Friday’s Top Stocks

 

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 :  Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
and
Networking (NWX)


Weakest Sectors : Pharmaceuticals
(
PPH |
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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