It was an ugly day on Wall Street on Wednesday. It could very well rollover here, so we’re going to look at both longs and shorts.
Neonode, Inc. (NEON) had a big pop on Wednesday, up 1.34 to 6.12, or 28%, on 4.86 million shares. Earlier in April, this stock ran from under 3.00 up to 5.50, backed off to the 50-day, held, jumped up and formed a little consolidation, popped and broke out. As we draw the parallel lines to determine the channel top, at least on a short-term target, this one shows something up around 7-7 1/4.
The Fresh Market, Inc. (TFM) had a big day on Wednesday. It had a big pop, and ran up near the top of the channel, up 7.29 to 56.15, 15%, on 2.3 million shares. If there’s a follow-through on Thursday, look for something up around 58, and beyond that, something in the low 60’s.
Stocks on the Short Side…
Abercrombie & Fitch Co. (ANF), which has been on our short list for a while, could, even though it’s oversold, get down to lower levels. On Wednesday, it dropped 1.98 to 33.89, or 5.5%, on 3.8 million shares. It may very well be headed to the bottom of the channel and lateral support around 30-30 1/2.
Clayton Williams Energy Inc. (CWEI) dropped 3.48 to 56.51, or 5.8%, on 101,000 shares. It has a pattern that had a breakdown, a bear-flag, a secondary breakdown, a wedge around support, and appears to want to go lower. If it cracks, this stock could get down around the low 50’s, high 40’s very quickly.
Other stocks in our Charts for the Day are Arena Pharmaceuticals, Inc. (ARNA), Osiris Therapeutics, Inc. (OSIR), Sierra Wireless Inc. (SWIR), Synacor, Inc. (SYNC), Threshold Pharmaceuticals, Inc. (THLD), Uroplasty Inc. (UPI), and VirnetX Holding Corp (VHC).
Charts of the Day on the short side include American Public Education, Inc. (APEI), CARBO Ceramics Inc. (CRR), Deckers Outdoor Corp. (DECK), Great Northern Iron Ore Properties (GNI), Life Time Fitness Inc. (LTM), Red Robin Gourmet Burgers Inc. (RRGB), Schnitzer Steel Industries Inc. (SCHN), and Valeant Pharmaceuticals International, Inc. (VRX).