Friday’s Top Stocks
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‘Who will win…who will lose?’ With the earnings season in full-swing, the breakouts and breakdowns are in full-tilt, and making Reality TV very dull by comparison. In today’s trade, more gyrations as the market broke thru some technical resistance, only to reverse course on geopolitical ‘rumors’, and Smith Barney trying to make money the old fashioned way…by selling S&P 500 futures. This action has the indices down between .75% and 1.50% on stronger volume and marking a distribution day in the process. Market breadth as determined by advancers over decliners wasn’t as clear in determining a ‘winner’ in today’s trade. Maybe we’ll have to ask Mr. Smith Barney that question.
Well price moved in the right direction, at least initially. Unfortunately, price is always negotiable, and it seems that buyers got the best of the sellers today. Or is it the other way around? With the intraday reversal lower, the bears got the better of the bulls in today’s trade, but depending on what ‘you’re holding’, it might have been the other way around. There continues to be a tremendous amount of divergent action in many stocks during the past week. This definitely sends out a warning flag to batten down the hatches for yours truly, but more importantly it makes me want to continue making money the old fashioned way, namely consistent, disciplined daytrading.
We do earn it, even if it isn’t the old fashioned way. But then again, they did have bucket shops before the Ameritrades and E-trades of the world. All I know is that by sticking to our fashionable list of High and Low RS issues, and then using some new fandangled technologies, we’ll be able to spot classic intraday continuation and reversal patterns better than the Boy Plunger, Jesse Livermore.Â
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX.X | Quote | Chart | News | PowerRating) |
20.46 | up .02 | CVR 5,6 Sell | 5% below | Not At Extreme |
| VXN ( $VXN.X | Quote | Chart | News | PowerRating) |
31.45 | up .67 | CVR 1,2 Sell | 6% below | Not At Extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and
Health/Medical
(
$HMO.X |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) and
Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)Â
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 | Average Volume | Today’s Volume |
| Interpore International | ( BONZ | Quote | Chart | News | PowerRating) |
14.75 | Ascending triangle intraday, to close on strong volume at fresh 52-week highs |
259k | 575k |
| Gen-Probe | ( GPRO | Quote | Chart | News | PowerRating) |
54.76 | Top of range consolidation close, new 52-week high on volume |
651k | 644k |
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 | Today’s Volume |
| Intersil | ( ISIL | Quote | Chart | News | PowerRating) |
24.71 | Bottom of range consolidation, closing near key technical supports, price pivots and 50-Day EMA on an increase in volume |
4,071m | 4,919m |
| NVIDIA | ( NVDA | Quote | Chart | News | PowerRating) |
20.75 | Bottom of range on volume to close near key price supports |
8,816m | 9,296m |
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 | Today’s Volume |
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 | Today’s Volume |
| Echostar | ( DISH | Quote | Chart | News | PowerRating) |
36.43 | 3,046m | 2,115m |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) |
37.21 | 13,005m | 15,694m |
Institutional
Laggards.
| Name | Symbol | Price | Average Volume | Today’s Volume |
| Teva Pharmaceutical | ( TEVA | Quote | Chart | News | PowerRating) |
53.76 | 2,724m | 3,290m |
| IBM | ( IBM | Quote | Chart | News | PowerRating) |
81.51 | 7,722m | 5,766m |
| Verizon | ( VZ | Quote | Chart | News | PowerRating) |
34.69 | 6,826m | 6,821m |
Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.
Chris Tyler