Thursday’s Top Stocks
The old Wall Street adage, ‘never sell a dull market’ seems totally appropriate
after today’s lethargic trade. The S&P500 couldn’t seem to muster up enough
buyers or sellers to get things really moving in Wednesday’s trade. For the
session, the broader market gauge traded fractional lower for most of the day
before ushering in a fractional intraday gain for about an hour–and then proceeding
to give it up in the final thirty minutes of trade, to close down an even smaller
percentage of just .07%. Throw in the fact that volume once again was below
average (although slightly higher), and the entire day’s trading range was less
than a full percentage point–and this cautious bull comes away thinking that
maybe that old adage should say ‘never trade a dull market’ instead.
No yahoo for today’s action, but it still sets up some very interesting possibilities.
Reiterating yesterday’s spiel, ’cause nothing has really changed, is the fact
that potential shorts may be lining up nicely off the pullback from our recent
technical lows. But, more importantly–growth stocks are setting up as longs,
and some are actually trying for breakouts as the broader averages toil in
mediocrity. Further it’s officially Mr. Bill time, as we look for institutional
support in the form of a FTD to occur. A move worthy of the FTD title would be
the green light for a lot of folks to go ahead and trade their favorite family
fun stocks from the long side. Hmm?? It can definitely make you think about how
things might play out in the coming days–but the one thing that requires no
thought whatsoever, is that it’s always best to play out that day’s scenario
using 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) |
16.73 | up .74 | cvr 2 sell | 8% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
24 | up .82 | cvn 2 sell | 3% below | not at extreme |
Hottest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Thursday’s stocks to watch:
Technical Strength.
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 |
| STET Hellas | ( STHLY | Quote | Chart | News | PowerRating) |
20.40 | Inside bar, second of consolidation after 2-month high level base pattern b/o |
267 | 260 |
| Sirius | ( SIRI | Quote | Chart | News | PowerRating) |
3.40 | Increased volume move thru price pivot resistance within weekly basing pattern |
67,241 | 57,454 |
| Integrated Silicon Solutions | ( ISSI | Quote | Chart | News | PowerRating) |
17.71 | Top of range consolidation on increased, above average volume thrust bar within weekly base |
850 | 1,605 |
Technical Weakness.
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 |
| Schnitzer Steel | ( SCHN | Quote | Chart | News | PowerRating) |
32 | bottom of range close on increased, above average volume after technical test of daily resistance |
781 | 2,428 |
| Boston Scientific | ( BSX | Quote | Chart | News | PowerRating) |
42.38 | Trigger confirmation day of right shoulder high daily chart topping pattern |
4,160 | 3,693 |
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 |
| Capital One | ( COF | Quote | Chart | News | PowerRating) |
75.43 | 2,224 | 1,937 |
| National Semiconductor | ( NSM | Quote | Chart | News | PowerRating) |
44.43 | 3,984 | 3,470 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Sohu.com | ( SOHU | Quote | Chart | News | PowerRating) |
24.66 | 3,095 | 1,419 |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
59.56 | 4,597 | 3,774 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler