Monday’s Top Stocks
Well they tried to do it once again, but this time they failed miserably in
one guy’s humble opinion. What I’m referring to is the lunchtime thrust higher
above pivot consolidation highs in the S&P500–which almost worked out for the ‘gotta
have it’ crowd. Unlike last Tuesday’s stealth rally that ended up producing an
FTD–today’s move if you bought into it, ended a little bit differently. With
the S&P500 and Nasdaq Composite finishing up between .55% to .94% some might be
alright with today’s price action. For this cautious bull however, with record
low, YTD volume in the S&P500 and no ‘great beans’ in the Naz’ figures either,
I’m still not quite so ‘bulled up.’ Especially in light of all the highly
anticipated news, that did in fact make for bullish headlines in the early
going–today’s finish keeps this little guy on the fence outside the market’s
home in the range.
I’m sure as heck not buying it, and it seems neither are many other folks
that are much bigger players than this cautious bull will ever be. All that
wonderful news, and that’s the best they could do? Hmm, maybe it has something
to do with the intermediate downtrend and recent leadership in leading growth
stocks still not performing as well as one might expect, especially considering
all the supposed reasons to be bullish at this juncture. What reasons those are,
I’m still not sure–but then again, I look and listen to the tea leaves, and not
the folks on TV.
When I say leading growth stocks I’m not talking about the handful of ‘net
stocks like AMZN, EBAY, YHOO, and SINA–which have outperformed the market
handily. True, there are some solid numbers in these issues, but most of their
market caps keep them off the radar when it comes to classic growth stock
trading. I will say that at this point, that as a group they are very much of
interest to this cautious bull–as shorts. With classic topping patterns into
resistance zones and price extensions that I’ll call extended, it seems to make
sense. Time will tell if they actually make ‘cents’ as shorts, but until then
and always–we can stick to our 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) |
16.51 | down .78 | na | 2% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
23.81 | down .12 | na | 0% | not at extreme |
Hottest Sectors : Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Biotech
(
BBH |
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 |
| United Online | ( UNTD | Quote | Chart | News | PowerRating) |
19.74 | 3-day high on increased, above average trade, closing top of range |
1,201 | 1,644 |
| ShuffleMaster | ( SHFL | Quote | Chart | News | PowerRating) |
36.51 | 7-Week high level base b/o on increased, above average trade |
501 | 1,184 |
| Websense | ( WBSN | Quote | Chart | News | PowerRating) |
34.26 | Increased, above average volume b/o of weekly high level base |
322 | 2,004 |
^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 |
| Amazon | ( AMZN | Quote | Chart | News | PowerRating) |
50.90 | Top of range close within potential Bearish Gartley pattern high on daily |
7,539 | 12,574 |
| NII Holdings | ( NIHD | Quote | Chart | News | PowerRating) |
35.50 | Inside day doji on increased, above average volume, within daily chart right shoulder |
674 | 1,409 |
| Juniper Networks | ( JNPR | Quote | Chart | News | PowerRating) |
19.91 | Bottom of range close on increased volume, testing daily range lows |
12,849 | 10,585 |
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 |
| Broadcom | ( BRCM | Quote | Chart | News | PowerRating) |
41.64 | 8,397 | 6,505 |
| General Electric | ( GE | Quote | Chart | News | PowerRating) |
31.23 | 29,355 | 17,749 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) |
67.28 | 4,541 | 9,451 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) |
23.06 | 13,189 | 7,593 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler