We’re going to cover both longs and shorts here, but mostly shorts. The stock market is in dire straits and we better hold things on, or we’ll see a much bigger slide this summer. It’s time to put up or shut up for the bulls.
CoreLogic, Inc. (CLGX) had a big day on earnings on Tuesday. It jumped 2.63 to 23.39, or 12.67%, on 5.8 million shares. The long-term chart shows a key line was broken with a thrust on Tuesday. Now its all-time highs and multi-year highs, at this point, after the angle of ascent was broken on the rising channel, may very well have a follow-through to the mid to high 20’s.
Sarepta Therapeutics, Inc. (SRPT) was the large percentage gainer on Tuesday, up 146% on drug approval. It opened at 7.36, went over 8.99, our target, to 9.11, and then rolled over, and closed at 8.52, up 5.06, on 17 million shares. That’s the most volume this stock has ever traded. There was some resistance from March, when the stock was up around 9.84-9.90. That would be an area to keep an eye on for a potential break-through. If it gets momentum, it could be an $11 – $12 stock.
On the Short Side…
Clayton Williams Energy Inc. (CWEI) has big wedge patterns that have formed in several places, and on Tuesday, it broke down 2.51, or 5.4%. The bottom of the channel beckons around 35.
Weight Watchers International, Inc. (WTW) has a bear flag that’s forming, and on Tuesday, it dropped 2.16, or 4%. It may have come out of its pattern. Watch for it to come down and touch 45, the next target for this stock.
Other stocks in our Charts for the Day are ornerstone Therapeutics Inc. (CRTX), Cynosure, Inc. (CYNO), DigitalGlobe, Inc. (DGI), Nanosphere, Inc. (NSPH), and Overstock.com Inc. (OSTK).
Stocks on the short side include Abercrombie & Fitch Co. (ANF), American Public Education, Inc. (APEI), The Chefs' Warehouse, Inc. (CHEF), Chipotle Mexican Grill, Inc. (CMG), Deckers Outdoor Corp. (DECK), Joy Global, Inc. (JOY), Nucor Corporation (NUE), Red Robin Gourmet Burgers Inc. (RRGB), TAL International Group, Inc. (TAL), United Rentals, Inc. (URI), WebMD Health Corp. (WBMD), and Walter Energy, Inc. (WLT).