Tuesday’s Top Stocks
Some went up, some went down, and others just sat around, waiting for Uncle
Al to mumble sweet nothings into Wall Street’s collective ears. On the day,
the S&P 500 and Nasdaq Composite finished in a tie, up .95% after a much-needed
technical bounce from last week’s slaying of the bull. Volume was super light,
as the only meat Wall Street saw today was during the typical lunch time lull.
Sit back and enjoy the show, ’cause tomorrow promises more of the same as the
conclusion of the Waiting For Godot, oops, Greenspan show concludes–and the
‘smart money’ can get back to working it like they always do.
I have to say, personally speaking–I was ‘almost’ rolling over laughing at
some of the ‘mania-panic’ patterns from a database of stocks which I track…absolutely
mind-boggling in one guy’s humble opinion. Each time it happens they say that
it won’t happen again in our lifetime, but unless our life expectancy is that
of a flea, then I’d say that by looking at some recent bubbles such as the Internet,
biotech, nanotech, and most recently security stocks–that history does indeed
repeat itself, and quite often at that.
As for today’s action, considering the anemic volume, quite a few trades played
out in both directions, which is nice to see. My focus is still heavily geared
towards reversal longs, and continuation plays of those that did in today’s
trade, but we’ll just have to wait and see what gear Wall Street favors after
they get out of the Waiting For Greenspan show, and hopefully take a seat back
on their collective happy cycle. Either way though, the best ride is always
through our disciplined, consistent daytrading tactics.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
16.87 | down .69 | cvr 1, 2 buy | 6% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
25.78 | up .05 | cvn 1, 3, 6 buy | 9% above | not at extreme |
Hottest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
Tuesday’s stocks to watch:
Longs.
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 Assesment | Average Volume 000’s | Today’s Volume |
| Invitrogen | ( IVGN | Quote | Chart | News | PowerRating) |
73.15 | Top of range close on increased volume after technical test of supports |
934 | 1,065 |
| August Technology | ( AUGT | Quote | Chart | News | PowerRating) |
13.89 | Engulfing bullish reversal bar on above-average volume | 233 | 679 |
Technical Weakness.
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 Assesment | Average Volume 000’s | Today’s Volume |
| Marvell Technology | ( MRVL | Quote | Chart | News | PowerRating) |
38.05 | Bottom of range close on increased volume, breaking price supports |
2,990 | 2,869 |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) |
49.95 | Bottom of range close, finishing at test of the 50-day MA |
4,167 | 4,074 |
^next^
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 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
52.30 | 11,210 | 14,622 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) |
24.23 | 13,146 | 15,798 |
| Verisign | ( VRSN | Quote | Chart | News | PowerRating) |
16.87 | 2,575 | 3,229 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Interactive Corp | ( IACI | Quote | Chart | News | PowerRating) |
31.06 | 6,198 | 12,487 |
| Lowes | ( LOW | Quote | Chart | News | PowerRating) |
52.35 | 3,644 | 3,123 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler