Tuesday’s Top Stocks
It seems Monday’s trade was a continuation of Friday’s slop-and-chop environment,
as once again volume came in lower and below-average and price did the potpourri
thing. In today’s session the tables were turned a bit as the Nasdaq led the
upside and investors opted to buy that which they just dumped in Thursday and
Friday’s trade–sending that average up 1.23%. The recently glittering Diamonds
(Industrials) were sent back for a partial refund, trading down .14%, while
the broadest market measure, the S&P 500, was once again caught in a tug
o’ war between the bulls and bears, with neither one demonstrating any real
muscle ahead of a virtual slew of earnings releases coming out after the close–up
.10%. Hmm, maybe tomorrow they’ll be able to make a more informed decision?
Well thank god there’s more than three vehicles to trade, and that some of
them are capable of taking the sting out of the broader indices. In this corner,
it was once again our favorite law-enforcement vehicle, Taser (TASR), that gave
us a couple nice intraday rides. First, as it motored up out of an early pre-market
triangle pattern, and then later on in the session as it stung the longs out
of a inverse cup and handle. Both patterns produced truly extraordinary moves, and truth be told, definitely more than this lil’ cautious bull thought
possible at the time. But, then again, truth be told–there’s only one way to
try and appreciate the intraday #$%% and wiggles, and that’s with our disciplined,
consistent brand of daytrading.
 Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
15.23 | down .34 | NA | 3% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
21.39 | down .45 | cvr 1 buy | 6% below | not at extreme |
Hottest Sectors : Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Tuesday’s stocks to watch:
Technical Strength.
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 |
| Celgene | ( CELG | Quote | Chart | News | PowerRating) |
54.25 | Top of range consolidation on a ‘lap’ bar to 52-week highs on increased trade |
1,435 | 1,282 |
| Ascential Software | ( ASCL | Quote | Chart | News | PowerRating) |
23.17 | reversal bar off technical supports on increased, above-average volume, closing near session highs |
613 | 749 |
| QLT Inc. | ( QLTI | Quote | Chart | News | PowerRating) |
29.19 | top of range close on increased, above-average volume trend bar out of daily pullback |
1,402 | 2,022 |
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 Strength | Average Volume 000’s | Today’s Volume |
| Coach | ( COH | Quote | Chart | News | PowerRating) |
39.50 | bottom of range consolidation on increased, above-average volume b/d of daily supports |
1,418 | 1,764 |
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 |
| Mercury Interactive | ( MERQ | Quote | Chart | News | PowerRating) |
45.69 | 2,859 | 2,967 |
| Adobe | ( ADBE | Quote | Chart | News | PowerRating) |
41.89 | 3,501 | 2,133 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
55.69 | 10,937 | 9,555 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Halliburton | ( HAL | Quote | Chart | News | PowerRating) |
30.50 | 4,372 | 3,145 |
| Caterpillar | ( CAT | Quote | Chart | News | PowerRating) |
81 | 2,496 | 1,648 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler