It was a strange day on Wall Street on Thursday. Markets were up in the morning, came down hard in the afternoon, closing mixed on the day. It was disappointing, to say the least. So, we’re going to take a look at both longs and shorts here.
Flotek Industries Inc. (FTK) had a wonderful day on Thursday, up another 10 cents to 20.30, on 2.3 million shares. When it popped it had a lot of upside surge on it. The volume was good, but not great, and it reversed. It did close with a gain, but disappointing, closing 1.40 off the high. When you see that, it could be a reversal day. It pulled back in the 19 zone where it might have the opportunity to have a swing trade put on it. I think it’s going to 23 1/2, and then 26. .
Inogen, Inc. (INGN) has been phenomenal all year, even when the market was down it took a big hit in reverse. For the last week it’s been up, making a new high on Thursday at 53.15, an all-time post-IPO high, and closed up 1.26 to 51.99. It’s at the top of the channel and may accelerate at some point. Look for a pullback into the high 40’s, for an opportunity to the mid-to-high 50’s.
Stocks on the Short Side…..
Tableau Software, Inc. (DATA) made a strong move down on Thursday, down 42 cents to 95.08. It wedged down, went down, and then wedged again. It looks like there’s one more leg down at the 90-86 zone, and then it may run down to the 80-76 zone.
Universal Electronics Inc. (UEIC) formed another bear wedge on Thursday. There was the big one, then it flagged twice, and now another mini bear wedge, all telling me that this isn’t done yet. If it gets below support, it could get down into the high 30’s.
Other stocks on the long side include B&G Foods Inc. (BGS), Flotek Industries Inc. (FTK), Inogen, Inc. (INGN), SunEdison, Inc. (SUNE), Voltari Corporation (VLTC), and Vera Bradley, Inc. (VRA).
Stocks on the short side include Qualys, Inc. (QLYS), Universal Electronics Inc. (UEIC), Varonis Systems, Inc. (VRNS), Tableau Software, Inc. (DATA), Cimpress N.V. (CMPR), Mallinckrodt Public Limited Company (MNK), and Constant Contact, Inc. (CTCT).