Thursday’s Top Stocks
Intraday in our members’ chat I started hearing of another possible Reagan
Rally in today’s session–‘oh boy’, is about all I can say. No disrespect of
course, but if a rally had materialized this cautious bull would prefer to call
it the Bonzo Rally, in honor of his Hollywood sidekick, as well as the market’s
own Rally Monkey. Believe it or not there is a website dedicated to the Rally
Monkey. Fortunately, the voice of reason had some investors heeding the signs of
caution, and the Bonzo Rally never quite happened. On the day, both the Nasdaq
Composite and the S&P500 finished lower, between .95% to 1.62% on mixed and
still below-average trade. No yahoo for raging bulls, only those cautious bulls
willing to book some profits while they’re still very much real, in the
market’s intermediate-term downtrend.
Actually, the intraday rally attempt looked somewhat promising as the Nasdaq
Composite 2000 level was being toyed with for about an hour. This psychological
level carries with it a bit more technical significance besides the typical
numerology stuff. It also represents the unchanged mark, or YTD pivot for some
folks, as far as being up or down in their portfolios.
In this little corner of the universe, nothing has changed much with today’s
action as volatility levels are just off their YTD lows, more growth stocks
‘not doing it’, which we’d ultimately like to see, and that S&P channel
line looking less sturdy, within the existing intermediate downtrend. At a minimum,
keeping it light and tight is still advice worthy of one’s attention. But, if
you want to take the maximum out of the market, continue to stick with your
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) |
14.63 | up .88 | cvr 1, 2, 6 sell | 7% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.43 | up .17 | cvn 1 sell | 0% | not at extreme |
Hottest Sectors : Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Biotech
(
BBH |
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 |
| NA | NA | NA | NA | NA | NA |
^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 |
| Home Depot | ( HD | Quote | Chart | News | PowerRating) |
35.44 | Bottom of range close on increased, above-average volume inside bar w/in trading range |
7,248 | 8,778 |
| Kos Pharmaceuticals | ( KOSP | Quote | Chart | News | PowerRating) |
31.78 | Bottom of range consolidation breaking key pattern and technical supports |
422 | 297 |
| Gtech Holdings | ( GTK | Quote | Chart | News | PowerRating) |
53.10 | bottom of range consolidation on increased, above average volume, breaking recent price supports |
908 | 982 |
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 |
| Costco | ( COST | Quote | Chart | News | PowerRating) |
40.68 | 3,363 | 6,895 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Symantec | ( SYMC | Quote | Chart | News | PowerRating) |
43.85 | 5,006 | 5,667 |
| Ask Jeeves | ( ASKJ | Quote | Chart | News | PowerRating) |
38.35 | 3,824 | 5,659 |
| Invitrogen | ( IVGN | Quote | Chart | News | PowerRating) |
65.59 | 895 | 1,030 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler