The day started out ugly for the stock market on Wednesday, but had a late snapback. The stocks that did well did really well, and the stocks that did bad, did pretty bad. Let’s take a look at both here to see what we might expect in the next day or so.
Ocean Power Technologies, Inc (OPTT) had a big day on Wednesday on a deal with Lockheed. It went from 2.10 to nearly 4.00, backing off to 3.55, up 1.49, or 72%, on 2.9 million shares. That was the biggest percentage gainer on our board on Wednesday. The daily charts show a couple tops taking it just above Wednesday’s high. Perhaps there will be a triple top form. If that does happen, then it may very well take it up to 5.50. We’ll have to wait to see how Thursday goes, and whether there will be a follow-through or not.
RiT Technologies Ltd. (RITT) had a big move on Wednesday as well, up 1.81 to 5.00 even, or 56.7%, on 1.3 million shares. That’s the biggest volume this stock has seen in a long time. It broke clear out and across the declining topsline in two levels of resistance to get to the third level, and then backed off. If it gets through here, this stock may have the potential to reach the 10-12 zone eventually.
On the Short Side…
Coach, Inc. (COH) has been in a nasty downtrend. It cracked, formed a wedge, cracked again, formed another wedge, then stair-stepped lower, going from 70 down to the mid 50’s. Although it did test the lows and bounce a little bit on Wednesday, it wasn’t very convincing. It may very well get down to the low 50’s, and then maybe even the high 40’s.
Ubiquiti Networks, Inc. (UBNT) had a nasty drop from the mid 30’s to the low teens in a very rapid manner of about six weeks. It did finally get a bounce and form a flag, but it’s not certain that it’s a bull flag. If it rolls over, we could see another test of 11, or even worse.
Other stocks in our Charts for the Day are Amyris, Inc. (AMRS), Ascent Solar Technologies, Inc. (ASTI), Cobalt International Energy, Inc. (CIE), EnteroMedics Inc. (ETRM), Complete Genomics, Inc. (GNOM), and Orexigen Therapeutics, Inc. (OREX). Charts of the Day on the short side included Autodesk, Inc. (ADSK), CEVA Inc. (CEVA), The Chefs' Warehouse, Inc. (CHEF), Fossil, Inc. (FOSL), Gardner Denver Inc. (GDI), Home Inns & Hotels Management Inc. (HMIN), Joy Global, Inc. (JOY), Domtar Corporation (UFS), VMware, Inc. (VMW), Walter Energy, Inc. (WLT).