Thursday’s Top Stocks
I guess you could say that today I was a little bit less ‘stunned’–Taser (TASR)
tagged or zapped the coveted $100 mark, with an intraday high of 100.30, while
our two major averages finished off a second day of consolidation work on lighter,
below-average volume. It’s constructive times like these when I don’t mind saying
that the S&P 500 and Naz were off between .66% and .85%, respectively. Admittedly,
my first intraday alert was for potential longs in Yahoo! Fortunately, the trade
required daily chart triggers, and Yahoo! was so kind not to start my day off
on the wrong foot. I guess you could say I had two very good reasons for which
to say, ‘yahoo’ for today’s action. Hmmm, make that 3 reasons–‘cuz YHOO just
beat estimates and is trading up 7% in after hours trade, and although this
cautious bull isn’t in the trade, we still like what we’re seeing.
The broader indices might have been in pullback mode today, with the Naz testing
bullish gap lows on the daily–but many growth stock issues continue to maintain
their high-level bases, with some even trying to maintain the bullish momentum
in spite of what big brother was saying. I still maintain that intraday, it’s
definitely an evironment that’s very appropriate for focusing on longs and shorts–but
with the FTD in place, and my trusty list of growth stocks doing more constructive-looking
work, than not–it’s also time to remain open to trading those issues as they
break out. That’s what time it is in this little corner of the trading universe,
maybe next week the tune changes–but one thing’s for sure, it’s always time
for 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) |
15.42 | up .93 | na | 4% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.11 | down .12 | na | 6% below | not at extreme |
Hottest Sectors : Gold/Silver (XAU)
Weakest Sectors : Biotech
(
BBH |
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 |
| Netflix | ( NFLX | Quote | Chart | News | PowerRating) |
35.63 | Inside doji w/in daily chart 5-day handle consolidation | 2,668 | 1,228 |
| Euronet | ( EEFT | Quote | Chart | News | PowerRating) |
20.90 | inside day continuation move out of daily cup on above average trade |
184 | 340 |
| Pacific Internet | ( PCNTF | Quote | Chart | News | PowerRating) |
13.10 | increased, above-average b/o of 2.5 month consolidation, closing top of range |
213 | 606 |
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 |
| The Sports Authority | ( TSA | Quote | Chart | News | PowerRating) |
39.33 | Bottom of range consolidation within daily chart congestion, off pullback from lows |
297 | 82 |
| Intuit | ( INTU | Quote | Chart | News | PowerRating) |
45.05 | Bottom of range continuation bar out of pullback from daily lows |
2,775 | 1,273 |
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 |
| Hewlett Packard | ( HPQ | Quote | Chart | News | PowerRating) |
23.15 | 12,461 | 10,813 |
| Adobe | ( ADBE | Quote | Chart | News | PowerRating) |
41.90 | 3,663 | 3,939 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
58 | 9,259 | 9,360 |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
58.89 | 4,801 | 3,115 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler