Wednesday’s Top Stocks
I want my ‘MAMA!!!’ Well, maybe I don’t after today–as the stock ran up impressively
from an excellent intraday Cup-and-Handle trigger, giving many momentum traders
something dear to their collective hearts and trading accounts…but, maybe
not dear enough to invite home after a daytime fling. As for the broader market–some
traders just might have been calling out for mama if they stayed in for today’s
reversal ride lower. On the session, both the S&P 500 and Nasdaq Composite
finished lower, between .59% to .88% on ‘still’ below-average, but this time
mixed-volume statistics. Now today deserves a little ‘yahoo’–maybe not for
recent shareholders, but the stock was in part responsible for keeping this
cautious bull grounded with the horns down while the market continues to do
its best at steering me clear of any harsh realities.
I was so right–the market did in fact open once again at 9:30 AM EST. Oh yeah,
it was also nice to not be pulled in by the market war call to bear arms, or
in this case stocks–just ’cause we had some decent price action. Thank you
divergence, and thank you leading growth stocks–of which very few are really
positioned to move higher out of constructive bases at this juncture. Sure,
there were some intraday longs today and yesterday to participate in, but personally,
with all the mixed signals out there on a daily basis–why bother? Why not just
say thank you instead to some disciplined, consistent daytrading tactics, and
let the other guy worry about whether or not they throw MAMA from the train
in tomorrow’s session?
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
14.60 | up .42 | cvr 2,6 sell | 5% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
22.34 | down .20 | cvr 6 sell | 6% below | not at extreme |
Hottest Sectors : Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Internet
(
HHH |
Quote |
Chart |
News |
PowerRating)
Wednesday’s 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 000’s | Today’s Volume |
| Vasco Active | ( VAPH | Quote | Chart | News | PowerRating) |
36.61 | Top of range consolidation on high volume breakout of momentum issue |
278 | 1,804 |
| Comverse Technology | ( CMVT | Quote | Chart | News | PowerRating) |
20.41 | Top of range consolidation on increased, above-average (IAA) volume b/o of daily chart pattern |
3,172 | 6,612 |
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 000’s | Today’s Volume |
| Avaya | ( AV | Quote | Chart | News | PowerRating) |
16.97 | Engulfing bearish bar on IAA volume, finishing bottom of range |
6,121 | 6,014 |
| Cognizant Technology | ( CTSH | Quote | Chart | News | PowerRating) |
45.96 | IAA Volume b/d of daily pivot lows, finishing bottom of range |
1,356 | 1,546 |
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.
Long Reversals Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume 000’s | Today’s Volume |
| NA | NA | NA | NA | NA | NA |
Short Reversals Closing Basis.
| Name | Symbol | Price | Technical Strength | Average Volume 000’s | Today’s Volume |
| NA | NA | NA | NA | NA | NA |
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 000’s | Today’s Volume |
| Staples | ( SPLS | Quote | Chart | News | PowerRating) |
27.33 | 3,122 | 4,267 |
| Verizon | ( VZ | Quote | Chart | News | PowerRating) |
39.46 | 7,389 | 10,911 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Yahoo | ( YHOO | Quote | Chart | News | PowerRating) |
43 | 9,693 | 10,643 |
| Qualcomm | ( QCOM | Quote | Chart | News | PowerRating) |
62.01 | 9,311 | 7,408 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler