Thursday’s Top Stocks
Today the market gave daytraders a very good lesson in why patience can be
so important. Less importantly, it also gave this cautious bull a reason to
start the wrap up a little before the closing bell. I know, something really,
really big might happen during the final thirty minutes, although these days
it’s typically more like the last ten minutes. In trade that can best be summarized
as tight and light, the S&P500 and Nasdaq Composite are both trading fractionally
higher, between .15% to .25% with thirty-three minutes to go–on decreased,
below-average trade. No yahoo for sure, but the number thirty-three is sounding
very refreshing, for reasons other than the market–on this hot summer day.
Absolutely nada, no change until the tea leaves tell me differently. With today’s
ultra tight consolidation–it’s definitely not happening. As stated yesterday,
a move thru 104.82 on a closing basis in the DIA, and above 37.29 in the QQQ
are two key levels that should produce some percentage upside, if broken. Not
that I think its going to happen, but if it does, the best thing that we can
do for ourselves is leave the ego at the door, and concentrate on entering in
the direction of a the high-probability trade. A Fibonacci air pocket exists
above these levels that would lend itself to higher prices until the next resistance
zone, which would complete some bearish pattern highs on the weekly and daily
time frames. I guess we’ll just have to wait and see what the market has in
store for us next–until then, and always, we can continue using our 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) |
14.60 | down .40 | na | 5% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
20.45 | down .43 | cvn 6 sell | 8% below | not at extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
Thursday’s stocks to watch:
Longs.
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 Assesment | Average Volume 000’s | Today’s Volume |
| Integra LifeSciences | ( IART | Quote | Chart | News | PowerRating) |
34.07 | Above average volume pattern b/o and YTD highs | 148 | 199 |
^next^
Shorts.
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 Assesment | Average Volume 000’s | Today’s Volume |
| NVE Corp | ( NVEC | Quote | Chart | News | PowerRating) |
27.35 | Bottom of range close on increased trade, near daily supports | 867 | 378 |
Institutional Longs and Institutional Shorts.
The following stocks are selected from the Nasdaq, S&P 500 & 600 Indices,
and HOLDRs, and are based on a combination of daily and intraday analysis.
Institutional Longs
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Marvell Technology | ( MRVL | Quote | Chart | News | PowerRating) |
49.86 | 3,134 | 4,704 |
| General Electric | ( GE | Quote | Chart | News | PowerRating) |
32.11 | 28,571 | 22,030 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
55 | 4,990 | 3,872 |
| QLogic | ( QLGC | Quote | Chart | News | PowerRating) |
25.92 | 4,569 | 8,255 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
54.40 | 9,719 | 6,938 |
| Caterpillar | ( CAT | Quote | Chart | News | PowerRating) |
74.01 | 2,440 | 2,634 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler