Tuesday’s Top Stocks
They say you have to
respect price action first–if that’s the case, it was a banner day for the
bulls out there as the S&P500 and Nasdaq Composite both finished higher,
up between .94% and 1.38%. But, if you happen to use that other gauge of
buying power, namely volume–it wasn’t nearly as impressive, as both indices
finished with lower, below-average numbers on the day. I guess that kind of
performance deserves a small cap ‘yahoo’, but definitely not deserved of the
upper case version YHOO, which maybe not to coincidentally finished down .26,
and another good reason for keeping this cautious bull totally grounded as to
what tomorrow will hold.
Well I do know that the market will open
officially at its usual 9:30 AM EST–but other than that, I’ll just be content
to wait and see. It’s nice to see price in the Nasdaq thru some resistance, but
as it stands, without real buy side interest from institutions, these horns are
still being sharpened at present. The last couple of sessions have offered a few
choice set ups intraday–but, as far as the big picture goes, maybe if the Naz
can go thru 2070 on a closing basis with better participation, then maybe, just
maybe, I’ll believe in greener pastures in days ahead. In the interim why wait
around and hope that better times are right around the corner–when sticking to
disciplined, consistent daytrading tactics brings in that possibility each and
every day.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
14.18 | down .58 | cvr 6 sell | 8% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.54 | down .30 | cvn 6 sell | 5% below | not at extreme |
Hottest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors :Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
Tuesday’s stocks to watch:
Technical Strength Top of Range.
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 |
| Hot Topic | ( HOTT | Quote | Chart | News | PowerRating) |
29.80 | Increased volume inside day within weekly basing pattern, finishing top of range |
845 | 792 |
Technical Weakness Bottom of Range.
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 |
| NA | NA | NA | NA | NA | NA |
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 |
| j2 Global | ( JCOM | Quote | Chart | News | PowerRating) |
22.92 | Increased volume daily chart 4 bar triangle b/o thru 20-day EMA, closing top of range |
1,555 | 1,237 |
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 |
| Staples | ( SPLS | Quote | Chart | News | PowerRating) |
27.24 | 3,122 | 5,500 |
| JP Morgan | ( JPM | Quote | Chart | News | PowerRating) |
41.53 | 9,496 | 10,626 |
| Comverse Technology | ( CMVT | Quote | Chart | News | PowerRating) |
19.94 | 3,128 | 5,186 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
44.08 | 9,693 | 13,276 |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) |
62.75 | 9,324 | 9,611 |
| Caterpillar | ( CAT | Quote | Chart | News | PowerRating) |
76.84 | 2,506 | 2,373 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler