Monday’s Top Stocks
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Well, the movie might be premiering tonight, but today our ‘Little Angels’ were not exactly ‘Full Throttle’ in Friday’s trade. The Spyders
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SPY |
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(
DIA |
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PowerRating), and the Q’s
(
QQQ |
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PowerRating) all started off ‘acting’ right, as early trade had our index proxy friends moving higher off of yesterday’s reversal action. But somewhere around the ‘second act’ in today’s ‘show’, they began to look more like ‘Fallen Angels.’ After a sideways grind during act one, the ETFs broke down on their knees to more of the same, below-average fanfare, as volume was once again on the light side, with below-average ‘attendence.’ The investors that did show up for today’s performance had our star performers bowing out, down in the orchestra pit as the curtain ‘Drew’ closed for the weekend. Final numbers had the ETFs off by approximately 1.00% for all three market angels, coupled with a rather neutral market breadth ratio, not disclosing any hints about Monday’s show.
So maybe I should try on some shorts afterall? It is quite hot outside…oh, I’m sorry, you thought I meant position shorts in the market. As far as that goes, the last time I checked it was still a ‘confirmed rally’, and besides, it’s still nice and cool in the world of the daytrader. Some days when the market decides to turn up the heat, then I might consider the intraday shorts, but my question to you is, why bother to wear ’em overnight when it can get downright chilly? At least here in L.A. that is. But, regardless of where you may call home, it’s always nice to open the door to the market each morning without having to worry about carrying your overnight baggage. Didn’t Mel Brooks say it best, ‘It’s good to be a daytrader?’
Alright, so he didn’t say it, you caught me. But, with our trusty list of High and Low RS issues, and then executing those trades that show up out of proper continuation and reversal entries on an intraday basis, it certainly is a most excellent performance, and one that commands our applause each and every day.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX.X | Quote | Chart | News | PowerRating) |
21.71 | down .09 | none | 2% below | Not At Extreme |
| VXN ( $VXN.X | Quote | Chart | News | PowerRating) |
30.93 | up .02 | none | 5% below | Not At Extreme |
Hottest Sectors :Â Oil Services
(
OIH |
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PowerRating) and Gold
& Silver
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$XAU.X |
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PowerRating)
Weakest Sectors : Pharmaceuticals
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PPH |
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PowerRating) and
Broker/Dealers
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$XBD.X |
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PowerRating)
Monday’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 |
| Kronos | ( KRON | Quote | Chart | News | PowerRating) |
49.19 | 2% from weekly cup & handle triggers, closing on volume within upper part of range |
196k | 155k |
| Sandisk | ( SNDK | Quote | Chart | News | PowerRating) |
41.21 | Testing 52-week highs, to close at top of range |
4,450m | 3,514m |
| UT Starcom | ( UTSI | Quote | Chart | News | PowerRating) |
35.35 | Closed top of range at 52-week high |
3,167m | 2,908m |
| KVH Industries |
( KVHI | Quote | Chart | News | PowerRating) |
25.30 | Daily continuation gap above prior 52-week highs with volume |
263k | 892k |
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 |
| Patterson | ( PTEN | Quote | Chart | News | PowerRating) |
32.55 | Bottom of range close, low RS daily, with closing prices at consolidation supports |
1,435m | 1,308m |
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 |
| Hyperion Solutions | ( HYSL | Quote | Chart | News | PowerRating) |
33.90 | Tight intraday consolidation close, on daily reversal bar off technical supports with volume |
803k | 1,307m |
class=890430920-15102001>
Short
Reversals
Closing Basis.
None Today.
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 |
| Polycom | ( PLCM | Quote | Chart | News | PowerRating) |
14.53 | 1,601m | 3,968m |
| Teva Pharmaceutical | ( TEVA | Quote | Chart | News | PowerRating) |
57.92 | 2,672 | 3,758m |
| Eli Lilly | ( LLY | Quote | Chart | News | PowerRating) |
68.13 | 4,177m | 5,890m |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) |
18.48 | 25,446m | 39,447m |
| Autozone | ( AZO | Quote | Chart | News | PowerRating) |
77.03 | 1,414m | 1,413m |
Institutional
Laggards.
| Name | Symbol | Price | Average Volume | Today’s Volume |
| Bed Bath & Beyond | ( BBBY | Quote | Chart | News | PowerRating) |
39.06 | 3,520m | 4,208m |
| Caterpillar | ( CAT | Quote | Chart | News | PowerRating) |
55.83 | 1,928m | 1,496m |
| Lehman | ( LEH | Quote | Chart | News | PowerRating) |
65.47 | 2,722m | 3,412m |
| Nike | ( NKE | Quote | Chart | News | PowerRating) |
53.08 | 1,378m | 6,252m |
Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.
Chris Tyler