Monday’s Top Stocks
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…And today it seems wholly appropriate to make ‘light’ of yesterday’s situation regarding the power failure. Unfortunately for those traders so inclined to play on a hot summer Friday, they failed to keep the lights off on the NYSE. There was travel range intraday in the Spyders and Diamonds, but it was contained within ‘the’ narrowest range EVER!!! OK, so I’m one to embellish a tad on an otherwise very dull trading day, but my sentiment is what the ‘hay.’ On a day when the masses might have been better off using horse and buggies, and volume came in at the most paltry levels in years (no embellishing there), the fact that our ETF friends closed up between .31% and .87% was about as good as one could expect and ‘hope for’, within the established range.
‘No Tickee, No Tradee.’ Today did produce some ticks, but ‘in light of the light trade’, maybe we should also add on some common ‘cents’ to navigating the market’s waters. There were a couple of opportunities, but all things considered, today was not conducive to high-probability, consistent trading. As mentioned yesterday, the more we grind along in conjunction with less evidence of Institutional distribution (like that which we have seen this past week), the more likely that the fresh faces in the land of growth stocks will begin to breakout on a consistent basis once again…and if that doesn’t pan out, we can always resort to our consistent, disciplined daytrading, and leave the tea leaves to The Psychic Network.
It probably wasn’t splendid, as we do look for participation in the form of volume to be evident when we make a high-probability daytrade. But, with patterns such as today’s123 entry available in the Spyders, you might want to thank Mr.Haggerty for showing you the ropes, but also for being on vacation. If he had been on patrol of the markets today, there just might not have been enough to go around for all you who dared to play. Have a good weekend, and let’s hope we get more than just the lights back on come Monday morning.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX.X | Quote | Chart | News | PowerRating) |
20.20 | down .30 | none | 7% below | Not At Extreme |
| VXN ( $VXN.X | Quote | Chart | News | PowerRating) |
29.21 | down .06 | none | 9% below | Not At Extreme |
Hottest Sectors :Â Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating) and Disc
Drives (DDX)
Weakest Sectors :Â Software
(
SWH |
Quote |
Chart |
News |
PowerRating) and
Telecomm
(
TTH |
Quote |
Chart |
News |
PowerRating)Â
Monday’s HELVETICA>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 | Today’s Volume |
| Power Integrations | ( POWI | Quote | Chart | News | PowerRating) |
29.67 | Intraday upper range consolidation, nearing pattern and 52-week b/o levels of 30.26 |
616k | 120k |
| American Power | ( APCC | Quote | Chart | News | PowerRating) |
17.98 | 52-Week high, on bullish volume gap, at weekly resistance channel line |
1,259m | 6,351m |
| Accenture | ( ACN | Quote | Chart | News | PowerRating) |
20.60 | top of range consolidation, testing daily chart b/o levels of congestion pattern |
2,260m | 1,460m |
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 | Today’s Volume |
| Biosite | ( BSTE | Quote | Chart | News | PowerRating) |
43.37 | Bottom of range consolidation on engulfing daily bar, on 20-Day EMA reversing action |
546k | 134k |
| Novastar | ( NFI | Quote | Chart | News | PowerRating) |
53.02 | Bottom of range close, at testing levels of daily chart pivot support on increased trade |
544k | 881k |
| Weatherford | ( WFT | Quote | Chart | News | PowerRating) |
37.43 | Ascending intraday triangle with 260-Period 5-minute chart resistance, confirmed by 20-Day EMA above |
1,662m | 311k |
class=890430920-15102001>
class=890430920-15102001>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.
class=890430920-15102001>Long Reversals class=890430920-15102001>Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume | Today’s Volume |
class=890430920-15102001>
Short
Reversals
Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume | Today’s Volume |
class=890430920-15102001>
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 | Today’s Volume |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) |
38.36 | 11,233m | 4,129m |
| Texas Instruments | ( TXN | Quote | Chart | News | PowerRating) |
20.18 | 13,914m | 7,933m |
| Lowes | ( LOW | Quote | Chart | News | PowerRating) |
48.90 | 4,045m | 1,764m |
| Veritas | ( VRTS | Quote | Chart | News | PowerRating) |
31.35 | 7,741m | 4,053m |
Institutional
Laggards.
| Name | Symbol | Price | Average Volume | Today’s Volume |
| Microsoft | ( MSFT | Quote | Chart | News | PowerRating) |
25.46 | 61,751m | 27,460m |
Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.
Chris Tyler