Wednesday’s Top Stocks
Well JILL went up the hill–the million-dollar question is whether or not her
bigger cousins, the Nasdaq Composite and S&P500 will join her, and her even
better-looking ‘special’ friends PSUN, CACH, and URBN. J Jill Grp Inc. is another
specialty retailer, and although not breaking out to fresh highs–it did bust
a ‘mooove’ nonetheless. As for the cash indices, it was yet another day of more
or less consolidation–although in today’s show, both our market proxy friends
finished higher, up between .48% to .72%. Volume was still light, more likely
the result of those that recently dumped their ‘weighted portfolios’ not wanting
to buy the technical pullback that they just recently finished selling into….oh
those yahoos, seriously.
Another grinder of a day, and not exactly the Follow-Thru-Day or FTD that we
ultimately would like to see (as mentioned yesterday)–but with the action closing
well, and the Nasdaq putting in its first close above its 20-day EMA in two
weeks, I don’t mind saying ‘yahoo’ anyhow. Two tight days of contracting action,
but with firming prices as of today’s close, this could very well be a springboard
for the coveted FTD. That type of trade would lead to a collective ‘yahoo’ from
investors everywhere, with Mr. Bill and Co. leading the cheer that all is well
once more. For me though, whether this happens or not–everything will be just
plain ol’ hunky dory, as long as I’m allowed to keep on looking for the higher-probability
setups in the realm of disciplined, consistent daytrading.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
15.53 | down .24 | na | 8% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
24.47 | down .74 | na | 4% below | not at extreme |
Hottest Sectors : Oil Services
(
OIH |
Quote |
Chart |
News |
PowerRating) and Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Gold/Silver (XAU)
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 |
| Silicon Labs | ( SLAB | Quote | Chart | News | PowerRating) |
56.58 | doji consolidation day on daily after right side of base b/o |
1,510 | 1,698 |
| Helix Technologies | ( HELX | Quote | Chart | News | PowerRating) |
26.43 | Top of range close on above average volume, testing weekly pattern b/o levels |
254 | 310 |
| Enzon Pharmaceuticals | ( ENZN | Quote | Chart | News | PowerRating) |
14.28 | doji consolidation day on increased, above-average volume, within high level daily base |
751 | 761 |
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 |
| OmniVision | ( OVTI | Quote | Chart | News | PowerRating) |
46.73 | Bottom of range consolidation on increased, above-average volume out of a daily pullback pattern from lows |
1,694 | 2,985 |
| Inco | ( N | Quote | Chart | News | PowerRating) |
36.22 | Light volume test from below, of Moving Average resistance, closing middle of range |
1,868 | 1,389 |
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 |
| Netflix | ( NFLX | Quote | Chart | News | PowerRating) |
72.80 | Bottom of range consolidation on increased, above-average trade, confirming 123 topping pattern on daily |
2,402 | 4,585 |
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 |
| Target | ( TGT | Quote | Chart | News | PowerRating) |
41.30 | 4,171 | 8,155 |
| 3M | ( MMM | Quote | Chart | News | PowerRating) |
81.25 | 2,856 | 3,346 |
| Linear Technologies | ( LLTC | Quote | Chart | News | PowerRating) |
41.97 | 4,580 | 8,808 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| General Electric | ( GE | Quote | Chart | News | PowerRating) |
32.50 | 20,768 | 22,157 |
| Dell | ( DELL | Quote | Chart | News | PowerRating) |
33.28 | 16,814 | 14,954 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler