Tuesday’s Top Stocks
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‘Oh, YAHOO!!!’ Not a bad way to end the summertime festivities as our ETF friends finished up between .45% to .65%. The Q’s were even able to squeeze out a fresh 52-Week High as the ‘confirmed rally’ continued its march up for the fourth day in a row. Volume was light (duh), but respectable considering that ‘absolutely nothing’ was supposed to happen during this, the last week of a notoriously slow period before the ‘kids’ head back to their desks (trading that is). With market breadth in the form of advancers over decliners and new highs versus new lows clearly favoring the upside, it looks like Neil’s ‘September Morning’ will have the ‘diamonds’ glittering on our center stage known as Wall Street, come Tuesday in the A.M..
The ETFs and individual stocks that we adore continued to cooperate in today’s trade. Did that translate into a daytrader’s dream session? Probably not, but what did you expect, three for three as we closed out the final days of August. The house odds didn’t favor it, but it might still have been possible had you stuck to your plan of discipline and consistency. If today ended up working out for you, great. If it didn’t, don’t worry because the house odds should continue to increase as investors come back from vacation to play the greatest game on earth.
Judge Snells once said, ‘Don’t you people have homes?’ My reply would be yes we do. With our list of High and Low RS issues constantly triggering out of classic continuation and reversal patterns, I like to think that we feel right at home at the NYSE, where we hang our hat 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) |
19.49 | down .44 | none | 2% below | Not At Extreme |
| VXN ( $VXN.X | Quote | Chart | News | PowerRating) |
29.52 | down .79 | none | 3% above | Not At Extreme |
Hottest Sectors :Â Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and
Software
(
SWH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and
Homebuilders (HGX)
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 | Avg. Vol. in 000’s |
Today’s Volume |
| Hyperion Solutions | ( HYSL | Quote | Chart | News | PowerRating) |
32.98 | Top of range consolidation above recent pivot highs on strong relative volume |
1,043 | 852 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) |
19.33 | High volume gap with bullish wide range daily bar close, above recent pivot resistance |
18,838 | 30,944 |
| Citrix | ( CTXS | Quote | Chart | News | PowerRating) |
20.71 | Top of range consolidation on volume, testing bearish gap resistance |
3,232 | 3,800 |
| Checkpoint | ( CHKP | Quote | Chart | News | PowerRating) |
17.43 | Top of range consolidation at 50 and 200-Day EMA resistance on solid ‘body’ bar w/confirming volume |
3,659 | 4,616 |
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 in 000’s |
Today’s Volume |
| American Pharmaceuticals | ( APPX | Quote | Chart | News | PowerRating) |
47.67 | Engulfing bearish bar on heavy volume, closing bottom of range in consolidation pattern |
870 | 1,738 |
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 in 000’s |
Today’s Volume |
| Merck | ( MRK | Quote | Chart | News | PowerRating) |
50.32 | Double ‘lower low’ bottom pattern on daily, with pivot low confirmed |
6,552 | 4,710 |
| i Shares 20-Year | ( TLT | Quote | Chart | News | PowerRating) |
83.65 | Daily first range consolidation near resistance triggers, out of 1,2,3 bottom and test of weekly technical lows |
800 | 537 |
class=890430920-15102001>
Short
Reversals
Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume | Today’s Volume |
class=890430920-15102001>
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 in 000’s |
Today’s Volume |
| Merrill Lynch | ( MER | Quote | Chart | News | PowerRating) |
53.78 | 5,857 | 3,777 |
| Electronic Arts | ( ERTS | Quote | Chart | News | PowerRating) |
89.97 | 2,944 | 1,803 |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
33.39 | 11,946 | 7,761 |
| Staples | ( SPLS | Quote | Chart | News | PowerRating) |
24.72 | 5,361 | 5,836 |
Institutional
Laggards.
| Name | Symbol | Price | Average Volume in 000’s |
Today’s Volume |
| IBM | ( IBM | Quote | Chart | News | PowerRating) |
82.11 | 6,362 | 4,222 |
| SBC | ( SBC | Quote | Chart | News | PowerRating) |
22.46 | 8,430 | 10,145 |
Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.
Chris Tyler