Monday’s Top Stocks
Another battle between bulls and bears produced absolutely nada as far as the
closing prices are concerned in our two index friends, the S&P 500 and Nasdaq
Composite. On the session, it was once again a day marked by below-average volume
as the two indices finished fractionally mixed around the unchanged mark–from
a neglible .02% gain to a rather lackluster pullback of .13%, respectively,
but definitely not respectable….thank god it’s Friday.
Bump went the Nasdaq, right into technical resistance before retreating yet
again, on volume that speaks volumes about the lack of institutional interest.
Nothing has changed in this cautious bull’s camp, especially with the doji close
in the Naz, below both 50-day MAs and its 20-day EMA. I’ll reiterate some thoughts
from yesterday as the message from these parts remains the same (plus I need
to boogie out of town early, shhh!!!)–and that is, ‘I see the Naz as more of
a potential roller out of this pullback from lows, and the S&P 500 ultimately
doing something south of the 50-day MAs. You might not agree with my analysis,
and that’s what makes a marketplace ultimately–but, until this cautious bull
sees leading growth names firming up in quality basing patterns, and maybe some
good old-fashioned profit-taking in the S&P 500, the horns remain down while
I continue to concentrate on what really matters most–the bottom line, and
getting there with consistent, disciplined daytrading tactics.’ End of quote,
end of story, but a new chapter awaits us on Monday, 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) |
14.84 | up .19 | cvr 1,6 sell | 5% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.94 | down .16 | na | 4% below | not at extreme |
Hottest Sectors : Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductors
(
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 |
| C-Cor.net | ( CCBL | Quote | Chart | News | PowerRating) |
16.35 | Top of range consolidation on engulfing bullish bar with increased, above-average (IAA) volume within high level weekly base |
564 | 3,971 |
| Scientific Games | ( SGMS | Quote | Chart | News | PowerRating) |
16.91 | Top of range consolidation on engulfing bullish bar with increased, above-average (IAA) volume within high level weekly base |
765 | 1,517 |
| Standard Pacific | ( SPF | Quote | Chart | News | PowerRating) |
52.31 | Top of range close on IAA volume b/o of weekly base | 468 | 667 |
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 |
| Lexar Media | ( LEXR | Quote | Chart | News | PowerRating) |
13.80 | Low of day close within intraday consolidation, below key MA resistance |
4,271 | 2,415 |
| Caterpillar | ( CAT | Quote | Chart | News | PowerRating) |
75.75 | IAA Volume break of daily bear flag pattern | 2,472 | 3,689 |
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 |
| Netease | ( NTES | Quote | Chart | News | PowerRating) |
53.01 | 2,481 | 3,623 |
| JP Morgan | ( JPM | Quote | Chart | News | PowerRating) |
41.02 | 9,496 | 9,287 |
| Marvell Technology | ( MRVL | Quote | Chart | News | PowerRating) |
45.75 | 2,783 | 10,983 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Veritas | ( VRTS | Quote | Chart | News | PowerRating) |
30.55 | 6,198 | 7,322 |
| KLA-Tencor | ( KLAC | Quote | Chart | News | PowerRating) |
52.71 | 7,429 | 8,472 |
| Hewlett Packard | ( HPQ | Quote | Chart | News | PowerRating) |
22.71 | 12,477 | 12,644 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler