Tuesday’s Top Stocks

July 14, 2003
Chris Tyler

The ETFs surged higher off an opening gap in Monday’s trade,
eliciting a great big collective ‘yahoo’ from market bulls everywhere…well almost. An upgrade of Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) and positive reports out of Bank of America
(
BAC |
Quote |
Chart |
News |
PowerRating) and Citigroup
(
C |
Quote |
Chart |
News |
PowerRating) were the primary catalysts to continue the momentum of Friday’s light volume push higher in our index proxies. The Spyders, Diamonds, and Q’s finished up between .50% and 1.25%, but once again on volume that might be considered suspect. On the NASDAQ, volume did reach levels considered average, but with another ‘error’ in one of the futures pits, and a bout of late day selling coming into the market, closing numbers might be taken with a grain of salt.

While most of today’s move up was broadbased in nature, not everyone embraced the bull. The Telecom and Oil Services sectors, as well as Internet goliath Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating), refrained from any bullish games today. In Yahoo’s case the culprit appears to be a definitive agreement to purchase Overture Services
(
OVER |
Quote |
Chart |
News |
PowerRating). Do you still yahoo, or is it really over?

Technical pivot highs of various grades, or shades of bullishness were tested today. Yahoo!! I would like to say that I saw it coming, and was margined to the hilt in the likes of Internet Capital Group
(
ICGE |
Quote |
Chart |
News |
PowerRating), but it’s moves like that, the purely speculative crapshoots, that have me maintaining and tidying up house so to speak. A rising tide lifts all boats, so they say…just make sure you know what time they release the flood gates if you’re going to play in those waters.

For the rest of us, we’ll continue to profit by the rules that continue to deliver consistent results. By sticking to the high quality intraday continuation and reversal patterns in our list of High and Low RS stocks, we’ll be around to trade long after the ‘incubator’ turns up empty.

Volatility Readings:

Volatility Index	Close	Net Change	Signals/Direction	% Above/Below 10 Day Moving Average	Significance
VIX ( $VIX.X \| Quote \| Chart \| News \| PowerRating)	21.41	up .69	CVR 1 Sell	0% above	Not At Extreme
VXN ( $VXN.X \| Quote \| Chart \| News \| PowerRating)	33.89	up 1.09	CVR 1 Sell	4% above	Not At Extreme

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
Omnivision	( OVTI \| Quote \| Chart \| News \| PowerRating)	39	Top of range consolidation at prior 52-week highs	1,443m	1,394m
Centex	( CTX \| Quote \| Chart \| News \| PowerRating)	80.40	Daily reversal bar higher off 1,2,3 bottom with confirming volume	1,487m	1,560m
Mercury Interactive	( MERQ \| Quote \| Chart \| News \| PowerRating)	44.45	Cup and handle b/o on volume to close at top of intraday range in consolidation	3,375m	6,687m

Technical Weakness Bottom of Range.

Stocks
are scanned fromÂ 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
Burlington Resources	( BR \| Quote \| Chart \| News \| PowerRating)	50.31	Low RS stock nearing daily test of pivot lows	1,781m	1,977m

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

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	Today’s Volume
Novellus	( NVLS \| Quote \| Chart \| News \| PowerRating)	39.50	9,323m	10,531m
Merrill Lynch	( MER \| Quote \| Chart \| News \| PowerRating)	51.41	5,955m	8,181m
Genzyme	( GENZ \| Quote \| Chart \| News \| PowerRating)	45.93	3,514m	3,575m

Institutional
Laggards.

Name	Symbol	Price	Average Volume	Today’s Volume
Verizon	( VZ \| Quote \| Chart \| News \| PowerRating)	37.50	6,290m	10,912m
Qualcomm	( QCOM \| Quote \| Chart \| News \| PowerRating)	38.37	13,631m	11,393m
Biogen	( BGEN \| Quote \| Chart \| News \| PowerRating)	41.63	5,017m	3,299m

Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.

Chris Tyler

Tuesday’s Top Stocks

BUY THE FEAR, SELL THE GREED

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