Friday’s Top Stocks
After yesterday’s price surge in our ETF friends, and another ‘really, really’
important number set for tomorrow morning, the shoring up of losses and gains
was done in relatively choppy fashion as the market spent the day range bound.
Nonetheless, it was a triple for the three index proxies as closing prices
show gains between .20% and .40%. With below-average and lighter trade than
the prior session, the opening indication for tomorrow’s bell is still for
a ‘ding, ding’ at 9:30 EST. Beyond that, investors can only hope that’s
the last of ‘those’ in Friday’s trade.
Some of yesterday’s leadership followed through, but it was no hat trick in
our individual issues. To some extent today’s trade was turned upside down.
Lagging names from yesterday tried to catch up, and many leaders
lost a good chunk of ground, at least on an intraday basis (i.e.,
SINA, SYMC for starters). The move in the past two sessions has put the indices
somewhere between a 50% to 62% retracement from our recent highs, to the very
recent lows, but all it’s done for me is sway my vote 100% in favor of consistent,
disciplined daytrading.
Oh thank heaven for disciplined, consistent daytrading. Of course, life is
a bit easier if we can come in with a list of stocks that perform up to our
initial expectations, but without a position to concern ourselves with in
the first place, we still have high-probability entries to look for in these
same stocks. In a game where they like to mix it up, you have to
be willing to look high and low for the stocks that are setting up with edge.
You might have been thinking ‘breakout’ the night before, but in the present,
your intraday gift might just reveal itself as a ‘reversal of fortune.’
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
22.05 | down .03 | none | 1% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
31.25 | down .08 | none | 4% above | not at extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Disc Drives (DDX) and Software
(
SWH |
Quote |
Chart |
News |
PowerRating)
Friday’s 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 | Average Volume 000’s | Today’s Volume |
| QAD Inc. | ( QADI | Quote | Chart | News | PowerRating) |
11.90 | 52-Week high on strong volume out of a 7 session consolidation to close in top of range |
170 | 629 |
| Ryland | ( RYL | Quote | Chart | News | PowerRating) |
78.65 | Top of range consolidation on volume, w/in 1% of 52-week highs, and high-level base b/o |
840 |
1,134
|
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 000’s | Today’s Volume |
| T. Rowe Price | ( TROW | Quote | Chart | News | PowerRating) |
40.95 | Bottom of range consolidation on heavy volume technical b/d of 50-Day EMA and support/resistance line |
900 | 3,211 |
| Stericycle | ( SRCL | Quote | Chart | News | PowerRating) |
46.30 | Bottom of range consolidation on relative volume, at daily price supports |
342 | 260 |
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.
Long Reversals Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume 000’s | Today’s Volume |
| Integrated Circuit Systems | ( ICST | Quote | Chart | News | PowerRating) |
31.81 | Top of range consolidation on follow-thru day w/ relative volume, at 50-Day EMA for possible ‘trade thru’ entries |
1,268 | 661 |
| WebMD Corp. | ( HLTH | Quote | Chart | News | PowerRating) |
8.92 | High volume hammer low, possible 123 daily pattern | 3,308 | 9,736 |
Short Reversals Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume 000’s | Today’s Volume |
| NA | NA | NA | NA | NA | NA |
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 000’s | Today’s Volume |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) |
42.99 | 10,804 | 8,025 |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) |
96.51 | ,2861 | 3,530 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
37.91 | 12,307 | 15,007 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Altera | ( ALTR | Quote | Chart | News | PowerRating) |
17.44 | 8,144 | 17,885 |
| Oracle | ( ORCL | Quote | Chart | News | PowerRating) |
11.40 | 42,180 | 52,136 |
| Veritas | ( VRTS | Quote | Chart | News | PowerRating) |
32 | 3,704 | 6,267 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler