Thursday’s Top Stocks
The ‘mo-mo’ (or momentum) was once again ‘moooving’ to the upside, as it seems
a lateral consolidation is more than enough reason for some bulls to keep their
horns raised. For the session, the major index proxies were up between .50%
to 1%, on this, our fourth day of ‘profit-taking.’ Volume was lighter, but still
above-average for the cash indices, while the combined advancing issues vs.
decliners ratio was also bullish, coming in at a respectable 1.8:1–leaving
our ‘cautious bull’ still sidelined, but unscathed by horns or claws.
Maybe Jack was right when he said, ‘That’s as good as it gets.’ Personally,
I’m not buying it–but quite obviously somebody is, and apparently with oodles
of cash just hankering to get in to the now 10-month old bull market. It can’t
be the insiders ’cause six weeks ago it was all over the news that insiders
were heavy sellers of their securities, and I could swear my Aunt Cletus is
finally done–so it must be the smart money. Go figure, if you can–but seriously,
the only smart money that has any consistency in my book is the kind that sticks
to the tried and true each and every day, namely 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) |
16.62 | down .25 | none | 2% above | not at extreme |
VXN ( $VXN | Quote | Chart | News | PowerRating) |
23.16 | up .48 | none | 0% | not at extreme |
Hottest Sectors : NA
Weakest Sectors :Â Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)and Gold/Silver (XAU)
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 |
Computer Network Technology | ( CMNT | Quote | Chart | News | PowerRating) |
11.37 | top of range close on b/o attempt of 4-month base on above average volume |
413 | 603 |
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 |
MedImmune | ( MEDI | Quote | Chart | News | PowerRating) |
22.20 | Bottom of range consolidation on daily b/d w/increased, above-average volume |
6,965 | 7,110 |
Tiffany | ( TIF | Quote | Chart | News | PowerRating) |
39.20 | Bottom of range close on increased, above average volume b/d of prior price b/o levels on daily |
1,182 | 2,668 |
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 |
NA | NA | NA | NA | NA |
Institutional Laggards.
Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
Adobe | ( ADBE | Quote | Chart | News | PowerRating) |
37.15 | 3,415 | 2,919 |
Best of luck to everyone. Please use protective stops on all trades.