It was an interesting day for the stock market, ending on a positive note. However, even though the market hasn’t toppled yet, we’re going to take a look at both longs and shorts here.
Carnival Corporation (CCL) is not doing so well. After breaking down in January, it snapped back to resistance, and then broke down again and formed a wedge, moved back up in a rising wedge, only to reach the top of the parallel channel. On Tuesday, it broke downside, dropping 1.41, or 4.28%, on 22.5 million shares. It may bounce. It’s right at the support level. We’ll have to keep tabs on that. If it does break through that, the next target is 30-30 1/2.
CARBO Ceramics Inc. (CRR) broke down in early May and formed a wedge over the last couple weeks. It feels like it wants to go lower and break down to the low 60’s.
MicroStrategy Inc. (MSTR) has been in a downtrend for a long time, and it’s gotten even uglier. This stock may very well come down and test the 83 zone. It apparently wants to break the bear flag of sorts.
Triumph Group, Inc. (TGI) has a classic head-and-shoulder top and a breakdown bear wedge. We had to put this out on Tuesday as a short. The target is a major move down to about 68.
Other stocks on Harry’s Charts of the Day are FX Energy Inc. (FXEN), SemiLEDs Corporation (LEDS), Saks Incorporated (SKS), Sony Corporation (SNE), Swift Transportation Company (SWFT), Unilife Corporation (UNIS), Vanda Pharmaceuticals, Inc. (VNDA), and YY Inc. (YY).
On the Short Side…
Stocks on the short side include DXP Enterprises, Inc. (DXPE), Regal Beloit Corporation (RBC), and Stage Stores Inc. (SSI).