The market is still looking pretty ugly. It’s not extremely oversold, and there may be more downside. So we'll see. We haven’t gone over Boxer Shorts since last week, so let’s go over some of them.
SanDisk Corp. (SNDK) was down another 44 cents to 63.35 on Thursday. It topped, rolled over hard, formed a bear flag, dropped lower, formed a bear wedge, and it's still coming down. The target on this one is 54-55.
TAL International Group, Inc. (TAL) dropped 1.74 to 33.72 on Thursday. It formed a topping pattern, rolled over, broke down, formed a wedge, dropped a little further, bear flagged, and got whacked for 6 1/2%. I’m not sure where the bottom is but there’s support around 31-32.
TriNet Group, Inc. (TNET) is a Boxer Swing Short. It had a big break, a bear flag, and I put it out as a short. It already dropped about 4 points and now it dropped another 4. On Thursday, it was down to 68 cents to 25.74.
Universal Electronics Inc. (UEIC) is a Boxer Short, down 1.22 to 50.26. After it cracked it formed a bear wedge, cracked again and formed a bear flag, and looks like it still wants to go lower. If it drops below 50.26, then it could drop down to 42-43.
Other stocks on Harry’s Charts of the Day included Canadian Pacific Railway Limited, Emerge Energy Services LP (EMES), Fossil Group, Inc. (FOSL), Kate Spade & Company (KATE), Michael Kors Holdings Limited (KORS), Norfolk Southern Corporation (NSC), Open Text Corporation (OTEX), Trinity Industries Inc. (TRN), Union Pacific Corporation (UNP), and United Rentals, Inc. (URI).