CSOD, VOXX, FSLR, VRX - Stock Charts to Watch
Charts of the Day video for Tue May 15th 2012
It was a negative day on Wall Street on Tuesday, and it may have a little further to go before it’s all over. For now, we’ll continue to look at both the longs and shorts.
Cornerstone OnDemand, Inc. (CSOD) had a big pop on Tuesday, up 2.69 to 21.00 even, or 14.7%, on 841,000 shares, which is the best volume in about 2 1/2 months. Despite the fact that it looks like just a snapback, it did move back above the 50-day moving average, and closed there. We’ll have to see if there’s any further upside. If it should get up to 21.60-5, it should reach 22 - 22 1/2, and beyond after that.
VOXX International Corporation (VOXX) had a spectacular day on Tuesday. It popped 2.22 to 13.94, or 19%, on 870,000. That’s the best volume all year. It could very well get a follow-through if it takes out 14 1/2, which may happen on Wednesday. This stock could run into the 16 – 17 zone short-term.
Stocks on the Short Side…
First Solar, Inc. (FSLR) continues to get thrashed, down 93 cents to 15.23, or 5.75%, on 4.9 million shares, and reached as low as 15.15 at one point in the day on Tuesday. It appears to be reaching the bottom of the channel, and if it gets down around 14, or so, a snapback may occur. It’s completely oversold at this point.
Valeant Pharmaceuticals International, Inc. (VRX), which we put out this weekend, had a sharp move down, a rising wedge, it cracked on Monday, and on Tuesday, it followed through, down 1.18 to 49.83, or 2.3%, on 1.7 million shares. Look for the next move to be down around 46.
Other stocks in our Charts for the Day are Amylin Pharmaceuticals, Inc. (AMLN), Direxion Daily Emrg Mkts Bear 3X Shares (EDZ), Direxion Daily Financial Bear 3X Shares (FAZ), ProShares Ultra VIX Short-Term Futures ETF (UVXY), Glu Mobile, Inc. (GLUU), Patrick Industries Inc. (PATK), and Sunesis Pharmaceuticals Inc. (SNSS).
Charts on the short side include Apco Oil & Gas International Inc. (APAGF), Coach, Inc. (COH), Freeport-McMoRan Copper & Gold Inc. (FCX), Gardner Denver Inc. (GDI), Great Northern Iron Ore Properties (GNI), The Home Depot, Inc. (HD), Helmerich & Payne Inc. (HP), Joy Global, Inc. (JOY), Schnitzer Steel Industries Inc. (SCHN), and Constellation Brands Inc. (STZ).