Thursday had the potential to be the reversal day we have been anticipating. The morning bell had us short and profitable, and by the time short sellers started taking their money out of the market, things had already moved too far to plot a significant reversal on the daily charts. Nevertheless, the Dow Jones Industrials did manage to gain almost eight points on the session, and given the morning freefall, that ainââ,¬â"¢t too bad.

On Friday, we will be watching an assortment of longs and shorts and let the indices decide which ones we will favor. First, in the medical/vision stocks Allergan (AGN) and Advanced Medical Optics (EYE) had stong Fast Ball showings on Thursday and are worth a look on Friday.

Allergan Inc

Advanced Medical Optics

Food producer Heinz Co. (HNZ) had a Fast Ball day of its own on Thursday, but wound up worse for the wear. We will be watching for a further breakdown scalp trade during Fridayââ,¬â"¢s trading. The stock is approaching the 50 period simple moving average, so stops on any short side entry will be very tight.

Heinz HJ Co.

Adrian Manz is the author of Around The Horn: A Trader's Guide To Consistently Scoring In The Markets and is cofounder of TraderInsight.com. Email him at adrian@traderinsight.com.