Thursday’s Top Stocks
JILL went up the hill yesterday, and today it looks like Mr. Bill and company
want to join the party. Today, while Alan was showing his best poker face from
some table of importance–the market was showing its hand for everyone to see,
as both the Nasdaq Composite and the S&P500 cash indices finished up on
increased, above-average trade. The S&P actually put in the much-coveted
Follow-Thru-Day or FTD, to fresh multi-year highs, finishing up 1.11%. While
the Nasdaq Composite only closed up .69%, the performance still keeps it humming
along in rally mode from its recent technical lows. More importantly though,
the closing percentage didn’t $#@!! ^&# with cautious bulls willing to buy
the technical pullback before the crowd finally got interested.
Oh yahoo!! I hate to say I told you so–and I won’t, ’cause personally all
that I really care about is turning intraday frogs (LF) into something that
leap up after classic pattern setups say ‘trigger time baby.’ Unfortunately,
in the real world–not all high-probability trades work, or if they do, they
might just require a second or third attempt. Hmmm, much like the real world
of position trading high-probability pullbacks off the daily perspective. If
you see it–first by qualifying the reasons why you think an event might occur,
such as a pullback entry off technical supports, and you can also quantify a
risk vs. reward relationship that makes ‘cents’ to you–then bottom line, step
up to the plate.
Who knows, maybe you saw our pal Dick (DKS) trying for the homer on two very
recent occasions, and decided that the game was on. While other players were
saying, ‘Not yet, rookie, we’ll let you know when it’s time to come up from
the bench’–you might have enjoyed a homer after a couple of swings with your
trusty bat. If you find it difficult to know when it’s game time, while all
the supposed umpires are still shaking their heads in disapproval—then just
continue to pick up the intraday bat and take a swing with disciplined, consistent
daytrading tactics–there’s usually a good game to play each and every day.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
14.82 | down .73 | na | 12% below | at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
23.46 | down 1.04 | na | 7% below | not at extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : NA
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 |
| Urban Outfitters | ( URBN | Quote | Chart | News | PowerRating) |
44.69 | Top of range consolidation on increased trade, fresh 52-week highs |
679 | 645 |
| D.R.Horton | ( DHI | Quote | Chart | News | PowerRating) |
30.55 | Top of range consolidation on engulfing bullish bar w/ increased, above-average volume, second attempt at weekly pattern b/o |
1,519 | 2,886 |
| Genentech | ( DNA | Quote | Chart | News | PowerRating) |
97.95 | Narrow range follow thru day on increased, above-average volume w/in 2-week high level base |
2,163 | 2,943 |
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 |
| Monster | ( MNST | Quote | Chart | News | PowerRating) |
24.40 | Closing in doji pattern below 50-day MA on increased, above-average trade |
1,875 | 4,588 |
| Foundry | ( FDRY | Quote | Chart | News | PowerRating) |
23.03 | Closing low of day on increased, above-average volume w/in 2-week consolidation |
3,547 | 5,191 |
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 |
| NA | NA | NA | NA | NA | NA |
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 |
| eBay | ( EBAY | Quote | Chart | News | PowerRating) |
69.13 | 7,811 | 6,622 |
| Citigroup | ( C | Quote | Chart | News | PowerRating) |
49.74 | 11,583 | 16,914 |
| Adobe | ( ADBE | Quote | Chart | News | PowerRating) |
39.50 | 3,698 | 2,690 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) |
45.45 | 5,130 | 5,626 |
| Cisco | ( CSCO | Quote | Chart | News | PowerRating) |
24.24 | 52,254 | 87,675 |
| Hewlett Packard | ( HPQ | Quote | Chart | News | PowerRating) |
23.86 | 11,706 | 22,511 |
Best of luck to everyone. Please use protective stops on all trades.
Â
Chris Tyler