Thursday’s Top Stocks
The semiconductor sector held
its May pivot lows, so I guess you could say that’s the good news in today’s
trade.
Unfortunately, seeing how the action was
less-than-conducive to intraday trading, and the S&P500 and Nasdaq Composite
were barely able to hold onto fractional gains of .13% to .18%–‘the bull’ looks
like its still being grilled by investors, and that’s nothing to ‘yahoo’ about.
Simply put, in one guy’s humble
opinion–treacherous action, and that’s not even considering the ongoing
problems in growth stocks. Nope, if I attempted to include growth stocks that
intermediate-term traders look to for leadership–then we’d really be at a loss,
as those issues have continued to plague anyone even attempting to buy the bull
off the May lows. Looking at larger cap individual names such as Merrill, IBM,
and Amazon, things didn’t look much better–and that’s with an emphasis on both
the intraday and daily charts. No yahoo here, and that’s on all counts. Maybe
tomorrow will be different, but one thing’s for sure–we’ll continue to stick it
out with 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) |
15.75 | down .42 | na | 5% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.22 | up .11 | na | 10% above | at extreme |
Hottest Sectors : Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Internet
(
HHH |
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 |
| Nam Tai Electronics | ( NTE | Quote | Chart | News | PowerRating) |
23.16 | Top of range close on high volume thrust bar b/o |
717 | 1,463 |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
51.11 | Two step pattern breaching prior May pivots |
4,894 | 7,856 |
| AU Optronics | ( AUO | Quote | Chart | News | PowerRating) |
15.42 | 1,2,3 low into two-step and Fibonacci cluster |
3,989 | 3,167 |
^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 |
| Countrywide Financial | ( CFC | Quote | Chart | News | PowerRating) |
70.33 | Engulfing bearish confirmation bar of 1,2,3 topping pattern |
2,868 | 2,789 |
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 |
| Sina | ( SINA | Quote | Chart | News | PowerRating) |
26.73 | 4,828 | 18,694 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) |
26.38 | 12,544 | 10,828 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| eBay | ( EBAY | Quote | Chart | News | PowerRating) |
86.87 | 8,520 | 9,308 |
| Broadcom | ( BRCM | Quote | Chart | News | PowerRating) |
39.33 | 8,835 | 12,985 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler