Thursday’s Top Stocks
Apparently, Tuesday’s lows–established without the strong hands of the market’s
Generals — was indeed a job well done. With the players back at the helm, it
was quite literally full steam ahead from the get go. Maybe the lieutenants
need a promotion? Wednesday’s trade had the ETFs and cash indices up between 1.10%
to 2.25% on increased trade. The Nasdaq took charge (so what’s new–if it ain’t
the whipping boy, it’s Wall Streets flav du jour) in both the price and volume
departments as a ‘Follow Thru Day (FTD)’ was established. Leadership was provided
by both the semiconductor
(
SMH |
Quote |
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News |
PowerRating) and Internet
(
HHH |
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PowerRating) sectors, but it
was probably the performance of the advance/decline ratio that had winners clobbering
losers by over 3:1 that really had investors going ‘Yahoo’ over today’s trade.
So what do I know anyway? Well, yesterday was a successful test of the 38%
Fibonacci and 20-Day EMAs, but in ‘general’ I guess I really didn’t give it
the respect it deserved as today’s rally pushed to the wayside any predictive
powers of the ol’ crystal ball. Gosh, I guess I’ll just have to rely on the
thing that seems to make consistent ‘cents’, even when there seems to be a pervasive
madness in the crowds–and that’s our tried and true, disciplined, consistent
daytrading tactics.
Just stick to the facts–and everything else will fall into place. Keep the
ego at the door and continue to trade ‘what is’, and don’t get caught up in
the ‘what we want’ syndrome. I personally know what I would like, but when it
comes to classic triggers out of my list of stocks–I know what I really want
is just staring me in the face if I’m willing to take ‘the present as a gift.’
And who knows, maybe one day besides feeding the account, we just might feed
the ego as well, but given a choice I know which I prefer–do you?
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX | Quote | Chart | News | PowerRating) |
16.68 | down .68 | none | 0% | Not At Extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
25.60 | down .95 | cvn 2 buy | 0% | Not At Extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Banking (BKX)
Thursday’s 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 000’s | Today’s Volume |
| Netflix | ( NFLX | Quote | Chart | News | PowerRating) |
50.24 | Top of range consolidation on increased, above average trade out of double doji low |
1,750 | 2,453 |
| Websense | ( WBSN | Quote | Chart | News | PowerRating) |
26.46 | top of range consolidation on weekly b/o w/volume confirmation | 403 | 520 |
| Aspect | ( ASPT | Quote | Chart | News | PowerRating) |
14.99 | 52-week highs on above average, increased trade after multiday pullback |
593 | 1,132 |
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 000’s | Today’s Volume |
| NA | NA | NA | NA | NA | NA |
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.
Long Reversals Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume 000’s | Today’s Volume |
| NA | NA | NA | NA | NA | NA |
Short Reversals Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume 000’s | Today’s Volume |
| NA | NA | NA | NA | NA | NA |
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 000’s | Today’s Volume |
| Linear Technologies | ( LLTC | Quote | Chart | News | PowerRating) |
44.33 | 5,178 | 4,282 |
| Merck | ( MRK | Quote | Chart | News | PowerRating) |
44.25 | 7,481 | 18,894 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
42.53 | 10,972 | 12,800 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Citigroup | ( C | Quote | Chart | News | PowerRating) |
47.39 | 10,825 | 12,196 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler