Today I’m going to cover a few longs that I like as well as the ultra-short ETF’s.
Starting with Acme Packet (APKT), which broke out last week, is forming a beautiful tight wedge at 13.68, technicals are actually making higher highs, Balance of Power has turned full green. Stock looks like it wants to go higher. Target around 16 1/2 short-term, then 20-21 at the top of the channel ultimately.
AP Pharma (APPA), a new stock we spotted today, after breaking out of this big long consolidation ran sharply in December, pulled back, and now popped out again the last couple days. Today accelerated to the upside by about 17 1/2% on 1.3 million shares. That’s the heaviest volume in months. Looks like this stock could reach the 2.60-65 area short-term, then the secondary target around 3.30.
Conexant Systems (CNXT) continues to form a beautiful bull flag. Volume and technicals hold up very well. This stock is currently testing its rising moving averages. Looks like it wants to break out of this flag and run. If it does, my target’s around the 6.00 range once it does get through the recent high, then longer-term you’re looking at something around 8 1/2-9.
Direxion Small Cap Bear 3X (TZA) also moved back above its moving averages, broken its down trend line and it’s currently a 3-day flag. Doesn’t quite look like it has the thrust like some of the others, but I’m looking potentially for the stock to test the declining topsline up around 13.00 short-term.
Other stocks to view on Chart of the Day are Large Cap Bear 3X (BGZ), Emerging Markets Bear 3X (EDZ), Financial Bear 3X (FAZ), Finisar (FNSR), L-1 Identity Solutions (ID), Key Tronic (KTCC), Micrus Endovascular (MEND), UltraShort Real Estate ProShares (SRS), Daily Tech Bear 3X.
There’s some ideas for you on the long and also the short side.
