Friday’s Top Stocks
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From a dog, to a frog, to a hog. That’s right, with only two sessions left until the official end to the summertime blues, the trading has gone from being the proverbial ‘woof woof’, to affording some nice opportunities for those willing to take the ‘leap’
(
LF |
Quote |
Chart |
News |
PowerRating), to something entirely more generous in today’s trade where it definitely paid to act like a pig. In Thursday’s action, intraday volatility reigned supreme to the delight of daytraders everywhere, before closing out the session to the delight of investors everywhere with gains between .47% to .88% in our beloved ETF friends. Volume was still below average, but with advancers leading decliners by approximately 1.8:1, and investor participation picking up over yesterday’s figures, we’ll figure it in as a score for our home team heroes.
‘YAHOO’…it really was for those ready to trade. Did I expect pre-holiday festivities? Heck no, but since I knew that I was going to be enjoying today’s show I did come in prepared to do business. For those who dared to do the same it quickly became a daytraders dream come true as classic patterns allowed the ready and waiting to feast like pigs on the intraday setups that were laid out before us. All said and done it was a good showing for both the disciplined daytrader, as well as the investing folks out there. Will it continue? It looks good, but the only certainty that I know of besides death and taxes, is the consistent payoff from trading the market’s daily ebbs and flows by way of consistent, disciplined daytrading.
The house that Dick built, along with our other four letter Nasdaq friends were looking mighty good in today’s trade. The high-probability moves came out during a time notorious for not delivering the goods. Will tomorrow bring more of the same…probably not. Friday, will most certainly mark the unofficial end of summer as many will be packing their bags early. But, if you are going to stick around like yours truly, then you might as well come in with your game face on. By sticking to our list of High and Low RS issues and then taking the classic patterns as they develop intraday, who knows, maybe you’ll decide that your favorite home away from home is the NYSE.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX.X | Quote | Chart | News | PowerRating) |
19.93 | down .41 | none | 0% above | Not At Extreme |
| VXN ( $VXN.X | Quote | Chart | News | PowerRating) |
30.31 | up .26 | none | 5% above | Not At Extreme |
Hottest Sectors :Â Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and
Networking (NWX)
Weakest Sectors : Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating) and Gold/Silver
(XAU)
Friday’s HELVETICA>stocks to watch:
Technical
Strength Top of Range.
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 Strength | Avg. Vol. in 000’s |
Today’s Volume |
| BEA Systems | ( BEAS | Quote | Chart | News | PowerRating) |
13.37 | top of range close on daily congestion b/o with volume confirming. Weekly Cup and handle triggers approx. 4% above closing prices |
8,386 | 13,870 |
| Sonic Solutions | ( SNIC | Quote | Chart | News | PowerRating) |
13.47 | High volume congestion b/o and 52-week high, to close top of range |
622 | 2,245 |
| Hutchinson Technology | ( HTCH | Quote | Chart | News | PowerRating) |
31.48 | B/O of low level cup and handle on strong relative volume, closing top of range |
540 | 541 |
| Finish Line | ( FINL | Quote | Chart | News | PowerRating) |
27 | Ascending triangle on daily, finishing within pattern on increased volume |
412 | 466 |
| Secure Computing | ( SCUR | Quote | Chart | News | PowerRating) |
10.77 | 1.5 Month cup and handle b/o on strong volume | 396 | 554 |
Technical Weakness Bottom of Range.
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 Strength | Average Volume in 000’s |
Today’s Volume |
| Medtronics | ( MDT | Quote | Chart | News | PowerRating) |
49.45 | Bottom of range close, on volume increase, testing price pivot lows, after 50-Day EMA failure |
3,514 | 3,523 |
| CheckFree | ( CKFR | Quote | Chart | News | PowerRating) |
22.71 | Engulfing bearish day thru 200-Day EMA on increasing volume |
1,717 | 1,147 |
| FPL Group | ( FPL | Quote | Chart | News | PowerRating) |
61.72 | Bottom of range consolidation on Low RS issue, breaking recent price supports on strong relative volume |
843 | 999 |
class=890430920-15102001>
class=890430920-15102001>Stock Reversal Setups Closing Basis.
Stocks that are setting up on a closing basis as potential long
or short reversal pattern
candidates. Candidates listed may have triggered on a closing basis, or close to
triggering ( my general rule is to list the pattern setup if it is within +/-.15
of trigger price). Patterns include basing patterns (“Slim Jims,
“1,2,3s”, Double bottoms)
consolidations, and triangle reversals. Background
technical supports in the form of Fibonacci levels, EMAs (DEMA=daily ema), RS, and former price
action are
used in the decision making process.
class=890430920-15102001>Long Reversals class=890430920-15102001>Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume in 000’s |
Today’s Volume |
| Amerisourcebergen | ( ABC | Quote | Chart | News | PowerRating) |
58.02 | ‘Kings & Queens’ 1,2,3 reversal on daily with heavy volume confirmation |
1,368 | 2,710 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
66.28 | Engulfing hammer out of daily 1,2,3 pattern | 8,281 | 7,355 |
class=890430920-15102001>
Short
Reversals
Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume | Today’s Volume |
class=890430920-15102001>
Institutional
Favorites
and Institutional
Laggards.
The following stocks are selected from
the Nasdaq, S&P 500 & 600 Indices, and HOLDRs. These are normally heavily traded,
liquid issues that
are exhibiting relative strength or weakness, patterns (consolidations or
“Slim Jims”) , or last hour volume surges, indicative of follow through in the very near term.
Institutional
Favorites.
| Name | Symbol | Price | Average Volume in 000’s |
Today’s Volume |
| Lowes | ( LOW | Quote | Chart | News | PowerRating) |
54.51 | 4,067 | 3,524 |
| Adobe | ( ADBE | Quote | Chart | News | PowerRating) |
38.89 | 2,922 | 2,041 |
| Juniper | ( JNPR | Quote | Chart | News | PowerRating) |
17.45 | 12,089 | 16,172 |
Institutional
Laggards.
| Name | Symbol | Price | Average Volume in 000’s |
Today’s Volume |
| IBM | ( IBM | Quote | Chart | News | PowerRating) |
81.90 | 6,362 | 5,285 |
| Merck | ( MRK | Quote | Chart | News | PowerRating) |
49.76 | 6,691 | 6,216 |
Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.
Chris Tyler