Wednesday’s Top Stocks
Unlike Waiting for Godot, Greenspan’s answer to the
market’s prayers will arrive tomorrow, and for many investors and traders that moment can’t arrive soon enough. Of course, there’s always the next number to look forward to in the not too distant future. I’ll cut straight to the chase as I know someone else is already making you wait. The ETF proxies, due to a general lack of important news, or should I say news overshadowed by our favorite champion of the stock market, did their usual pre-Fed consolidation thing by forming a lethargic narrow range day after a week of consolidation-type action.
The technical action had the Spyders
(
SPY |
Quote |
Chart |
News |
PowerRating), NASDAQ 100
(
QQQ |
Quote |
Chart |
News |
PowerRating), and the Diamonds
(
DIA |
Quote |
Chart |
News |
PowerRating) finishing off mixed around the unchanged mark, with the tech-heavy Q’s underperforming their peers on the session. News of lower guidance out of Advanced Micro Devices
(
AMD |
Quote |
Chart |
News |
PowerRating), although a smidgeon of their former self as measured by market cap, managed to weigh down the semiconductor sector
(
SMH |
Quote |
Chart |
News |
PowerRating). The Q’s finished down .80%.
In other news, and adding to ‘the market mix’, Prudential was seen defending one of their own today, actually two, as upgrades were in order for both Merrill Lynch
(
MER |
Quote |
Chart |
News |
PowerRating) and Morgan Stanley
(
MWD |
Quote |
Chart |
News |
PowerRating). With strength coming out of the Broker/Dealers
(
$XBD |
Quote |
Chart |
News |
PowerRating), as well as the well-built ‘Homeys’
(
$HGX.X |
Quote |
Chart |
News |
PowerRating),our two other ETF friends managed to scrape together a positive finish, up between .15% and .30% on below-average volume, and lackluster market breadth statistics…oh well.
What you get is what you see, and in today’s narrow range that meant that the drive for five was kept in check at what can be considered our first technical levels of support. As I said yesterday, I know what I would like to see, but I think the Stones said it best with the words, ‘You can’t alway’s get what you want.’ Tomorrow is yet another waiting-in-vain type of day for the investing class…so many decisions to be made on that one number. All I can say once more is thank god for daytrading.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VIX ( $VIX.X | Quote | Chart | News | PowerRating) |
22.75 | up .10 | none | 3% above | Not At Extreme |
| VXN ( $VXN.X | Quote | Chart | News | PowerRating) |
32.43 | up .63 | CVR 1,2 Sell | 3% below | Not At Extreme |
Hottest Sectors :Â Homebuilders
(
$HGX.X |
Quote |
Chart |
News |
PowerRating)
and Broker/Dealers
(
$XBD.X |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Gold & Silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) and
Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating)
Wednesday’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 |
| Findwhat.com | ( FWHT | Quote | Chart | News | PowerRating) |
20.62 | High level consolidation on daily ‘micro’ triangle pattern at 52-week highs |
943k | 2,173m |
| University of Phoenix |
( UOPX | Quote | Chart | News | PowerRating) |
50.67 | high volume follow thru day to close at top of range off technical reversal |
256k | 437k |
| Sandisk | ( SNDK | Quote | Chart | News | PowerRating) |
39.63 | Outside bullish day with confirming volume to establish 52-week high out of daily trading range |
4,251m | 8,040m |
| Integrated Circuits |
( ICST | Quote | Chart | News | PowerRating) |
28.98 | Outside reversal day higher within established daily trading range to close at top of intraday range |
1,940m | 1,472m |
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 |
| Interdigital Communications | ( IDCC | Quote | Chart | News | PowerRating) |
22.05 | High volume technical break down continuation day, to close bottom of range in a triangle pattern |
925k | 2,019m |
| Sepracor | ( SEPR | Quote | Chart | News | PowerRating) |
18.50 | Low RS stock closing below prior uptrend pivot lows, and consolidating near bottom of intraday range |
1,985m | 1,384m |
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 |
| Verity | ( VRTY | Quote | Chart | News | PowerRating) |
17.33 | High volume hammer reversal off the 200-Day EMA |
525k | 1,844m |
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 |
| Apollo | APOL|APOL] | 63.19 | 2,169m | 4,955m |
| Altria | ( MO | Quote | Chart | News | PowerRating) |
45.05 | 10,973m | 11,546m |
| Eli Lilly | ( LLY | Quote | Chart | News | PowerRating) |
68.66 | 4,129m | 3,894m |
| Lennar | ( LEN | Quote | Chart | News | PowerRating) |
74.95 | 1,644m | 1,602m |
Institutional
Laggards.
| Name | Symbol | Price | Average Volume | Today’s Volume |
| Johnson & Johson | ( JNJ | Quote | Chart | News | PowerRating) |
52.60 | 8,595m | 8,113m |
| Xilinx | ( XLNX | Quote | Chart | News | PowerRating) |
24.94 | 9,452m | 9,590m |
| Morgan Stanley | ( MWD | Quote | Chart | News | PowerRating) |
43.30 | 5,719m | 7,285m |
Best of luck to everyone. Please use
protective stops on class=890430920-15102001> all trades.
Chris Tyler