Today, again, we’re going to throw you some longs and some shorts in this indecisive market.
Starting with longs, BioCryst Pharmaceuticals, Inc. (BCRX) had a real terrific session. The intra-day chart shows that it exploded around early afternoon and ran from $9.10 up to $10.45, backed off, then coiled the rest of the session. As you can see towards the end of the day, it did have a little bit of firming up. But how does it look overall on the intra-day chart? Well, you got an attempted break out here, a week and a half ago, no follow through, stopped at the declining tops line, then backed off. Four days it held the moving averages and trend lines, and today was a significant day because, in the very late weak market, this stock was firm. I suspect that that one has more to go. We’ll keep tabs on it. If it does break out above this zone, it could really start to move with a target around 13 – 13 ½. and beyond that around 17 or more.
The next stock is a new one, Pacer International, Inc. (PACR), which had a significant day today, up 50% on more than 9 million shares. As you can see, it gapped up and ran to the10, 21 & 50-day moving averages, stopping just short of the resistance going back over the last 9 or 10 months. But this overall pattern is a nice base, and this thrust in volume could be significant. You can see, today, on intra-day basis, the stock gapped up and run hard all morning, before settling into a consolidation. A break out over 4 1/4 could get it going again.
On the short side, Expedia.com or Expedia Inc. (EXPE) broke down hard and now it’s formed a 3-day mini bear flag. It certainly looks lower. The possibility exists that is could snap back towards 24, but on a low volume move like that could get me interested in entering on the short side.
Navistar International Corp. (NAV), which we also entered short today on a pullback, then collapsed back about 21/2 points, then bounced before closing at 34.19, down 73 cents after being up a day earlier. Negative technicals. Certainly a rollover-type topping pattern here.
The last one is Pool Corp. (POOL), which broke down from a head and shoulders type top and it’s formed a beautiful 5-day bear wedge or bear pennant. It certainly looks lower.
Those are some long and short ideas for today.
You can see the rest of Harry’s Chart(s) of the Day at https://www.thetechtrader.com/cgi-bin/fbuser. They cover such long and shorts as China Automotive Systems, Inc. (CAAS), Qiao Xing Mobile Communication Co, Ltd. (QXM), Revlon (REV), Sonic Solutions (SNIC), Advance Auto Parts Inc. (AAP), Fuqi International Inc. (FUQI), Carnival Corp. (CCL), Beckman Coulter Inc. (BEC), CMG (Chipotle Mexican Grill).
