Wednesday’s Top Stocks

Many intraday players consider .42 cents as a daytrade quite good–but when
it comes to the range in the S&P 500 ETF
(SPY), it typically has traders
asking themselves, ‘Where’s the beef?’ that we’re so accustomed to finding in
our bovine friends, the market proxies. After yesterday’s extension, making
for eight days of gains out of nine sessions, and yet again, fresh 52-week highs–can
ya’ blame ’em? Personally, I don’t think so–especially considering that volume
came in substantially lighter in today’s S&P consolidation, while the Naz
managed to tweak out a fresh high on increasing volume.

For the day, the churn and burn has our index friends closing fractionally
.25% below, to a whopping .25% above the unchanged mark. Not exactly higher
ground, but considering that a lot of our players are doing tricks on the mountains
rather than in the markets right about now–maybe it’s not time to say ‘Yahoo,’
but it’s getting awfully close to bringing out the party ‘horns’ nonetheless.

Kind of like walking on eggshells, but stay ‘CALM’ everyone, ’cause the market
is still doing just fine. The stocks in my own little universe, comprised of
growth and tech issues, continue to look better and better. The majority of
these stocks have recently broken out of multi-week bases, or continue to look
good within their formations. As long as healthy triggers continue to set up,
I have no qualms with anticipating higher ground…that is, until told differently
by my judge and jury–namely price and volume. Of course, that verdict is still
out, but the one decision that we don’t have to anticipate or wait around for,
is to continue sticking with our tried-and-true disciplined and consistent brand
of daytrading.

Volatility Readings:

Volatility Index Close Net Change Signals/Direction % Above/Below 10 Day Moving Average Significance
VXO
(
$VXO |
Quote |
Chart |
News |
PowerRating)
16.92 up .88 none 5% above not at extreme
VXN
(
$VXN |
Quote |
Chart |
News |
PowerRating)
23.49 down .24 none 4% below not at extreme

Hottest Sectors : Telecom
(
TTH |
Quote |
Chart |
News |
PowerRating)

Weakest Sectors : NA

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
Genzyme
(
GENZ |
Quote |
Chart |
News |
PowerRating)
49.33 High of day close on increased volume, near one month cup
triggers
2,863 1,873
Secure Computing
(
SCUR |
Quote |
Chart |
News |
PowerRating)
17.10 High volume b/o of weekly base formation, closing top of
range
401 2,406

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)
55.33 Bottom of range consolidation testing 50-day EMA within
Low RS daily congestion
1,504 763
Polycom
(
PLCM |
Quote |
Chart |
News |
PowerRating)
18.90 Bottom of range consolidation on increased, relative volume,
breaking daily consolidation supports
1,523 1,237

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
Hewlett Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating)
22.93 11,499 6,988
Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating)
44.93 12,281 5,476
KLA-Tencor
(
KLAC |
Quote |
Chart |
News |
PowerRating)
58.34 7,832 5,799

Institutional Laggards.

Name Symbol Price Average Volume 000’s Today’s Volume
United Technology
(
UTX |
Quote |
Chart |
News |
PowerRating)
94.60 1,876 1,283
Mercury Interactive
(
MERQ |
Quote |
Chart |
News |
PowerRating)
48.03 3,066 1,677
Eli Lilly
(
LLY |
Quote |
Chart |
News |
PowerRating)
70.93 3,588 3,109

Best of luck to everyone. Please use protective stops on all trades.

Chris Tyler