NTCT, SCSS, CHEF, UBNT - Stock Charts to Watch
Charts of the Day video for Thu July 19th 2012
It was a volatile day for the stock market on Thursday, however, they closed positive on the session. We’ll take a look at some of the stocks that did well on Thursday, but we’ll also look at some stocks on the short side as well.
NetScout Systems, Inc. (NTCT) had a good day on Thursday, up 2.27 to 21.98, or 11 1/2%, on nearly 600,000 shares traded. That’s the biggest volume since May. It’s been in a consolidation for the last six months, popped and then ran on Thursday. If it continues, and follows through here, it may very well get to higher levels in the mid and then high 20’s.
Select Comfort Corporation (SCSS) had a very good day on strong earnings on Thursday. It broke through the declining topsline, lateral resistance, just above the 50-day, and right near resistance, before backing off. Nevertheless, it was up 5.83 to 27.60, or 27%, on 6.3 million shares. That’s the biggest volume on an up-day in a year. If it gets through here, look for something in the low 30’s short-term.
On the Short Side…..
The Chefs' Warehouse, Inc. (CHEF) put out a swing trade short on Wednesday of this week. It broke down, wedged, broke down again, wedged again, this time in the form of a large coil, and on Thursday, it dropped from 17.90 to 17.29, and closed at 17.38, down 49 cents, or 2.7%, on under 100,000 shares. It appears that it could rollover here and test 16, and then 13.
Ubiquiti Networks, Inc. (UBNT), despite the large decline, had a bear wedge that has been broken, and it may have rolled over to retest the low around 11 1/2. Should it break through that level, this stock could go substantially lower. It had a major drop in the mid 30’s, and does not look like it’s reached its bottom yet.
Other stocks in our Charts for the Day are Amarin Corporation (AMRN), eBay Inc. (EBAY), 8x8 Inc. (EGHT), Nanosphere, Inc. (NSPH), Pluristem Therapeutics, Inc. (PSTI), Rosetta Genomics, Ltd. (ROSG), Skyworks Solutions Inc. (SWKS), and utek. Stocks on the short side include American Public Education, Inc. (APEI), The Chefs' Warehouse, Inc. (CHEF), Deckers Outdoor Corp. (DECK), Gardner Denver Inc. (GDI), Red Robin Gourmet Burgers Inc. (RRGB).