Monday’s Top Stocks
Yes, you could say the rally monkey was spotted in today’s trade–first on
the opening gap, and then during the ‘Sh:)ts and Giggles’ markup period in the
final fifteen minutes of trade. For the rest of the session however, the ‘rally’
of .45% in both the Nasdaq Composite and the S&P 500, was really all about
a very, very light volume .25% trading range that could easily have put Bonzo
to bed for the entire day.
In this little corner of the universe, not much has changed with today’s
action a continuation of the same ol’ stuff–volatility levels still sitting off their YTD lows, more growth stocks
with quality bases still
‘not doing it’ (which we’d ultimately like to see), and that S&P channel
line looking like less of a reason to buy what they’re trying to sell you within the existing intermediate downtrend. At a minimum,
keeping it light and tight is still advice worthy of one’s attention. But, if
you want to take the maximum out of the market, continue to stick with your
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) |
13.83 | down .93 | cvr 6 sell | 12% below | at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
21.37 | down .98 | na | 5% below | not at extreme |
Hottest Sectors : NA
Weakest Sectors : NA
Monday’s stocks to watch:
Longs.
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 Assesment | Average Volume 000’s | Today’s Volume |
| Metal Management | ( MTLM | Quote | Chart | News | PowerRating) |
16.60 | Increased, above-average b/o of four week trading range | 268 | 410 |
| Novatel | ( NVTL | Quote | Chart | News | PowerRating) |
20.24 | Top of range close on above-average volume, clearing resistance | 1,311 | 1,140 |
| Microchip Technology | ( MCHP | Quote | Chart | News | PowerRating) |
30.67 | Increased, above-average volume inside bar above all MAs | 3,020 | 3,158 |
^next^
Shorts.
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 Assesment | Average Volume 000’s | Today’s Volume |
| eResearch | ( ERES | Quote | Chart | News | PowerRating) |
22.48 | Increased, above-average break of three day lows and 20-day ema |
740 | 962 |
| KLA-Tencor | ( KLAC | Quote | Chart | News | PowerRating) |
46.09 | Continuation bar on increased volume thru the 20-day ema | 8,006 | 5,023 |
| OmniVision | ( OVTI | Quote | Chart | News | PowerRating) |
17.04 | Bottom of range consolidation on continuation bar below daily supports |
2,819 | 11,683 |
Institutional Longs and Institutional Shorts.
The following stocks are selected from the Nasdaq, S&P 500 & 600 Indices,
and HOLDRs, and are based on a combination of daily and intraday analysis.
Institutional Longs
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Countrywide Financial | ( CFC | Quote | Chart | News | PowerRating) |
69.15 | 2,368 | 2,821 |
| Computer Associates | ( CA | Quote | Chart | News | PowerRating) |
27.82 | 3,847 | 6,661 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Symantec | ( SYMC | Quote | Chart | News | PowerRating) |
44.16 | 5,006 | 5,168 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
32.41 | 10,618 | 17,512 |
| Costco | ( COST | Quote | Chart | News | PowerRating) |
41.62 | 3,422 | 6,656 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler