The stock market didn't fair to well on Monday, so we’ll go over both the longs and shorts, beginning with the shorts.
Alaska Air Group, Inc. (ALK) broke down out of a rising channel, a rising wedge formed, it broke again, and a little mini-wedge formed, then it broke down to support and bounced, and continues to rollover. It reached 33.80 on Monday, and could see 30 - 30 1/2 in the near future.
Pitney Bowes Inc. (PBI) has been negative for a year now. It came down hard, bounced around for a couple months, rolled over, formed a wedge, came down to test support, bounced again, and then rolled over, forming a bear flag or wedge just beneath it. If this cracks, it could eventually get down to the target at 14.
Stocks on the Long Side…
Expedia Inc. (EXPE) had a significant price-volume surge on Friday, and then came on again on Monday, jumping 2.34 to 42.65, or 5.8%, on a whopping 13 million shares. The long-term chart indicates a major breakout, and a massive head-and-shoulder’s bottom, which could lead to a big move in this stock. If there’s a follow-through, look for something up around 48 – 49 short-term.
TGC Industries Inc. (TGE) started to break out of a falling channel on Friday that’s been holding it back for a couple months. It consolidated within the confines of a nice rising channel, and on Monday, it popped 1.40 to 11.41, or 14%. Look for this stock to get up around the 14 zone short-term.
Other stocks in our Charts for the Day are American Public Education, Inc. (APEI), Deckers Outdoor Corp. (DECK), Fastenal Company (FAST), Gardner Denver Inc. (GDI), Hi Tech Pharmacal Co. Inc. (HITK), Joy Global, Inc. (JOY), Life Time Fitness Inc. (LTM), OPNET Technologies Inc. (OPNT), A. Schulman, Inc. (SHLM), and South Jersey Industries, Inc. (SJI). Charts of the Day on the long side include Acorn Energy, Inc. (ACFN), Digital Domain Media Group, Inc. (DDMG), Dynavax Technologies Corporation (DVAX), Exceed Company Ltd. (EDS), Francesca’s Holdings Corporation (FRAN), Sturm, Ruger & Co. Inc. (RGR), Skechers USA Inc. (SKX), Synacor, Inc. (SYNC), Vringo, Inc. (VRNG), Warner Chilcott (WCRX), and ZAGG Inc. (ZAGG).