling home in this ol’ range. On the session, the S&P500
and Nasdaq Composite finished lower by .91% to 1.44%. As mentioned, volume was
once again well-below average, with the S&P500 actually coming in at its
lightest levels of the year. Yeah, it might be light, some bulls will anxiously
say to any Doubting Thomas’–but, within the intermediate downtrend, stocks
falling on their own weight still ain’t a pretty sight to behold, or hold.
My broad stroke technical take on being bearish to neutral hasn’t changed overall–actually,
it’s being reinforced. I will say however, that with Intel’s mid quarter update
providing some bovine guidance (actually, I don’t know what they’re saying,
nor do I care), the semis (SMH) should see a technical bounce. Not that they
need any help, as the proxy did successfully test and close at a key support
zone between 36.75 – 36.95 after a fairly solid three day retreat from their
lofty perch (which not too coincidentally was confirmed by a technical pattern
top)–but, Wall Street loves excuses from market heavy-weights to get their
clients excited. For me, its just about the tea leaves and nothing else. Oops,
my bad. That’s not entirely true, because we wouldn’t dare to be ignorant to
all the important news out there, without relying on 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) |
17.32 | up 1.08 | na | 2% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
23.31 | up .70 | na | 1% above | not at extreme |
Hottest Sectors : Retail
(
RTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductor (SMH)
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 |
| Harris & Harris | ( TINY | Quote | Chart | News | PowerRating) |
12.77 | Fibonacci pattern reversal zone btw 12.45 – 13.25 | 460 | 705 |
| Semiconductor HOLDRs | ( SMH | Quote | Chart | News | PowerRating) |
36.75 | Key 60-minute and daily supports btw 36.75 – 36.95 | 19,260 | 24,937 |
| Magal Security | ( MAGS | Quote | Chart | News | PowerRating) |
21.95 | Top of range consolidation on increased, above-average volume |
3,549 | 5,799 |
^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 |
| eBay | ( EBAY | Quote | Chart | News | PowerRating) |
87.68 | Bottom of range close on confirmation of Bear Butterfly pattern daily |
8,252 | 8,096 |
| Inamed | ( IMDC | Quote | Chart | News | PowerRating) |
57.96 | Bottom of range close on increased, above-average trade, breaking range technical supports |
489 | 569 |
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 |
| Merck | ( MRK | Quote | Chart | News | PowerRating) |
47.98 | 6,152 | 4,993 |
| Seibel | ( SEBL | Quote | Chart | News | PowerRating) |
10.96 | 8,634 | 6,112 |
| Lowes | ( LOW | Quote | Chart | News | PowerRating) |
54.49 | 3,907 | 4,916 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Juniper | ( JNPR | Quote | Chart | News | PowerRating) |
20.10 | 12,856 | 11,575 |
| Caterpillar | ( CAT | Quote | Chart | News | PowerRating) |
75.15 | 2,505 | 1,748 |
| Schlumberger | ( SLB | Quote | Chart | News | PowerRating) |
56.19 | 3,562 | 2,978 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler