Tuesday’s Top Stocks
With the indices down
fractionally, prices near the lows of the day, and the volatility indices
actually up in price before the three day weekend–all
the ingredients are in place for a move up in Tuesday’s trade. Not that this
cautious bull is overly enthusiastic about the longer term prospects, but after
all the grilling that’s been done in the past couple of sessions, and more of
the same over the weekend–I’m just thinking that investors will want to do
something different for a change.
The semiconductors lead the way lower once more,
as the SMH tested its June pivot lows and finished off near its intraday
consolidation lows–down another 2.11%. The cash is currently testing its 78%
retracement. Maybe it needs to make an actual double bottom before traders can
get a real technical bounce–but, it’s close at hand, in one humble guy’s
opinion. Have a great holiday and enjoy the extra day, away from our usual brand
of disciplined, consistent daytrading.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
15.11 | up .03 | na | 3% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
20.08 | up .02 | na | 3% above | not at extreme |
Hottest Sectors : NA
Weakest Sectors : Semiconductors
(
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 |
| Gilead Sciences | ( GILD | Quote | Chart | News | PowerRating) |
67.42 | Top of range close, third day of testing weekly chart handle highs |
3,134 | 2,343 |
| Nanogen | ( NGEN | Quote | Chart | News | PowerRating) |
7.05 | inside bar consolidation after thrust upside breakout above key technical resistance |
1,910 | 1,078 |
| Semiconductor HOLDRs | ( SMH | Quote | Chart | News | PowerRating) |
35.64 | Bottom range consolidation on test of June pivot lows |
19,177 | 15,037 |
^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 |
| Home Depot | ( HD | Quote | Chart | News | PowerRating) |
34.69 | Bottom of range close on daily price break of supports |
7,621 | 6,148 |
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 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
55.20 | 9,175 | 6,016 |
| Marvell Technology | ( MRVL | Quote | Chart | News | PowerRating) |
24.62 | 3,600 | 3,905 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Verisign | ( VRSN | Quote | Chart | News | PowerRating) |
18.59 | 2,783 | 2,235 |
| Express Scripts | ( ESRX | Quote | Chart | News | PowerRating) |
73 | 901 | 2,366 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler