What a day on Wall Street on Wednesday! Six hundred and twenty points on the Dow was a whopper, over two hundred on the Nasdaq 100. A huge day, a beautiful recovery, and closing at the highs for the day, and above where I wanted to close. We’ve got the perfect scenario with the Mcclellan Oscillator minus 250 on Tuesday, minus 1440 Wednesday morning, and it was a perfect scenario recovery. Certain stocks are acting better. I look for stocks that act the best in down markets. Let's take a look at some of those here.
Energy Focus, Inc. (EFOI) has been acting great, and a swing was put on it on Wednesday, strictly because after the pop, pullback, and pop, it went to resistance, backed and filled in a 3-wave, corrective pullback, and went right to the channel top, which is now support, bouncing off of it, and breaking out on Wednesday, up 1.85 to 18.60, or 11%, on 1.1 million shares. That’s the best volume in about a week. If it gets through 19.20, the targets are 22 3/4-23, and then 26.
Eldorado Resorts, Inc. (ERI) has been a pretty good stock this year. It had a nice base breakaway, formed several wedges, pulled back, formed a channel, got a little sloppy, but popped and pulled back again, and then snapped back the last couple days. On Wednesday, it was up just 18 cents to 9.27, or 2%, and closed at 9.59, but, if it gets through 10.04, look for it to run to mid-channel at 11-11 1/2, and then near the top of the channel at 14.
Express Inc. (EXPR) had a big day on Wednesday, up 3.35 to 20.25, or 20%, on 11.2 million shares. This stock has been stair-stepping its way higher, it rolled over, tested the support level, and bounced. On Wednesday, it gapped up and ran hard, reaching 20.42, before pulling back and closing at 20.25. Wednesday’s volume is the largest volume ever seen on this stock. The target is 21 1/2-3/4, and beyond that, you could see a retest of the highs near 25.
Sarepta Therapeutics, Inc. (SRPT) pulled back gently each day, and on Wednesday, it reversed 1.59 to 34.17, or nearly 5%, on 2.6 million shares. It held support, trendline and moving averages. Put a stop at 30.30, 36.90 is resistance, and targets are 40, and then 45.
Other stocks on the long side include Arch Coal Inc. (ACI), Best Buy Co., Inc. (BBY), Inotek Pharmaceuticals Corporation (ITEK), Pfenex Inc. (PFNX), Senomyx Inc. (SNMX), and Tantech Holdings Ltd (TANH).