Thursday’s Top Stocks

One of the first headlines I saw on CNBC this morning was ‘Maria’s Market Breakdown’–boy,
that would be the day.
I think if I bothered to turn up the volume, the title
probably had to do with something else. Oh well, that’s what I get for listening
to the charts and not the little voices coming out of the box. Today also deserves
another ‘oh well’ as far as non breakdowns are concerned–but this one goes
out to the markets. With an hour left in the trading session, both the S&P
500 and Nasdaq are up on the session–between 1.22% and 1.65% respectively.
This action has the indices making good on yesterday’s late-day technical reversal
courtesy of Uncle Al–‘oh yahoo.’

What can you do? Sometimes all the preparation in the world just doesn’t matter.
As you might know, I’ve been stalking the semiconductors (SMH) for about the
past week as it approached an awareness zone between 38 – 38.80 in a potential
broadening triangle pattern. As fate would have it, while my fiancee was getting
her knee repaired by way of ACL surgery, lo and behold, the market also finally
found support upon which to stand. Yesterday’s lows in the SMH qualified it
for the high-probability reversal trade while I was still waiting, and waiting.
No, not for the level to be confirmed–something much more important, my one
and only honey to get safely out of the OR. Yeah, it’s a little annoying how
the stars align sometimes, but I wouldn’t change a thing, ’cause she’s doing
much better–and disciplined, consistent daytrading will always be there the
next day.

P.S. The following prices are not as of the close.

Volatility Readings:

Volatility Index Close Net Change Signals/Direction % Above/Below 10 Day Moving Average Significance
VXO
(
$VXO |
Quote |
Chart |
News |
PowerRating)
18.24 down 2.47 na 1% above not at extreme
VXN
(
$VXN |
Quote |
Chart |
News |
PowerRating)
25 down 2.36 na 0% above not at extreme

Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)

Weakest Sectors : Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating)

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
Celgene
(
CELG |
Quote |
Chart |
News |
PowerRating)
46.91 Top of range consolidation on increased, above-average
handle b/o
1,573 3,376
Noble
(
NOBL |
Quote |
Chart |
News |
PowerRating)
28.78 Top of range consolidation on above average volume daily
pattern b/o
118 180

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
Advanced Fibre
(
AFCI |
Quote |
Chart |
News |
PowerRating)
22.16 Inside day on above average volume, between 50 and 200
MAs
2,015 3,042
Avaya
(
AV |
Quote |
Chart |
News |
PowerRating)
15.77 Inside day on above average volume between 50 and 89 MAs 5,661 5,946

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
Lowes
(
LOW |
Quote |
Chart |
News |
PowerRating)
53.73 3,848 3,029
Agilent
(
A |
Quote |
Chart |
News |
PowerRating)
31.80 3,418 3,200
eBay
(
EBAY |
Quote |
Chart |
News |
PowerRating)
69.49 7,285 4,964

Institutional Laggards.

Name Symbol Price Average Volume 000’s Today’s Volume
Starbucks
(
SBUX |
Quote |
Chart |
News |
PowerRating)
37.38 3,148 1,933
Merck
(
MRK |
Quote |
Chart |
News |
PowerRating)
44.34 7,495 8,139

Best of luck to everyone. Please use protective stops on all trades.

 

Chris Tyler