Monday’s Top Stocks
This time it wasn’t Taser (TASR) that had this cautious bull ‘stunned.’ I
guess you could say ‘Oh Yahoo’, as it was this little guy’s favorite, overused
simile (YHOO), that had some other investors saying the expression for
themselves. On the day, the S&P500 and Naz finished fractionally mixed–between
a fractional loss of .10%, to a tiny, tiny yahoo of a gain of .12% on volume
that was lighter, and below-average. Hmm, I guess you could say considering the
bullish gap open, looking at the closing numbers–that while Thursday’s trade
was ‘good’, it was certainly no Good Friday.
I’ll admit it, I was stunned by the markets action today, and its inability
to trend higher, or at least reverse the intraday downtrend–and close in the
upper 50% its range. But with all the external noise today centered around
terrorism in today’s trade–can you honestly blame ’em? Probably not, but
personally speaking, I do find it all too coincidental at times. As it stands,
growth stocks–and that includes Yahoo, which was on my own Intermediate-Term
trigger list a week ago, look better than ever. Well, that’s not totally true,
but they continue to look in better shape than they have since the beginning of
the year. Since that’s where I chose to center my focus, and the fact that we
have a very solid looking daily consolidation going on in the Naz–this cautious
bull is still keeping the horns ready for those stocks that deserve a friendly
nudge up. Things might change at some point as far as the bovine stance is
concerned, but using disciplined, consistent daytrading to navigate bull or bear
markets is remains my favorite way to look at the world’s greatest game . Hmm,
that begs the question? If the market was open tomorrow, would it be a bunny
market instead?
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
15.76 | up .34 | na | 0% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
21.30 | down .69 | na | 6% below | not at extreme |
Hottest Sectors : Internet
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HHH |
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PowerRating)
Weakest Sectors : Retail
(
RTH |
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Monday’s stocks to watch:
Technical Strength.
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 |
| Netflix | ( NFLX | Quote | Chart | News | PowerRating) |
37.60 | daily handle b/o on increased, above average trade | 2,667 | 3,301 |
| Ultralife Batteries | ( ULBI | Quote | Chart | News | PowerRating) |
23.82 | upper range close on increased, above-average volume b/o attempt of one-month high level base |
368 | 400 |
| Cognex | ( CGNX | Quote | Chart | News | PowerRating) |
35.53 | top of range consolidation on increased, above-average b/o of 2-month W-base w/ handle |
347 | 526 |
Technical Weakness.
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 |
| The Sports Authority | ( TSA | Quote | Chart | News | PowerRating) |
38.45 | Bottom of range consolidation on continuation trend bar out of daily congestion, on increased volume |
297 | 218 |
| Investors Financial | ( IFIN | Quote | Chart | News | PowerRating) |
43.11 | Bottom of range close on pullback from lows, into price resistance |
829 | 774 |
| Advanced Fibre | ( AFCI | Quote | Chart | News | PowerRating) |
22.59 | Reversal bar w/in existing daily downtrend, on increased volume |
2,147 | 1,590 |
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 |
| NA | NA | NA | NA | NA | NA |
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 |
| Amazon | ( AMZN | Quote | Chart | News | PowerRating) |
48.10 | 8,814 | 8,845 |
| Adobe | ( ADBE | Quote | Chart | News | PowerRating) |
42.08 | 3,663 | 3,304 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Intuit | ( INTU | Quote | Chart | News | PowerRating) |
43.76 | 2,751 | 3,272 |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
58.71 | 4,773 | 3,983 |
| Veritas | ( VRTSE | Quote | Chart | News | PowerRating) |
26.64 | 6,937 | 5,378 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler