I’m going to talk about four longs and four shorts today, the four shorts being current portfolio positions.
On the long side, for starters, I want to take a look at Kandi Tech Corp. (KNDI), a Chinese auto manufacturer. After it announced a contract today, it broke out of this key wedge I’ve been talking about for days now, and spiked up 77 cents on nearly a million shares. That’s the second heaviest volume this year. Significant, because it broke out of a coil, and now my target on it is up around the 6 1/2 plus area. It could be due for a nice follow through in the next couple of days.
Nanometrics, Inc. (NANO) came out of a nice 2-3 month base after that big run up it had earlier in the year. Broke out on heavy volume. Followed through today, up another 1.00 on 1.6 million shares, and purely based on channel projections this is a stock that could be in the mid to high teens.
Ocean Power Tech Inc. (OPPT), which is thin but active of late, is showing some signs that it could move over to the 10–10.17 area. Should it do that, it could explode this into the 12.00 area.
Sinovac Biotech Ltd. (SVA) had a significant move today in the face of a declining market. After six weeks of consolidating basing, it made some good moves today. Next target around 10.65, thereabouts, 10.75, and beyond that the old high at 12 1/2.
That’s it for the longs.
Now, we’re moving over to some of the Boxer Shorts, and portfolio position, Expedia.com (EXPE). Scrolling in you’ll see that it had a low-volume rally back to resistance, started rolling over yesterday, followed through today, down 52 cents. Perhaps a new down channel is forming. Bottom of that channel measures down around 20. That’s my initial trading target if it gets through 21. 90. Beneath that longer term, or more intermediate term projections, or for something around the 17 1/2 area. On the short side, of course.
Goodyear Tire & Rubber (GT) after breaking down has barely been bear flagging for the last two weeks, although, it was up 21 cents today, the volume was very low, the technicals look like this could roll over and get slam-dunked down to around the 10.00 range. That’s my trading target.
Next we have Navistar International Group (NAV), which is coming to the apex of a wedge here. Quite bearish. Projections call for it getting down around the 29 1/2 area. That’s my trading target. Beneath that, 27–27 1/2, thereabouts.
Lastly, Pool Corp. (POOL) is also forming a bear flag on low volume with poor technicals, very similar to the other stocks we’ve just reviewed.
There you have it for today. Have a good Friday and a good weekend.
