Thursday’s Top Stocks
‘I’m a ‘Governuuhh’ you idiot!!!’ Well, the markets didn’t seem to care, as
they ‘terminated’ their drive for five as our beloved ETFs notched their first
day of red in six sessions. Wednesday’s action was limited to a narrow
range churn at mostly lower prices for much of the day, and on below-average
volume. No yahoo there, nor with the ETFs’ fractional losses of .10% to .90%.
It seems investors opted to book profits rather than put too much cash
to work ahead of a slew of anticipated earnings reports, starting with tonight’s
spotlight report on some stock called Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating). Do you
yahoo??? Investors are betting on it.
So now we have four days of consolidation-type work off our recent thrust
bar higher out of the abyss. Personally, I’m about to use them ‘to get connected’,
but I’m not about to belt out a great, big ‘yahoo’ over the daily action. Lots
of chop as investors try
to
decide if they can overcome pattern and price resistance in the ETFs to further
progress the market’s ‘confirmed rally.’ The charts aren’t pointing down with
big red arrows in my humble opinion (actually, just the opposite),
but with volatility levels a wee bit too low, and general enthusiasm for higher
prices
every time
the S&P
futures
tick
up intraday, I think it’s as good as a time as ever to stay focused on our
consistent, disciplined brand of daytrading. I don’t mind giving the position
traders the very first ‘YAHOO!!!’ of the day. They’ve earned it in a very
big way if they’re right the next morning, but that doesn’t mean that by the
end of the day we’re not there right with them, belting it out all for ourselves.
Well, I didn’t get to see Jimmy Kimmel last night as my plans changed after
having a chance encounter with a nice, frosty mug. But, the one thing I’ll
never leave to chance and never change, is the disciplined, consistent
plan of atttack that’s an integral part of my daily routine when looking for
intraday setups. The only way that you’re going to have ‘total recall’ of consistent
trade each and every day is by coming in prepared with your list of High and
Low RS issues and then taking those stocks that set up and trigger in the here
and now, and not some distant date like 2028. Remember, the only thing that’s
going to protect you as a successful, consistent
daytrader are your own rules of discipline, and not some cyborg by the name
of Ahnuuld.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
20.15 | up .34 | none | 8% below | at extreme |
| VXN ( C$VXN | Quote | Chart | News | PowerRating) |
29.16 | down .14 | none | 3% below | not at extreme |
Hottest Sectors : Software
(
SWH |
Quote |
Chart |
News |
PowerRating) and Gold/Silver (XAU)
Weakest Sectors : Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating) and Disc Drives (DDX)
Thursday’s 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 000’s | Today’s Volume |
| Network Engines | ( NENG | Quote | Chart | News | PowerRating) |
8.15 | Intraday top of range consolidation, daily b/o of 52-week consolidation highs on significant volume |
759 | 3,338 |
| Quest Software | ( QSFT | Quote | Chart | News | PowerRating) |
13.80 | Intraday Cup and handle with weekly pattern breakout levels, on strong volume |
1,353 |
2,964
|
| Marvell Technology | ( MRVL | Quote | Chart | News | PowerRating) |
41.63 | 30-Minute extended triangle consolidating yesterday’s angular daily b/o |
2,699 | 2,408 |
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 000’s | Today’s Volume |
| NA | NA | NA | NA | NA | NA |
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.
Long Reversals Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume 000’s | Today’s Volume |
| Magma Design | ( LAVA | Quote | Chart | News | PowerRating) |
20.10 | 30-Minute extended consolidation on 50-Day EMA test from below on above-average volume increase |
806 | 1,105 |
Short Reversals Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume 000’s | Today’s Volume |
| NA | NA | NA | NA | NA | NA |
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 000’s | Today’s Volume |
| Sohu.com | ( SOHU | Quote | Chart | News | PowerRating) |
36.62 | 4,523 | 4,421 |
| Mercury Interactive | ( MERQ | Quote | Chart | News | PowerRating) |
51.42 | 3,172 | 4,967 |
| KLA-Tencor | ( KLAC | Quote | Chart | News | PowerRating) |
56.87 | 9,066 | 8,380 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Bed Bath & Beyond | ( BBBY | Quote | Chart | News | PowerRating) |
40.06 | 3,002 | 2,014 |
| Novellus | ( NVLS | Quote | Chart | News | PowerRating) |
36 | 7,830 | 7,004 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler