Monday’s Top Stocks
The market almost, kinda did what I was expecting–at least on a closing basis.
On the day, both major indices experienced fractional losses between .10% to
.36% on much lighter, below-average volume. That’s the part I was thinking we
might see–as well as the tight intraday consolidation after yesterday’s hefty
gains. The thing I wasn’t expecting, I suppose, was that the market spent the
better part of the trading session in the plus column. It wasn’t ’til the final
45 minutes of today’s ‘dramady’ that the smart money actually put the averages
in official pause mode, or a day of consolidation that’s usually chalked up
to booking profits and digesting hefty gains off the recent lows…whatever.
Personally, I just hope that next week the game leads to the eventual O’Neil
FTD, or that time when the market looks like a flower that investors want to
pick up and bring home with them, for more than one day.
Even on the first Friday of Spring, the boys of Wall Street are always up for
a good game. The late-day pullback action gave us a textbook day. Investors
can go home for the weekend and ponder what arrangements might be made next
week to their market-weighted portfolios. Hmm, was today the opportunity to
profit-take on existing positions that were carefully taken down at the exact
low, or was it an opportunity to reload on shorts? Will the big players step
up to the plate next week, like another O’Neil (but that one with a double L)–and
clip the indices out of their still-submerged playing field? Boy oh boy, all
of these unanswered questions. I’ll let you make the call–I’ll just stick with
disciplined, consistent daytrading tactics.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
17.19 | down .57 | cvr 3 sell | 12% below | at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.98 | down .72 | cvn 3 sell | 9% below | not at extreme |
Hottest Sectors : Oil Services
(
OIH |
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Chart |
News |
PowerRating)
Weakest Sectors : Biotech
(
BBH |
Quote |
Chart |
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PowerRating)
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 |
| NII Holdings | ( NIHD | Quote | Chart | News | PowerRating) |
33.90 | Consolidation day w/MA support within weekly base | 480 | 797 |
| Novatel | ( NVTL | Quote | Chart | News | PowerRating) |
20.55 | Top of range close on increased, above-average thrust day within weekly base |
769 | 1,570 |
| NVE Corp | ( NVEC | Quote | Chart | News | PowerRating) |
46.75 | 4th day of consolidation with ‘inside’ day confirmation | 901 | 471 |
| Taser | ( TASR | Quote | Chart | News | PowerRating) |
68.98 | Top of range close on increased, above-average trade notching 52-week highs out of weekly consolidation |
9,700 | 8,809 |
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 |
| Semiconductor HOLDRs | ( SMH | Quote | Chart | News | PowerRating) |
39.19 | bottom of range close off daily pullback from lows | 13,992 | 13,962 |
| Altiris | ( ATRS | Quote | Chart | News | PowerRating) |
27 | Thrust bar into daily resistance on contra move from lows | 404 | 848 |
| Fannie Mae | ( FNM | Quote | Chart | News | PowerRating) |
73.51 | Bottom of range close on continuation of trend below price supports |
3,466 | 3,374 |
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 |
| Biogen-Idec | ( BIIB | Quote | Chart | News | PowerRating) |
53.18 | 5,363 | 2,548 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
47.13 | 10,024 | 8,472 |
| QLogic | ( QLGC | Quote | Chart | News | PowerRating) |
41.93 | 3,813 | 2,912 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Caterpillar | ( CAT | Quote | Chart | News | PowerRating) |
77.44 | 2,526 | 1,910 |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
59.51 | 4,660 | 3,239 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler