The stock market had a really ugly session on Thursday. However, looking at the wave structure, it dropped down to the fifth wave on Thursday. It tried to give a late bounce, perhaps too late in the session. The patterns weren’t great, but the futures were Thursday evening. Maybe there will be a rally on Friday. We’re going to start by going over longs, and half of the longs are energy related.
CARBO Ceramics Inc. (CRR) was on the short list for quite some time. It broke down back in August, bear-flagged, came down in 7 waves, based out, and then broke out on Thursday, up 6.70 to 44.23, or almost 18%, on 2.3 million shares. With 10 days to cover, it looks like it’s going to extend and squeeze up towards 52 short-term.
Glu Mobile, Inc. (GLUU) had a spectacular earnings report and another deal. It gapped, ran hard on 40 million shares. That may be the biggest volume this stock has ever had, exploding 1.36 to 6.76, or 25%. It’s one of the percent-gain leaders. There’s a distinct possibility that it will see 7.60-.65 going forward before a pullback.
Stocks on the Short Side….
Core-Mark Holding Company, Inc. (CORE) is looking pretty ugly. It’s still coming down. On Thursday, it was down 1.03 to 52.71, or 2%. When a stock is flat like CORE, and can’t even get a rising wedge from a lateral flag because it’s that weak, it usually extends lower. It looks like it’s getting close to a support level at the bottom of the channel. I wouldn’t be in a rush to shore it, it’s awfully weak.
FARO Technologies Inc. (FARO) continues to get whacked down very, very sharply, down another 1.04 to 39.83, or 2.5%, and actually took out the lows from mid-2014. I would not be in a rush to shore this one either. I would have to see more rebound with a bear flag.
Other stocks on Harry’s Charts of the Day included Basic Energy Services, Inc. (BAS), C&J Energy Services, Inc. (CJES), Clean Energy Fuels Corp. (CLNE), Inphi Corporation (IPHI), Transocean Ltd. (RIG), Statoil ASA (STO), TASER International Inc. (TASR), and Voltari Corporation (VLTC).
Stocks on the short side included Kansas City Southern (KSU), Royal Caribbean Cruises Ltd. (RCL), Rentrak Corporation (RENT), Universal Electronics Inc. (UEIC), Yelp, Inc. (YELP), and ZS Pharma, Inc. (ZSPH).