Tuesday’s Top Stocks
Seriously, what was the
point of today’s early hand over in Iraq–besides being a rebuttal to Michael
Moore’s very well received flick? I don’t know, but it seems Wall
Street wasn’t buying it either–although some of Main Street just might have, as
futures found a euphoric early bid (hmm, that’s familiar), only to end lower on
the session. Oh well, ‘EASI come, easy go’ for those looking somewhere besides
the charts for reasons to buy, sell, or hold. On the day, both the S&P500 and
Nasdaq Composite finished fractionally lower, between .09% to .27%, giving
cautious bulls further reason to keep on their toes, and not their hooves.
It’s unfortunate about Engineered Support Systems
performance today after trying to trigger out of a 5-day handle. The stock had
been putting in a fine performance since its original breakout on the 18th, and
was giving hope to IT-style traders, that growth stocks might finally start
doing it right once again. Fortunately, with all of the ongoing divergences,
overhead resistance, the Fed meeting, volatility levels, and the fact that this
five day breakout was not nearly as impressive or alluring as the weekly
one–cautious bulls, if they did initially pull the trigger, would have been on
their toes, and not their hooves, in realizing that this trade was fast becoming
less than high-probability stuff. Personally, I’m still rooting for EASI to hold
above its original pivot triggers, but I’m not holding my breathe–and I most
certainly wouldn’t be holding today’s position. No thanks, this cautious bull
would prefer to keep the losses small on an intraday basis using disciplined,
consistent daytrading tactics.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
15.61 | up .72 | na | 7% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
20.55 | up 1.59 | cvn 2 sell | 3% above | not at extreme |
Hottest Sectors : Internet
(
HH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Semiconductor
(
SMH |
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 |
| Akamai | ( AKAM | Quote | Chart | News | PowerRating) |
17.60 | inside bar after high volume weekly base b/o |
3,106 | 6,379 |
| DHB Industries | ( DHB | Quote | Chart | News | PowerRating) |
15.84 | Top of range close on heavy volume three week base b/o |
1,365 | 2,998 |
| Magma Design | ( LAVA | Quote | Chart | News | PowerRating) |
28.75 | Inside bar, two day consolidation after downtrend line b/o |
533 | 238 |
| Mamma.com | ( MAMA | Quote | Chart | News | PowerRating) |
13.76 | Top of range close, testing daily pivot highs on strong volume |
4,134 | 9,220 |
^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 |
| TASER | ( TASR | Quote | Chart | News | PowerRating) |
42.94 | Climatic topping pattern into 62% retracement level |
7,671 | 63,286 |
| IBM | ( IBM | Quote | Chart | News | PowerRating) |
88.71 | Bottom of range close, breaking key price supports of countertrend rally on return move to daily neckline |
4,992 | 5,000 |
| Apple | ( AAPL | Quote | Chart | News | PowerRating) |
32.48 | Engulfing bearish bar on strong volume, against channel and Fibonacci resistance |
64,73 | 9,305 |
Institutional Longs and Institutional Shorts.
The following stocks are selected from the Nasdaq, S&P 500 & 600 Indices,
and HOLDRs, and are based on a combination of daily and intraday analysis.
Institutional Longs
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| NA | NA | NA | NA | NA |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
54.04 | 4,853 | 4,171 |
| Research In Motion | ( RIMM | Quote | Chart | News | PowerRating) |
60.99 | 4,122 | 7,896 |
| Oil Services | ( OIH | Quote | Chart | News | PowerRating) |
70.37 | 2,021 | 1,519 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler