It was a mixed session on Monday on Wall Street, and as we have done for the last several sessions, we’ll look at both longs and shorts.
Patrick Industries Inc. (PATK), one of our swing trades that’s been doing quite well for us, after months of resting, popped on Monday, up 3.02 to 18.49, or 19.5%, on a half million shares. It’s the best volume in 4 months. At this point, look for more upside, perhaps a move into the low 20’s. We have 21-22 as a swing trade target.
Synta Pharmaceuticals Corp. (SNTA) had a key breakout on Monday, going from 7.52 to 9.41. That’s a huge move, and a key breakout above key resistance. It was up 1.79 to 9.41, or 23 1/2%, on 3.4 million shares. The short-term target at about 9.00-9.10 may be reached on Tuesday. Once reached, the longer-term chart gives every indication that this stock could very well move into the 11-12 zone.
On the Short Side…
Clean Harbors Inc. (CLH), which was down 94 cents to 47.91 on Monday, has a falling wedge. But at the bottom of the channel, it could implode to get into the low 40’s.
Coinstar Inc. (CSTR) looks like it’s destined to lower levels, perhaps to 38, and then 35.
FirstEnergy Corp (FE) is coming out of a wedge, which could fall apart, and test the lows near 42, maybe even down as low as 40 1/2.
Other stocks in our Charts of the Day are BioDelivery Sciences International, Inc. (BDSI), Grifols, S.A. (GRFS), Mindspeed Technologies Inc. (MSPD), Nationstar Mortgage Holdings Inc. (NSM), Novavax, Inc. (NVAX), inContact, Inc. (SAAS), Venoco, Inc. (VQ), and EXCO Resources Inc. (XCO).
Charts of the Day on the short side include Acacia Research Corporation (ACTG), Abercrombie & Fitch Co. (ANF), CEVA Inc. (CEVA), Con-way Inc. (CNW), Diebold, Incorporated (DBD), Lincoln Electric Holdings Inc. (LECO), and True Religion Apparel Inc. (TRLG).