These are the charts for today. Both long and short. I’m going to show you some ideas on both sides. Starting with longs.
BioCryst Pharmaceuticals, Inc. (BCRX) is in a beautiful up channel. We’ve talked about this for a while now, but it continues to move higher. Out of the declining tops and rising bottoms kind of wedge of the last two days, the stock has moved from around 9 to an 11.88 high today, closing a 11.40. Up 1.30 on heavy volume of 6.3 million. OBV, Money Stream, Balance of Power all surging. There’s some moderate resistance around the 12.27-. 28 area right here at that high. Then the key is the 13.47-.50 zone, where this high exist. A move through that, as you can see, from the top of the channel, could lead this stock as high as low 20s, mid 20s, even 30.00 a share over the course of some time. At least that’s what the top of the channel projects to. But let’s first get over 13 1/2 before we have to worry about that.
Fuel Systems Solutions Inc. (FSYS), which popped big time today, and we traded, has been in a beautiful rising channel, and cut through two layers of resistance today, with a big gap up and a strong surge. It gained 10.51, or 31%, on 3 3/4 million shares today. That’s the heaviest volume that this stock has traded going back several years anyway. Any time you get a price-volume thrust that breaks out above moving averages and price resistance, you could get a follow through. Now, the follow through calls for a move up towards 47-ish short term. Maybe it can get that tomorrow. But, eventually, a possibility exists that this stock gets back up toward the high 50s-60.00 range and retests the all time high. At least that’s what it looks like now with that kind of price-volume surge. I’d love to see a kind of pause, or flag, or pullback that gives us a change to get back into it. It certainly looks like it has good potential.
In addition to these we have some other longs that are pretty good: Cass Information Systems (CAAS), Revlon (REV), U.S. Energy Corp. (USEG), Protalix BioTherapeutics, Inc. (PLX), and Human Genome Sciences (HGSI) on Harry’s Chart(s) for the Day, most having had a good day today.
That covers it for the long side. Let’s move over to some of the Boxer Shorts, also some of our portfolio positions right now as we enter a few more today.
Starting with Carnival Corp (CLL), let me show you why I’m short. After breaking down and reaching the bottom of the channel, the stock has snapped back for a couple of days, reached initial price resistance, but overhead there’s even stronger moving average and trendline declining tops resistance around 31 1/2. So we’ll see what would happen if and when it gets up there.
Expedia Inc. (EXPE) jumped 1.21, but all it did was snap back to resistance on lower volume. Technicals didn’t budge much. And it looks like it could roll over and form a head and shoulders type top.
Pool Corp. (POOL), which we entered today, is forming a beautiful little bear pennant or flag. Very poor technicals and very little movement. This stock looks like it may rollover and slip down towards that 15-16 range.
Along with those shorts, the other shorts are Chipotle Mexican Grill (CMG), Fuqi International, Inc. (FUQI), Goodyear Tire and Rubber (GT), Monsanto Company (MON), and Navistar International Corp. (NAV).
That’s it for today. There’s some ideas for you to look at on both the long and short side. It’s a very tenuous market here, and they can go either way, so be careful out there.
