Thursday’s Top Stocks
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With two of the three amigos biding time in ultra tight intraday consolidations you might be better off asking ‘Tricky Dick’
for a little something if you happen to be a contributor to the NYSE. Nice payout, $139.5 million, personally I’m not quite sure if daytrading ‘Slim Jim consolidations’ is ever going to be in that league. Besides Dick Grasso, the semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) were also flashing some green in today’s trade, which contributed to the Nasdaq’s gains, but did little else for the rest of the market. One day closer to the official end of the dog days of summer and our ETF friends reminded us that most of Wall Street’s boys of summer, are already taking a well deserved rest as the market proxies finished fractionally mixed between down .07% to up .75% on lackluster, below-average trade. ‘Hey, not so quick buddy’, somebody was diggin’ in with more than a sand shovel though, as market breadth did show some scooping up of equities, as the advance/decline ratio finished at a healthy 1.70:1…’YAHOO.’
Another ‘frog’ day of summer. The Spyders and Diamonds might have been contained, but that didn’t stop LeapFrog
(
LF |
Quote |
Chart |
News |
PowerRating), the semis, gold, and other select individual stocks and sectors from leaping around. With pivot lows off of daily technical support zones, a follow-thru day established last week in the Nasdaq Composite, as well as recent breakouts holding up, and others proceeding higher, the outlook for position trading looks more bullish than not. Of course, there’s always going to be evidence to weigh against a move higher (isn’t that always the case?), such as the implied volatility levels, but while it can be used as a warning flag at times, it’s strictly secondary when measured against price and volume. And if it really concerns you, just continue to be nimble in an always uncertain environment by using disciplined, consistent daytrading to relieve the ever present ‘Godot complex’ of positioning oneself for the next move.
With daytrading, the next high-probability move is almost always present. It ain’t easy, but who promised you a rose garden, or a round of golf, when you should be glued to your screens? Not me, cause like a game of poker, to play professionally, you have to be committed to treating it like a business. Keep to the High and Low RS issues, and unless you’re on vacation with some of the other ‘big swinging dicks’, continue to execute when you see the edge appear out of classic continuation and reversal patterns. After all is said and done, you’ll probably find yourself enjoying the house that Dick built, that much more.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX.X | Quote | Chart | News | PowerRating) |
20.34 | up .01 | none | 1.5% above | Not At Extreme |
| VXN ( $VXN.X | Quote | Chart | News | PowerRating) |
30.05 | up .71 | none | 1.5% above | Not At Extreme |
Hottest Sectors : Gold/Silver (XAU) and
Semiconductors (SMH)
Weakest Sectors :Â Telecomm
(
TTH |
Quote |
Chart |
News |
PowerRating)Â
Thursday’s HELVETICA>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 | Today’s Volume |
| Documentum | ( DCTM | Quote | Chart | News | PowerRating) |
19.58 | Daily follow-thru above recent pivot high, after hammer test of the 20 and 50-Day EMAs |
1,495m | 1,040m |
| CTI Molecular | ( CTMI | Quote | Chart | News | PowerRating) |
14.19 | Intraday range consolidation on strong relative volume, breaking above daily pattern resistance |
598k | 1,169m |
| Concord Camera | ( LENS | Quote | Chart | News | PowerRating) |
12.02 | B/O of daily triangle pattern on heavy volume to close near top of range |
318k | 845k |
| Intersil | ( ISIL | Quote | Chart | News | PowerRating) |
28.73 | Top of range close on volume increase, following thru on hammer technical reversal |
3,778m | 2,607m |
| Immunomedics | ( IMMU | Quote | Chart | News | PowerRating) |
7.80 | Top of range consolidation, near 52-week Highs with volume increase and confirming stochastics |
291k | 291k |
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 | Today’s Volume |
| Amerisourcebergen | ( ABC | Quote | Chart | News | PowerRating) |
56.40 | Bottom of range consolidation on Low RS issue, with confirming volume. At 62% Fibonacci testing levels |
1,368m | 2,817m |
| Varian Medical | ( VAR | Quote | Chart | News | PowerRating) |
55.94 | Bottom of range consolidation on Low RS issue with confirming volume, below recent lows |
641k | 1,028m |
class=890430920-15102001>
class=890430920-15102001>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.
class=890430920-15102001>Long Reversals class=890430920-15102001>Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume | Today’s Volume |
| Western Digital | ( WDC | Quote | Chart | News | PowerRating) |
9.50 | 123 Daily setup confirmed, with session lows establishing technical support at the 200-Day EMA on strong volume |
4,591m | 6,390m |
class=890430920-15102001>
Short
Reversals
Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume | Today’s Volume |
class=890430920-15102001>
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 | Today’s Volume |
| KLA-Tencor | ( KLAC | Quote | Chart | News | PowerRating) |
58.58 | 8,869m | 8,573m |
| Symantec | ( SYMC | Quote | Chart | News | PowerRating) |
56.30 | 3,623m | 5,196m |
| Juniper | ( JNPR | Quote | Chart | News | PowerRating) |
16.96 | 11,938m | 15,527m |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) |
41 | 10,742m | 19,240m |
Institutional
Laggards.
| Name | Symbol | Price | Average Volume | Today’s Volume |
| IBM | ( IBM | Quote | Chart | News | PowerRating) |
82 | 6,404m | 3,775m |
| SBC Communications | ( SBC | Quote | Chart | News | PowerRating) |
22.70 | 8,448m | 6,499m |
Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.
Chris Tyler