Thursday’s Top Stocks
After getting through
the usual slips and giggles ahead of the much anticipated FOMC meeting,
investors it seems were all ‘Fed up’ by the .25% decision. On the
day, both the S&P500 and the Nasdaq Composite finished up between .48% to .63%,
with the tech-heavy Nasdaq clearing some key resistance on heavier,
above-average volume. That part looks nice, and there is an air pocket for which
technical traders might expect price to reach for in the next couple of
sessions. However, air pocket aside, with the other indices still entrenched,
and volatility levels just a tad too expectant of the good times that might lay
ahead, you might say that this cautious bull remains very much so, in his bovine
ways.
Certain elements of the bovine equation have been
making more of a case lately. The Nasdaq Composite is leading once again, growth
stocks in general have also been acting stronger, but that’s as about as much
bull as this cautious bull can get a handle on at this juncture. There’s still
the issue of divergence in many typically leading sectors, such as the
semiconductors and financials. There’s also the fact that although growth stocks
are acting stronger, they are not paving the way out of strong bases. As a
matter of fact, leadership these days has come been coming from well,
overextended issues–with little or no basing to speak of. Oh well, I guess
we’ll just have to stick with our day jobs–namely, disciplined, consistent
daytrading tactics, and let the other guy have the nightshift.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
14.02 | down 1.35 | na | 4% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
19.30 | down .85 | na | 3% below | not at extreme |
Hottest Sectors : Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Telecom
(
TTH |
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 |
| Cree | ( CREE | Quote | Chart | News | PowerRating) |
23.28 | High of day on increased, above-average trade, near daily pivots |
1,567 | 2,364 |
| NVE Corp | ( NVEC | Quote | Chart | News | PowerRating) |
39.95 | Top of range close on heavy volume thrust/reversal bar out of three day pullback |
938 | 3,351 |
^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 |
| Accredited Home | ( LEND | Quote | Chart | News | PowerRating) |
28.05 | Inside gravestone doji bar w/in downtrend |
565 | 318 |
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 |
| Wal-Mart | ( WMT | Quote | Chart | News | PowerRating) |
52.76 | 9,696 | 14,010 |
| Verisign | ( VRSN | Quote | Chart | News | PowerRating) |
19.90 | 2,784 | 1,876 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
3.98 | 4,845 | 6,138 |
| IBM | ( IBM | Quote | Chart | News | PowerRating) |
88.15 | 4,954 | 4,672 |
| Sohu | ( SOHU | Quote | Chart | News | PowerRating) |
19.88 | 3,052 | 3,459 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler