Tuesday’s Top Stocks
More March Madness as Monday ushered in further liquidation (sorry folks, it’s
past the profit-taking stage) as both the S&P 500 and Nasdaq Composite finished
down between 1.29% to 1.57% on mixed trade statistics. More geopolitical concerns
were cited for the latest market retreat, as the Nasdaq put in its first distribution
day in more than a week, sending the market average to fresh Year-To-Date lows.
While the S&P 500 fared a bit better with lighter, below-average volume,
new lows were also notched in today’s session. Hmmm, all this one-sided action
keeps this cautious bull thinking that maybe investors need to change the channel
and watch another great game being played right now.
It wasn’t pretty today in this corner. Flexibility helped once again–being
able to look for trades from both sides, but we’re now so oversold by most technical
benchmarks (TRIN, volatility readings, price extension), that I personally found
today’s action to be very difficult. The intraday noise seems to be picking
up alongside our gauges of market behavior, and for a cautious bull trying to
navigate the intraday world of high finance, it was more of a lesson in stop
loss management.
We all have different methods to finding our path through the madness of men
each and every day, but for me–today just didn’t offer enough .35 to .70 moves
in the plus column to more than offset errors in judgment. Throw in a little
bit of extra slippage…and you just know Homer might have been quoted more
than once from this little corner (Doh!!!). Oh well, what can you do? Stick
to the same game plan, namely disciplined, consistent daytrading tactics–’cause
as anybody with game can tell you, it’s all about keeping up the averages and
looking forward to the next day’s competition.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
21.33 | up 2.17 | cvr 3 buy | 8% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
27.10 | up 1.11 | cvr 1 buy | 5% above | not at extreme |
Hottest Sectors : NA
Weakest Sectors : Internet
(
HHH |
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 |
| Eon Labs | ( ELAB | Quote | Chart | News | PowerRating) |
60.95 | Engulfing bullish bar, closing top of range on increased, above-average volume |
352 | 1,457 |
| Taser | ( TASR | Quote | Chart | News | PowerRating) |
62.49 | Top of range consolidation on above average volume | 2,981 | 6,909 |
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 |
| Halliburton | ( HAL | Quote | Chart | News | PowerRating) |
29.09 | Bottom of range consolidation on continuation move out of pullback from daily lows |
4,533 | 3,113 |
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 |
| QLogic | ( QLGC | Quote | Chart | News | PowerRating) |
41.01 | 3,806 | 5,087 |
| PeopleSoft | ( PSFT | Quote | Chart | News | PowerRating) |
18.28 | 6,655 | 7,530 |
| ATI Tech | ( ATYT | Quote | Chart | News | PowerRating) |
14.20 | 2,788 | 2,462 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Research In Motion | ( RIMM | Quote | Chart | News | PowerRating) |
90.40 | 6,077 | 8,181 |
| Symantec | ( SYMC | Quote | Chart | News | PowerRating) |
41.14 | 4,287 | 7,741 |
| Gilead Sciences | ( GILD | Quote | Chart | News | PowerRating) |
53.46 | 2,911 | 3,394 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler