Monday’s Top Stocks
Well, they tried to play the ol’ ‘gap and crap’, but it seems investors wanted to taste
a different flavor for the last trading day of the week. ‘I scream, you scream, we all scream…Mr. Softy
(
MSFT |
Quote |
Chart |
News |
PowerRating)?’ The early gap higher was at least partially Microsoft’s doing. The company came out with better than expected numbers yesterday afternoon…yummy. But, with Bill Gates & Co. going sideways for most of the trading day, albeit at higher levels, the rally off the opening fade, establishing today’s technical bottom was something altogether more tasty. With thirty minutes left in the trading day (sorry folks, this sir is off to the Big Sur), momentum is favoring gainers in today’s trade. The ETFs are up about a percentage point on moderate volume with advancing issues siding ever so slightly in favor of decliners.
Not their best performance to date, as far as technical rallies are concerned. But, on a summer Friday, we’ll take what we can get. The Spyders
(
SPY |
Quote |
Chart |
News |
PowerRating), which had been acting the weakest the past few days were able to find a floor off of angular daily supports from the May 20th lows. We do need to see more enthusiasm by way of volume if the ‘fresh’ pivot supports are to hold. The indices all experienced a fair amount of distribution. This was probably close enough to alarm the IBD purists, and certainly enough to ‘drop kick’ a lot of investors out of recently acquired positions, on very real ‘gap and crap’ action. All investors can do now is wait for Monday. For the rest of us, the daytrading elite, we can get ready to participate profitably, whether a bull, or bear decides to show up on our trading screens in the next day of trade.
Have a great weekend by treating yourself to an even better Monday. With the extra time, you’ll have plenty of fresh names to compliment our list of High and Low RS issues. We don’t know what tomorrow may bring, but we’re definitely ready for action. By taking the quality continuation and reversal setups as they trigger intraday, it should prove to be yet another tasty session for the daytrading elite. Please be aware that closing prices were not used in today’s stock selections.Â
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX.X | Quote | Chart | News | PowerRating) |
21.60 | Â down 1.20 | CVR 2 Buy | 0% above | Not At Extreme |
| VXN ( $VXN.X | Quote | Chart | News | PowerRating) |
33.87 | downn 1.60 | CVR 2,6 Buy | 0% above | Not At Extreme |
Hottest Sectors : Broker/Dealer (XBD) and Oil
Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Telecomm
(
TTH |
Quote |
Chart |
News |
PowerRating)
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 |
| Lowes | ( LOW | Quote | Chart | News | PowerRating) |
47.09 | Top of range, near handle on price triggers on daily |
5,226m | 2,391m |
| Altera | ( ALTR | Quote | Chart | News | PowerRating) |
18.80 | High volume wide range reversal bar off technical lows |
9,204m | 10,951m |
| CH Robinson | ( CHRW | Quote | Chart | News | PowerRating) |
38.03 | 2 Month cup and handle near triggers |
409k | 198k |
| Pacific Internet |
( PCNTF | Quote | Chart | News | PowerRating) |
9.95 | Top of range consolidation on daily reversal bar off technical supports |
377k | 526k |
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 |
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 |
| Bed Bath & Beyond | ( BBBY | Quote | Chart | News | PowerRating) |
38.55 | 1,2,3 Reversing pattern near daily price triggers |
3,418m | 4,597m |
| Verizon | ( VZ | Quote | Chart | News | PowerRating) |
35.95 | Daily hammer reversal bar off double bottom | 6,571m | 6,049m |
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 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) |
20.15 | 23,134m | 15,500m |
| Gilead Sciences | ( GILD | Quote | Chart | News | PowerRating) |
66.93 | 4,334m | 2,777m |
| Banc One | ( ONE | Quote | Chart | News | PowerRating) |
39.64 | 4,397m | 3,587m |
Institutional
Laggards.
| Name | Symbol | Price | Average Volume | Today’s Volume |
| Adobe | ( ADBE | Quote | Chart | News | PowerRating) |
33.63 | 3,905m | 2,047m |
| Walgreens | ( WAG | Quote | Chart | News | PowerRating) |
30.14 | 3,902m | 4,533m |
Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.
Chris Tyler