Monday’s Top Stocks
They got ’em all today….raging bulls, raging bears, and Martha. After all
the anticipation, the waiting for the next big number turned into a barnyard-type
mess for anyone trying to tweak their market-weighted portfolios today. The
initial yank lower off the really, really bad number (at least that’s what I
heard) set the stage for a very quick first-hour rally, which probably had both
raging species involved…the one trying to cover, and the other jumping in
for the next leg up in the market’s ongoing confirmed rally. In the end, all
three looked to be in handcuffs, and probably not too happy, as the S&P
500 and Nasdaq Composite put in a very mixed fractional showing of up .17% to
a down .36%, respectively. ‘Oh yahoo’, for steering the cautious horns clear
of today’s most important number.
The show must go on–and it certainly did in today’s session. Increased, above-average
volume was no surprise, and truth be told a lot of that was probably wasted
churn as everyone wanted to play economist after sitting on the proverbial hands
for the past few sessions. Well, in one dude’s most humble opinion–when considering
that yet again, the action was mixed with the Nasdaq doing its very unfortunate
but lately, very typical downward move–and the fact that most growth issues
remain entrenched in their respective weekly bases…not much has changed from
this angle. Oh well, I’ll just continue to focus on disciplined, consistent
daytrading tactics while the smart money waits around for the next really, really
important number. Have a great weekend.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
14.80 | up .09 | cvr 2, 5 sell | 1% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.22 | down .22 | na | 4% below | not at extreme |
Hottest Sectors : Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
Monday’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 |
| PETsMART | ( PETM | Quote | Chart | News | PowerRating) |
27.80 | Top of range close on increased, above-average (IAA) volume out of daily handle pattern |
1,480 | 2,588 |
| Guitar Center | ( GTRC | Quote | Chart | News | PowerRating) |
36.38 | Engulfing bullish bar with IAA volume, within daily handle |
384 | 272 |
| eBay | ( EBAY | Quote | Chart | News | PowerRating) |
69.31 | IAA Volume engulfing bar within high level weekly base | 7,044 | 8,122 |
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 |
| EchoStar | ( DISH | Quote | Chart | News | PowerRating) |
34.55 | Bottom of range close on IAA Volume below 200-day SMA | 3,155 | 5,230 |
| Taser | ( TASR | Quote | Chart | News | PowerRating) |
48.60 | Bottom of range close on IAA Volume, closing below key 20-Day EMA support |
1,905 | 2,869 |
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 |
| Home Depot | ( HD | Quote | Chart | News | PowerRating) |
37.45 | 8,448 | 9,214 |
| Agilent | ( A | Quote | Chart | News | PowerRating) |
34.81 | 3,273 | 2,656 |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) |
63.88 | 9,355 | 14,541 |
| JP Morgan | ( JPM | Quote | Chart | News | PowerRating) |
43.01 | 9,288 | 15,445 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Verisign | ( VRSN | Quote | Chart | News | PowerRating) |
17.03 | 2,813 | 1,503 |
| Dell | ( DELL | Quote | Chart | News | PowerRating) |
32.26 | 16,942 | 24,545 |
| Schlumberger | ( SLB | Quote | Chart | News | PowerRating) |
64.97 | 3,779 | 3,003 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler