Thursday’s Top Stocks
Do you Yahoo? The ETFs experienced some intraday volatility in Wednesday’s trade as key earnings reports and comments from the likes of Alcoa
(AA) and Cisco (CSCO) kept the crowd guessing as we enter earnings season in bullish fashion, nearly four months into the ‘confirmed rally.’ All eyes, and keyboards will be focused on Yahoo’s
(
YHOO |
Quote |
Chart |
News |
PowerRating) report after the close of trade, as traders try to discern whether or not further cause for celebration is in order…yahoo or YAAHOO!!!?? Time will tell, but today’s numbers in the ETFs were slightly muffled as the ETFs closed down between .35% to .70% on stronger volume, with the NASDAQ registering its highest trade of the week. Market breadth in the form of advancers over decliners was also muted, as well as mixed, making it very difficult to elicit any convincing ‘yahoos’ in today’s trade.
A higher high was set in the Q’s, as well as a relative high in the Spyder, so technically that trend thing I’ve referred to now and again, continues to persist. Personally, I’m in wait, see, and lighten mode as we test key resistance after a substantial run up, the most recent being from last week’s lows, when everyone was singing the mantra, ‘we need to pull back more!’ Well, we didn’t, and now most names are looking extended. Not everything mind you, but enough for me to trim the positions ahead of what I think could be a high probability ‘mooove’ in the other direction. I wish that besides good ol’ fashioned money management that I really did know what to expect next from the market. But, since I don’t I’ll just keep focused on the next best thing, disciplined daytrading, day in and day out.
Let the guy with the overnight position find out if by the next morning he’s feeling like a yahoo or not. Our goal in daytrading consistently is not about hoping the next earnings report will make or break us, as a new wave is possibly set in motion. Our job is to come in fresh each and every day, prepared to trade the current conditions by hopping on ‘board’ those High and Low RS issues that are setting up each and every day as we paddle out into the morning session for a tasty new wave.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX.X | Quote | Chart | News | PowerRating) |
21.02 | down .34 | none | 3% below | Not At Extreme |
| VXN ( $VXN.X | Quote | Chart | News | PowerRating) |
33.22 | down .27 | none | 4% above | Not At Extreme |
Hottest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and
Networking
(
$NWX.X |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Utilities
(
UTH |
Quote |
Chart |
News |
PowerRating) and Retail
(
RTH |
Quote |
Chart |
News |
PowerRating)
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 |
| Sierra Wireless | ( SWIR | Quote | Chart | News | PowerRating) |
7.37 | Top of range close above daily chart trading consolidation pattern on heavy volume |
325k | 2,028m |
| PeopleSoft | ( PSFT | Quote | Chart | News | PowerRating) |
18.06 | Closing near breakout levels of triangle pattern on daily chart |
13,578m | 11,707m |
| Imclone | ( IMCLE | Quote | Chart | News | PowerRating) |
35.30 | Pivot trading range breakout on daily chart with relative volume increase |
3,737m | 3,038m |
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 |
| Nike | ( NKE | Quote | Chart | News | PowerRating) |
53 | daily chart triangle breakdown on Low RS stock with confirming volume increase |
1,590m | 1,732m |
| McDATA | ( MCDT | Quote | Chart | News | PowerRating) |
13.49 | Wide range bar lower on strong volume to close bottom of range in consolidation pattern |
1,382m | 6,050m |
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 |
class=890430920-15102001>
Short
Reversals
Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume | Today’s Volume |
| Stericycle | ( SRCL | Quote | Chart | News | PowerRating) |
45 | Extended upside move with bearish tailing action to close bottom of range on volume |
698k | 1,125m |
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 |
| Network Appliances | ( NTAP | Quote | Chart | News | PowerRating) |
19.56 | 6,919m | 10,575m |
| CheckPoint | ( CHKP | Quote | Chart | News | PowerRating) |
21.09 | 4,701m | 4,708m |
| Hewlett Packard | ( HPQ | Quote | Chart | News | PowerRating) |
22.93 | 13,067m | 19,440m |
Institutional
Laggards.
| Name | Symbol | Price | Average Volume | Today’s Volume |
| Coca Cola | ( KO | Quote | Chart | News | PowerRating) |
43.88 | 5,438m | 7,595m |
| General Electric | ( GE | Quote | Chart | News | PowerRating) |
28.38 | 19,074m | 24,073m |
| Best Buy | ( BBY | Quote | Chart | News | PowerRating) |
45.50 | 3,745m | 3,664m |
| Procter Gamble | ( PG | Quote | Chart | News | PowerRating) |
88.50 | 3,239m | 4,943m |
Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.
Chris Tyler