Monday’s Top Stocks
I’ll say it again,
because it ‘bears’ repeating. ‘Not that the market is making shorts an easy commitment, but it sure isn’t
making the case for longs either. Within the several day to two week consolidation,
of which today’s fractional gains of .15% to .26% were a part–it’s become
increasingly difficult to find any continuity.’ The list of divergences within
individual issues goes on in today’s trade. T.G.I.F I guess, because that type
of action gives this cautious bull the easy out within the trading range, by
still insisting that you either play it light and tight, or quite possibly steering clear altogether.
Nope, it hasn’t been ‘EASI’–but, just possibly,
if we see something like Engineered Support Systems (EASI) or Axcan
Pharmaceutical (AXCA) actually improve upon their weekly base breakouts, then
maybe the long side will start making a bit more ‘cents.’ For now, there is only
hope and money management if you’re into playing that kind of game in this
environment. Personally, with all the recent failed breakouts, and all of the
other miscellaneous reasons that have been posted on more than one occasion–I
can patiently pass on such opportunities at present time. If the DIAs or QQQs
can get over key resistance of 104.83 and 37.29 respectively, and growth stocks
begin to actually do the right thing, then I’ll have to don the party toga and
do what the Romans while in Rome. However, for now I’ll just stick the party
horns elsewhere and continue to concentrate on 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) |
14.71 | down .33 | cvr 6 sell | 1% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
19.94 | down 1.39 | cvn 6 sell | 9% below | not at extreme |
Hottest Sectors : Gold/Silver (XAU)
Weakest Sectors : Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
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 |
| eResearch | ( ERES | Quote | Chart | News | PowerRating) |
24.55 | Top of range close on increased volume thru 2-week pivot highs |
735 | 1,281 |
| ValueClick | ( VCLK | Quote | Chart | News | PowerRating) |
11.34 | Top of range close on increased, above average trade w/in daily handle |
951 | 1,021 |
| Axcan Pharma | ( AXCA | Quote | Chart | News | PowerRating) |
20.29 | Handle b/o w/in weekly base on volume surge |
230 | 1,749 |
^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 |
| NVE Corp | ( NVEC | Quote | Chart | News | PowerRating) |
25.81 | bottom of range close on increased volume thru key daily supports |
868 | 539 |
| IPIX | ( IPIX | Quote | Chart | News | PowerRating) |
13.37 | One week consolidation, closing near supports |
14,675 | 11,771 |
| General Electric | ( GE | Quote | Chart | News | PowerRating) |
32.58 | Testing key Fibonacci resistance in Gartley Bear pattern |
28,429 | 59,914 |
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 |
| 3M | ( MMM | Quote | Chart | News | PowerRating) |
87.09 | 2,716 | 3,699 |
| United Technologies | ( UTX | Quote | Chart | News | PowerRating) |
89.95 | 2,281 | 2,488 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| eBay | ( EBAY | Quote | Chart | News | PowerRating) |
86.50 | 8,249 | 6,678 |
| QLogic | ( QLGC | Quote | Chart | News | PowerRating) |
25.57 | 4,663 | 3,226 |
| Home Depot | ( HD | Quote | Chart | News | PowerRating) |
35.37 | 7,271 | 13,095 |
| Dow Jones ETF | ( DIA | Quote | Chart | News | PowerRating) |
104.22 | 7,085 | 3,900 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler