Tuesday’s Top Stocks
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Investors let out a collective ‘YAHOO’
(YHOO), as the Empire State Manufacturing Survey reached new ‘heights’ with today’s report, and as one of Wall Street’s Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) darlings was upgraded in Monday’s trade, reaching two-year highs in the process. Our ETF friends, the Spyders
(
SPY |
Quote |
Chart |
News |
PowerRating), NASDAQ100
(
QQQ |
Quote |
Chart |
News |
PowerRating), and the Diamonds
(
DIA |
Quote |
Chart |
News |
PowerRating) showed their appreciation by rallying handily on the session, up between 2% and 3%, depending on how you like your bull. Volume was moderate, but today’s trade, which took both the Spyders and Diamonds to fresh relative highs also had solid support from most of our industry subsectors, with only the Oil Service sector
(
OIH |
Quote |
Chart |
News |
PowerRating) getting drilled, and notably absent in today’s rally higher. Also lending support in today’s move higher were advancers over decliners, with final numbers closing above a favorable 2:1 by combining the ‘two floors’ market breadth statistics.
Fresh relative highs in the Diamonds, and a retest by the Spyders were tempered by a lagging triple Q (daily chart), and contracting intraday volatility, that took the shape of a very tight consolidation pattern known in these parts as a ‘Slim Jim.’ Last week’s closing numbers gave the market proxies essentially a week of rest as they hovered around the unchanged mark. Just say ‘mooo’, but don’t be a ‘yahoo’, always keep to the plan that kept you in the game in the first place, namely daytrading.
Let the bulls and bears fight it out, because all we care about is climbing on top of whichever animal has gained the edge in that day’s trade. By keeping to our list of High and Low RS issues and then ‘taking the bull by the horns’, or maybe the ‘putting our sights on the bear’ as our stocks trigger out of classic continuation and reversal patterns, we’ll be able to return home with a whole lot more than a wall ornament each and every
day
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX.X | Quote | Chart | News | PowerRating) |
22.24 |
down .64 | None | 2.5% below | Not At Extreme |
| VXN ( $VXN.X | Quote | Chart | News | PowerRating) |
33.79 | down .67 | None | 2% below | Not At Extreme |
Hottest Sectors :Â Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and
Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Oil
Services
(
OIH |
Quote |
Chart |
News |
PowerRating)
Tuesday’s HELVETICA>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 | Today’s Volume |
| Timberland | ( TBL | Quote | Chart | News | PowerRating) |
53.30 | top of range close on above average volume b/o of 2 month trading range on daily chart |
344k | 362k |
| Ryland | ( RYL | Quote | Chart | News | PowerRating) |
76.84 | top of range close at 52-week high test |
896k | 892k |
| Career Education |
( CECO | Quote | Chart | News | PowerRating) |
65.58 | top of range close, at retest of 52-week highs on confirming large volume spike |
739k | 2,319m |
| Marvel Technology |
( MRVL | Quote | Chart | News | PowerRating) |
31.16 | Inside day on High RS stock with volume increase, closing in high level consolidation intraday |
3,264m | 2,222m |
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 | Today’s Volume |
| Whole Foods Market | ( WFMI | Quote | Chart | News | PowerRating) |
48.75 | Follow thru day on Low RS stock with confirming volume |
1,277m | 1,054m |
| Garmin | ( GRMN | Quote | Chart | News | PowerRating) |
46.90 | High volume outside bearish day | 645k | 3,124m |
class=890430920-15102001>
class=890430920-15102001>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.
class=890430920-15102001>Long Reversals class=890430920-15102001>Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume | Today’s Volume |
| Cabot Microelectronics | ( CCMP | Quote | Chart | News | PowerRating) |
50.34 | Reversal bar higher, above daily pivots with confirming volume to close near top of range |
902k | 821k |
class=890430920-15102001>
Short
Reversals
Closing Basis.
None Today.
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 | Today’s Volume |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
30.66 | 14,092m | 19,219m |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) |
15.85 | 22,679m | 35,101m |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) |
76.50 | 3,527m | 4,839m |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
48.19 | 5,944m | 4,468m |
| Veritas | ( VRTS | Quote | Chart | News | PowerRating) |
28.93 | 9,786m | 11,370m |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
67.50 | 10,825m | 9,852m |
Institutional
Laggards.
| Name | Symbol | Price | Average Volume | Today’s Volume |
| Patterson | ( PTEN | Quote | Chart | News | PowerRating) |
32.95 | 1,224m | 3,876m |
| Cree | ( CREE | Quote | Chart | News | PowerRating) |
18.09 | 2,976m | 7,228m |
Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.