Tuesday’s Top Stocks
In Monday’s trade the market unfortunately did exactly what I was
expecting–a bullish move on a price gap higher. Fortunately, the gap higher
while anticipated in this little corner of the world, didn’t leave opportunity
entirely out of the picture. With the indices up between 1.30% to 1.66%, but
volume anything but bullish and the intraday range after the first half hour
looking more chop and slop than high-five type o’ fun–it could have have been a
difficult day indeed. For me personally, somewhere between Main Street and Wall
Street this weekend–this cautious bull had plenty of time to find the right
horns to try on for today’s party, and even though it wasn’t very crowded–it
was still a day to celebrate some upside fun…’oh yahoo.’
Well Mr. Bill may or may not be enjoying the ride yet, as he’s still looking
for a FTD or Follow-Thru-Day to confirm the market’s rally attempt thus far–but,
a heck of a lot of his IT issues sure as heck weren’t waiting around in today’s trade. Although there weren’t a whole lot of quality breakouts going on, the few that
were out there–STET Hellas Communications (STHLY) for one, sure did look strong–almost
as strong as the mythical Hercules. In fact, though there weren’t many growth
issues forging to fresh 52-week highs,
quite a few of these names did make very solid moves within their respective
bases on strong volume.
The market can change its tune on a dime, so stay ready is my only advice.
After looking through my own database of growth stocks for the Intermediate
report I put out once a week for TM–I was almost in shock by the fact that
my dwindling list of candidates, was now, literally overnight, looking to be
in the best shape it’s been in over five or six weeks. Go figure, how one’s
stance can change so radically in such a short period of time. Hmm?? Of course,
that doesn’t include our stance on disciplined, consistent daytrading tactics–‘cuz
that’s something that never changes, regardless of which team is stepping out
on to the playing field that particular day.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
16.02 | down 1.19 | cvr 3 sell | 15% below | at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
23.26 | down .07 | cvn 2 sell | 9% below | not at extreme |
Hottest Sectors : Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : NA
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 |
| STET Hellas | ( STHLY | Quote | Chart | News | PowerRating) |
21.18 | Top of range close on heavy volume, weekly pattern b/o | 222 | 1,918 |
| National Semiconductor | ( NSM | Quote | Chart | News | PowerRating) |
43.85 | Top of range close on increased, above-average volume test of prior highs within weekly high level basing pattern |
3,938 | 5,410 |
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 |
| Ann Taylor | ( ANN | Quote | Chart | News | PowerRating) |
42.20 | bottom of range close on increased, above average volume engulfing bearish bar |
887 | 1,925 |
| Altiris | ( ATRS | Quote | Chart | News | PowerRating) |
26.89 | inside consolidation day on daily pullback move into technical resistance |
408 | 415 |
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 |
| ShuffleMaster | ( SHFL | Quote | Chart | News | PowerRating) |
46.34 | Engulfing bearish bar off highs, on increased, above average trade |
358 | 738 |
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 |
| Biogen-Idec | ( BIIB | Quote | Chart | News | PowerRating) |
55.74 | 5,363 | 4,420 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
47.69 | 10,024 | 8,793 |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) |
65.61 | 9,034 | 15,518 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Johnson & Johnson | ( JNJ | Quote | Chart | News | PowerRating) |
50.57 | 7,296 | 6,572 |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
59.19 | 4,597 | 5,055 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler