Wednesday’s Top Stocks
Apparently investors didn’t
have enough grilling over the weekend, as the semiconductor and software sectors
were served up well-overdone by the time the session ended.
Needless to say, the S&P500 and Nasdaq Composite
finished handily lower–off between .81% to 2.15% respectively. Hmm, how do you
like your bull?
Well it seems that a double bottom test was in
fact necessary for the semiconductor sector. Actually, the SMH undercut its May
pivot lows, while the cash index (SOX) missed the mark fractionally. Will it
hold? I have no idea. I can tell you that it’s a little late to be attempting to
book profits in most component names, and the focus will be on reversal longs
coming in tomorrow. Beyond that, we’ll just have to wait and see what actually
happens–outside of the fact that we’ll be using our disciplined, consistent
daytrading tactics, just like we do each and every day.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
15.83 | up .74 | na | 7% above | not at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
21.96 | up 2.07 | cvn 3 buy | 11% above | at extreme |
Hottest Sectors : Retail
(
RTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Software
(
SWH |
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 |
| Industrial Services | ( IDSA | Quote | Chart | News | PowerRating) |
14.07 | Top of range close on high volume thrust bar b/o |
403 | 1,414 |
| Hot Topic | ( HOT | Quote | Chart | News | PowerRating) |
21.10 | Increased, above average volume engulfing bar within daily consolidation |
1,325 | 1,749 |
^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 |
| Symantec | ( SYMC | Quote | Chart | News | PowerRating) |
41.61 | Increased volume trend bar out of pullback from daily lows |
5,254 | 4,237 |
| Express Scripts | ( ESRX | Quote | Chart | News | PowerRating) |
72.52 | Bottom of range close on Low RS continuation bar below prior supports |
923 | 975 |
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 |
| IBM | ( IBM | Quote | Chart | News | PowerRating) |
85.70 | 4,924 | 6,315 |
| Wal-Mart | ( WMT | Quote | Chart | News | PowerRating) |
52.08 | 10,026 | 10,122 |
| Semiconductors | ( SMH | Quote | Chart | News | PowerRating) |
34.58 | 19,133 | 25,754 |
Institutional Shorts
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| General Motors | ( GM | Quote | Chart | News | PowerRating) |
44.55 | 5,106 | 5,403 |
| Research In Motion | ( RIMM | Quote | Chart | News | PowerRating) |
67.92 | 5,092 | 9,657 |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler