Monday’s Top Stocks
Who’s worried?? Well
with the S&P500 and Nasdaq Composite taking two separate paths in today’s trade
it seems that some folks were making it a split decision. Although,
truth be told, at least some of today’s mixed performance of a fractional loss
of .55% to a fractional gain of .49% might actually be attributed to a
rebalancing in some of our index friends, which even had a goliath like General
Electric down 2% after the close. Whoa, and I thought it was down because it
triggered out of a Bearish Gartley pattern in today’s trade–silly me.
Personally, this cautious bull doesn’t need no
stinking rumor to find comfort in why a stock is up. It’s not always the case
mind you, but when the tea leaves are all lined up and speaking volumes about
the immediate path of a stock, why on earth would I need to search for any other
reason to confirm an excellent trade opportunity?? Bottom line, I wouldn’t and I
don’t.
Such was the story of Akamai Technologies (AKAM) in today’s trade. I was
already very familiar with AKAM–well before the whispers started hitting the
tape. The stock had been on my Intermediate-Report for two weeks as its handle
developed into a technical pattern that could match the company’s solid
fundamentals. As fate would have it, the stock was ready to go in today’s trade
before the takeover rumors started surfacing. In fact, we actually had an early
entry thru 16.50, out of an extended bull flag on the 30-minute chart instead of
the classic 16.76 listed in my report….very nice indeed. You might say this
particular show deserves a G rating, as in ‘Great’–and good for quite a few of
our subscribing audience at TM. Now that’s definitely worthy of a great big ol’
Yahoo for our brand of 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) |
14.87 | up .48 | cvr 6 sell | 1% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
19.27 | down .09 | na | 5% below | not at extreme |
Hottest Sectors : Internet
(
HH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Retail
(
RHT |
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 |
| Akamai | ( AKAM | Quote | Chart | News | PowerRating) |
17.45 | Top of range close on increased, heavy volume pattern breakout of daily base |
2,998 | 14,926 |
| Qiao Xing Universal Telephone | ( XING | Quote | Chart | News | PowerRating) |
11.38 | Volume surge b/o of daily trendline and price resistance |
295 | 1,264 |
| ArthoCare | ( ARTC | Quote | Chart | News | PowerRating) |
27.90 | Top of range consolidation on heavy volume daily chart weekly pattern base b/o |
360 | 1,017 |
^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 |
| Lear | ( LEA | Quote | Chart | News | PowerRating) |
59.70 | Inside bar near w/volume near consolidation supports within confirmed downtrend |
536 | 678 |
| IBM | ( IBM | Quote | Chart | News | PowerRating) |
89.55 | Bottom of range close, breaking preliminary price supports of countertrend rally on return move to daily neckline |
4,992 | 5,172 |
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 |
| Wal-Mart | ( WMT | Quote | Chart | News | PowerRating) |
52.51 | 9,473 | 13,304 |
| Verisign | ( VRSN | Quote | Chart | News | PowerRating) |
19.35 | 2,714 | 4,726 |
| Broadcom | ( BRCM | Quote | Chart | News | PowerRating) |
45.75 | 8,435 | 7,653 |
| Cisco | ( CSCO | Quote | Chart | News | PowerRating) |
22.97 | 53,657 | 60,595 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
54.29 | 4,853 | 5,825 |
| Eli Lilly | ( LLY | Quote | Chart | News | PowerRating) |
71.40 | 3,242 | 4,148 |
| Sohu | ( SOHU | Quote | Chart | News | PowerRating) |
20.18 | 3,094 | 1,885 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler