Tuesday’s Top Stocks
I’ll call it Day 11 of the market’s trading range, because in this cautious
bull’s opinion that does more justice to the trading environment, and what folks
should be focused on. I could chose to accentuate the positive, as both the
S&P500 and Nasdaq Composite were green on the day–however, with fractional
gains of .22% to .56% on well-below average volume, there’s really nothing to
get excited about yet. Don’t fret though, the trading range is now another day
closer to completion and a three-day weekend is around the corner. Now that’s
some news worthy of a great big ol’ ‘yahoo!!’
‘Same ol’ song over here in this corner of the universe. Light and tight is
probably the best way to maintain what’s yours until the market resolves itself.
The tea leaves are still telling me to chose between shorts (either pullbacks
into resistance or topping patterns) or reversal longs that have found technical
support of their own, while the market puts in its own lateral consolidation. My
technical inclinations are still weighted to the downside, but until the range
is broken–longs and shorts are becoming less of a reality. Quietly sitting on
the proverbial thumbs has become a much stronger option within the realm of
disciplined, consistent daytrading. As Ted Williams was once quoted as saying,
‘Wait for a good pitch to hit.’
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO$VXO|$VXO] | 18.47 | down .69 | na | 5% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
24.42 | down .48 | na | 9% below | not at extreme |
Hottest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Telecom
(
TTH |
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 |
| Abercrombie & Fitch | ( ANF | Quote | Chart | News | PowerRating) |
35.01 | Top of range close, testing daily handle highs | 1,704 | 1,047 |
| United Surgical Partners | ( USPI | Quote | Chart | News | PowerRating) |
37.95 | Continuation bar within ‘right side of base’ consolidation pattern |
261 | 195 |
| eResearch | ( ERES | Quote | Chart | News | PowerRating) |
34.35 | Lateral consoly above pivot highs w/in daily handle formation on increased, above-average trade |
887 | 980 |
^next^
Shorts.
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 |
| eBay | ( EBAY | Quote | Chart | News | PowerRating) |
82.16 | Fibonacci Bear Gartley pattern complete, with resistance btw 82.65 – 83.06 |
7,900 | 10,609 |
| Apollo | ( APOL | Quote | Chart | News | PowerRating) |
89.17 | Inside day within daily consoly bound by 20-day ema technical resistance |
1,843 | 1,209 |
Institutional Longs and Institutional Shorts.
The following stocks are selected from the Nasdaq, S&P 500 & 600 Indices,
and HOLDRs.
Institutional Longs
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Teva Pharma | ( TEVA | Quote | Chart | News | PowerRating) |
65.55 | 2,657 | 2,050 |
| United Technologies | ( UTX | Quote | Chart | News | PowerRating) |
82.72 | 2,606 | 1,872 |
| Mercury Interactive | ( MERQ | Quote | Chart | News | PowerRating) |
46.20 | 2,593 | 1,509 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) |
22.21 | 13,068 | 36,563 |
| Genentech | ( DNA | Quote | Chart | News | PowerRating) |
59.26 | 1,727 | 2,030 |
| Symantec | ( SYMC | Quote | Chart | News | PowerRating) |
46.18 | 4,263 | 4,263 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler