Wednesday’s Top Stocks
Increased, above-average trade in both the
semiconductor sector and the Nasdaq Composite was nice to see after some
technical testing of range lows yielded an intraday reversal, to close solidly
in the green. Unfortunately, when the leader in today’s trade also happens to be
one of the weaker sectors around, then the .35% to 1% close in the broader
averages carries a bit less meaning–especially since when all is said and done,
the market is still trapped in a very narrow range against key resistance. Hmm,
probably more ‘yippee than a great big ol’ Yahoo’ in one cautious bull’s most
humble opinion.
It’s true that some key MAs and price supports
were tested in today’s trade, but it still seems to be an ‘EASI’ decision to
hold back on donning the party horns and toga. All the other technical signs,
such as historically low volatility levels, extremely divergent price action in
many issues, the majority of growth issues still not showing the right stuff,
the ‘leading-lagging’ semiconductors still pointing down, and of course major
technical resistance within the intermediate downtrend are all still in place as
of the close of trade. Oh well, there’s always tomorrow’s closing prices to look
at, in hoping that the technical picture might change for the better–but, until
then and always, we can continue to focus on our disciplined, consistent
daytrading tactics.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
14.10 | down .53 | cvr 1 buy | 3% below | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
19.29 | down .44 | cvn 6 sell | 8% below | not at extreme |
Hottest Sectors : Semiconductor
(
SMH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Biotech
(
BBH |
Quote |
Chart |
News |
PowerRating)
Wednesday’s stocks to watch:
Longs.
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 Assesment | Average Volume 000’s | Today’s Volume |
| Computer Sciences | ( CSC | Quote | Chart | News | PowerRating) |
44.15 | Daily chart right side of base b/o |
1,187 | 993 |
| Chico’s Fashion | ( CHS | Quote | Chart | News | PowerRating) |
44.30 | Engulfing bullish bar w/in handle on increased, above-average volume |
1,076 | 1,056 |
^next^
Shorts.
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 Assesment | Average Volume 000’s | Today’s Volume |
| Ameristar | ( ASCA | Quote | Chart | News | PowerRating) |
31.48 | Multiweek lateral consolidation near supports |
282 | 191 |
| Tsakos | ( TNP | Quote | Chart | News | PowerRating) |
32.22 | Increased, above-average reversal bar out of double top |
315 | 399 |
Institutional Longs and Institutional Shorts.
The following stocks are selected from the Nasdaq, S&P 500 & 600 Indices,
and HOLDRs, and are based on a combination of daily and intraday analysis.
Institutional Longs
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Broadcom | ( BRCM | Quote | Chart | News | PowerRating) |
44.85 | 8,333 | 11,766 |
| Mercury Interactive | ( MERQ | Quote | Chart | News | PowerRating) |
49.53 | 2,213 | 1,604 |
| Netease.com | ( NTES | Quote | Chart | News | PowerRating) |
42 | 1,721 | 1,153 |
| Amgen | ( AMGN | Quote | Chart | News | PowerRating) |
53.21 | 9,499 | 11,100 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| Wal-Mart | ( WMT | Quote | Chart | News | PowerRating) |
54.06 | 9,157 | 14,240 |
| Home Depot | ( HD | Quote | Chart | News | PowerRating) |
35.04 | 7,426 | 10,257 |
| KLA-Tencor | ( KLAC | Quote | Chart | News | PowerRating) |
45.94 | 7,655 | 5,874 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler