The markets had a very lousy day on Tuesday, gapping down sharply, getting bear wedge formations, and going down the rest of the day until the end of the day when they bounced a little bit. It was pretty pathetic. There’s a lot of stocks that really got hit hard, a few did well, so we’ll going to look at those, and we’ll look at some shorts as well.
Dermira, Inc. (DERM) has really been acting well, up 24 cents to 25.94 on Tuesday. It’s not a heavily traded stock, but it does have a very strong chart pattern. The fifth wave up may be underway, but I want to see it get through the double top. Resistance is at the 27.76 level, which is the short-term target. The secondary target is 30, and then maybe 32.
Lipocine Inc. (LPCN) is doing very well. Even though it did get a sharp pullback, it held the trendline and lateral price support as well as the moving averages and 50-day, and bounced nicely on Tuesday. It was up 87 cents to 15.59, or 6%, on 437,301. The volume was okay, not great, but what I’m looking at is if it can get through the 15.90-16.00 zone to test the old spike highs up about 17.83. If it gets through that, then look for 20-21 as the next target.
Stocks on the Short Side…..
CEB Inc. (CEB) is looking pretty bad. On Monday, I talked to you about the bear wedge. On Tuesday, it got clobbered for 2.69 to 68.93. It looks like it’s going to test the Jan lows around 66 3/4-67 as early as Wed morning. Through that it could see 64, even 59-60 to fill the gap.
Criteo SA (CRTO) had a big drop last week in which we did great, but when it rallied back to resistance, we weren’t sure about it. It is rolling over. On Tuesday, it dropped another 2.08 to 37.13. Unless it bounces on Wednesday, it could come down to the low 30’s.
Other stocks on the long side include BioTelemetry, Inc. (BEAT), Energy Focus, Inc. (EFOI), ProShares UltraShort Bloomberg Crude Oil (SCO), the ProShares UltraPro Short S&P500 (SPXU), SunEdison, Inc. (SUNE), Trevena, Inc. (TRVN), and the ProShares Ultra VIX Short-Term Futures (UVXY).
Stocks on the short side include Cimpress N.V. (CMPR), Constant Contact, Inc. (CTCT), Tableau Software, Inc. (DATA), Mallinckrodt Public Limited Company (MNK), Qualys, Inc. (QLYS), and Skyworks Solutions Inc. (SWKS).