APKT, FAZ, HAS, VXX, ARAY - Stock Charts to Watch
Charts of the Day video for Mon February 8th 2010
Today we’re going to talk about some longs. There are plenty of longs that still look good in this market despite the indices rolling over and looking vulnerable here. We’ll also talk about some of the ultra-short ETFs, which we’ve been trading and currently have in our model portfolio.
Starting off with Acme Packet (APKT), which has been acting great, notice that the two-month base here broke out of a large price volume surge and it’s been flagging for the last three days. Today it moved up a fraction but the underlying technicals continue to improve. Balance of Power, Money Stream and On-Balance Volume all look positive enough for this stock to make it higher, I think. Target’s 16 1/4, secondary target up around 20.00. We’ll be keeping close tabs on this one going forward.
The Financial Bear 3X (FAZ), which turned around in early January, pulled back in a nice orderly bull flag, and then broke out. This stock looks like it may have some difficulty getting through the 24 – 24 1/2 zone. That’s my trading target short-term, but if it gets through there, then Katy bar the door!
Hasbro (HAS) had a big significant price-volume surge and breakaway gap today that takes it to tremendous earnings, up nearly 4.00. Beautiful base, the break out, the flag, the cup and handle. You can see that the explosion today was an impressive one, especially in the face of a declining market, and it would not surprise me to see this stock make it up to the high 30’s, low 40’s going forward for a test of the ’08 highs.
Lastly, the VXX, which is the ETF for the VIX, appears to similarly be quite strong like the EDZ. A significant break out occurred Friday, very little pullback, and today another move forward, up 66 cents, closing right at the declining 50-day moving average. A price break through here should lead to my next target up around the 37-38 area, then beyond that maybe something in the low 40s.
Other stocks on Harry's Chart of the Day video that you'll want to learn more about are Accuray (ARAY), Large Cap Bear 3X (BGZ), China Agritech (CAGC), Conexant Systems (CNXT), Emerging Markets Bear 3X (EDZ), Integrated Silicon Solution (ISSI), Key Tronic (KTCC), Momenta Pharmaceuticals (MNTA), North American Energy Partners (NOA), Pharmacyclics (PCYC), RXi Pharmaceuticals (RXII), Silicon Graphics International (SGI), Small Cap Bear 3X (TZA).
That’s it for tonight. There are some ideas for you on the long side as well as ultra shorts.