Wednesday’s Top Stocks
Tuesday marked the fifth session of gains for our ETF friends and their cash
brethren as world peace and economic stability look inevitable as the Terminator
goes after the popular vote in tonight’s ‘Ubernatorial’ election in California.
Hopefully, this won’t mean a ‘total recall’ of price gains should things turn
out to be a little different than anticipated…oh, well ‘Yahoo’ for now. On
the session the ETFs finished up between .38% to .60% with advancers over decliners
by approximately 1.5:1. Volume looked a little bit like the poster for ‘Twins’,
as the Nasdaq ‘pumped some iron’ with above-average trade, but the NYSE fell
short in Devitoesque fashion.
Another session of ‘less-overbought’, within the ETFs varying shades of consolidation
as we approach prior highs. Breakouts and continuation runs to fresh highs
in many growth stocks continue to dominate the lackluster action in the indices,
but I would personally liken it to walking on eggshells at this stage in the
game. With the index volatility levels once again stretched short-term, and
what could very well end up being a daily chart reversal top against technical
resistance (that thwarted the 1st attempt), the only thing that I’m buying
is the notion that it’s always a good time to be trading our disciplined, consistent
brand of daytrading.
‘I’ll be back’, but will Ahnuld? It’s going to be a big night for a lot of
folks out there, but for us it’s just another night to prepare our
disciplined, consistent brand of daytrading (actually tonight is tickets to
Jimmy Kimmel, but don’t tell anyone). By keeping ready with our list of High
and Low RS issues and then waiting for the classic triggers out of reversal
and continuation patterns…you bet we’ll be back for more. Hasta la vista,
baby.
Volatility Readings:
| Volatility Index | Close | Net Change | Signals/Direction | % Above/Below 10 Day Moving Average | Significance |
| VXO ( $VXO | Quote | Chart | News | PowerRating) |
19.81 | down .68 | CVR 3 Sell | 10% below | at extreme |
| VXN ( $VXN | Quote | Chart | News | PowerRating) |
29.30 | down .12 | none | 3% below | not at extreme |
Hottest Sectors : Semiconductors
(
SMH |
Quote |
Chart |
News |
PowerRating) and Retail
(
RTH |
Quote |
Chart |
News |
PowerRating)
Weakest Sectors : Pharmaceuticals
(
PPH |
Quote |
Chart |
News |
PowerRating) and 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 |
| Garmin | ( GRMN | Quote | Chart | News | PowerRating) |
44.89 | Bull flag w/in right side of base on both 30-min. extended chart and daily |
539 | 366 |
| NTL Inc. | ( NTLI | Quote | Chart | News | PowerRating) |
53.90 | top of range close on 5-minute chart, within 30-min. extended Cup & Handle pattern near 52-week highs |
618 |
904
|
| Cymer | ( CYMI | Quote | Chart | News | PowerRating) |
42.16 | Volume increase within 3 day consolidation, with 20-day ema as pattern resistance and potential recross trigger |
1,475 | 1,304 |
| Marvel | ( MRVL | Quote | Chart | News | PowerRating) |
42.01 | Top of range consolidation on above-average volume, clearing angular and pivot daily resistance |
3,078 | 4,248 |
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 |
| Barricks Gold | ( ABX | Quote | Chart | News | PowerRating) |
18.67 | Bottom of range consolidation w/in daily trading range below 50-day ema |
2,561 | 2,043 |
| ATI Technologies | ( ATYT | Quote | Chart | News | PowerRating) |
15.06 | Bottom of range close on volume increase, demonstrating relative weakness within sector |
3,134 | 3,535 |
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 |
| Synopsys | ( SNPS | Quote | Chart | News | PowerRating) |
28.10 | top of range consolidation slightly below 200-day ema and 38% daily supports on above-average volume increase |
925 | 3,449 |
| Fresh Del Monte | ( FDP | Quote | Chart | News | PowerRating) |
23.65 | Testing triple daily support (200-day ema,38%YTD, angular support line) on bottom of range consolidation w/ substantial volume |
372 | 2,521 |
| eSpeed | ( ESPD | Quote | Chart | News | PowerRating) |
24.60 | 3-Day triangle w/ inside day consolidation | 387 | 107 |
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 |
| Nextel | ( NXTL | Quote | Chart | News | PowerRating) |
21.66 | 18,188 | 17,473 |
| Dell | ( DELL | Quote | Chart | News | PowerRating) |
35.19 | 16,097 | 15,023 |
| Lowes | ( LOW | Quote | Chart | News | PowerRating) |
57.50 | 4,104 | 4,678 |
| PMC Sierra | ( PMCS | Quote | Chart | News | PowerRating) |
16.14 | 5,815 | 7,943 |
| Adobe | ( ADBE | Quote | Chart | News | PowerRating) |
41.29 | 3,225 | 2,547 |
Institutional Laggards.
| Name | Symbol | Price | Average Volume 000’s | Today’s Volume |
| NA | NA | NA | NA | NA |
Best of luck to everyone. Please use protective stops on all trades.
Chris Tyler