Charts of the Day

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Charts of the Day video for Wed February 10th 2016

Charts of the Day
Another topsy-turvy day for Wall Street. The....

Another topsy-turvy day for Wall Street. The markets were up in the morning, they came down in the afternoon, and closed at the session lows, but up on the day for some of the indices, mixed at the close. There were a lot of stocks up and some stocks that were down. Let's take a look at them.

Akamai Technologies, Inc. (AKAM), which has been in a terrible down trend, was a Boxer Short for a while, but on Wednesday, it reversed huge, jumping 8.39 to 47.96, or 21%, on 14.3 million shares. That’s huge volume for this stock. Sometimes when there’s a breakaway gap above moving averages, you get the feeling that it’s the beginning of a big move. It closed at the upper end of the range, not at the top of the range. It still looks like it will reach higher levels going forward in the mid 50’s. Keep an eye on this one.

Lumentum Holdings Inc. (LITE) is a new IPO to keep an eye on. After popping and coming down, it popped again, ran up, pulled back to the 50, and in the midst of a lousy market recently, it has been going up every day. A couple days it stalled, but on Wednesday, it was up 97 cents to 23.97, or 4.2%, on 657,200 shares traded. It looks like it’s going to test the post-IPIO high coming in just under 27, which is the target on this one.

Swift Transportation Company (SWFT) is looking well. It has a right shoulder-head-left shoulder forming, and I may be early on this. It had a reversal downward on Wednesday, taking it down seven cents to 17.19, after being up all day. Look for it to reverse and run up to 20 1/2, and then 24.

Stocks on the long side included Akamai Technologies, Inc. (AKAM), Criteo SA (CRTO), VelocityShares 3x Inverse Crude Oil ETN (DWTI), ProShares UltraShort Bloomberg Crude Oil (SCO), Direxion Daily Energy Bear 3X ETF (ERY), Lumentum Holdings Inc. (LITE), Direxion Daily Gold Miners Bull 3X ETF (NUGT), Swift Transportation Company (SWFT), VelocityShares Daily 2x VIX ST ETN (TVIX), and ProShares Ultra VIX Short-Term Futures (UVXY).

Stocks on the short side included BOK Financial Corporation (BOKF), dv, Global Payments Inc. (GPN), Papa John's International Inc. (PZZA), Restoration Hardware Holdings, Inc. (RH), Red Robin Gourmet Burgers Inc. (RRGB), LendingTree, Inc. (TREE), and Williams-Sonoma Inc. (WSM).





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