Thursday’s Top Stocks
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Godot and Co. probably did sit this one out, but nonetheless our ETF friends
were able to ‘bob and weave’ their way thru the earnings obstacle course to finish higher on the session. The ‘Big 3’ finished up between .10% and .80% on an extension of yesterday’s trade. Besides price moving higher, the ‘extension’ also includes less than thrilling market breadth statistics. Volume was once again below average, and advancers were only able to pull out the slightest of leads in today’s trade. For those investors like Godot, who are always waiting for the next number, they’ll have plenty to look forward to as earnings season continues on it’s merry way, and we gear up for Thursday’s opening bell.
Price is moving in the right direction, but volume, and the disparity between those issues moving higher, and those getting the absolute %#%% kicked out of them is a definite concern for the position trader out there. Two of the ETFs, the Spyders and Diamonds closed at a pivotal area that has defined recent trade between the bulls and the bears. The market is still in ‘confirmed rally’ mode, but with the fore mentioned technical concerns, there’s always room to err on the side of caution. In my opinion it’s best to tread lightly until the signals all align in the same direction. Better yet, I think we’re better off concentrating on what’s been working for us day in and day out…namely disciplined, consistent daytrading.
To stay in the groove and out of the chop, you have to stay hip to what’s the latest and greatest in investors eyes. The only way to do this consistently is by having our high and low RS stocks ready, and on our screens, but not taking entry until the intraday pattern comes our way. The latest formation to show up as a classic reversal or continuation trade in tomorrow’s trade, just might be the greatest trade we ever took, in our never-ending series of trades with edge.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX.X | Quote | Chart | News | PowerRating) |
20.44 | down .54 | none | 5% below | Not At Extreme |
| VXN ( $VXN.X | Quote | Chart | News | PowerRating) |
30.78 | down 1.67 | none | 5% below | Not At Extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Gold
& Silver (XAU)
Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and
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 |
| VISXÂ | ( EYE | Quote | Chart | News | PowerRating) |
22.12 | 52-Week high on daily range b/o with volume | 577k | 1,030m |
| United Online | ( UNTD | Quote | Chart | News | PowerRating) |
29.17 | Wide range reversal bar higher off 20-Day EMA on volume increase |
1,238m | 1,149m |
| Chordiant Software |
( CHRD | Quote | Chart | News | PowerRating) |
2,34 | Weekly & Daily chart breakout of pattern on strong volume |
559k | 2,738m |
| Abercrombie & Fitch |
( ANF | Quote | Chart | News | PowerRating) |
32.80 | At closing price pivots of daily cup and handle pattern |
2,310m | 898k |
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 |
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 |
| Timberland | ( TBL | Quote | Chart | News | PowerRating) |
45.20 | Bottom of range consolidation, testing upper range of technical support zone btw 43.30 – 44.95 on daily chart |
306k | 1,385m |
| Xilinx | ( XLNX | Quote | Chart | News | PowerRating) |
25.64 | Potential engulfing 3 point as part of 123 reversal bottom pattern |
8,999m | 9,585m |
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 |
| Chiron | ( CHIR | Quote | Chart | News | PowerRating) |
48.15 | 1,861m | 2,006m |
| Linear Technology | ( LLTC | Quote | Chart | News | PowerRating) |
36.64 | 6,865m | 6,785m |
| Amazon | ( AMZN | Quote | Chart | News | PowerRating) |
40.10 | 8,615m | 31,016m |
Institutional
Laggards.
| Name | Symbol | Price | Average Volume | Today’s Volume |
| Teva Pharmaceutical | ( TEVA | Quote | Chart | News | PowerRating) |
53.05 | 2,653m | 4,408m |
| Marsh Mclennan | ( MMC | Quote | Chart | News | PowerRating) |
49.41 | 1,094m | 3,889m |
| Bell South | ( BLS | Quote | Chart | News | PowerRating) |
25.25 | 4,207m | 6,803m |
Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.
Chris Tyler