It was a pretty ugly day on Wall Street on Monday, so we'll take a look at both longs and shorts here.
Basic Energy Services, Inc. (BAS), an oil company with an interesting chart, has a rollover decline from 30.00 all the way down to 5.00, then a multi-month base pattern, with a breakout, flag, pop, pullback, retest, another pop on Friday, and then had an inside day on Monday, on a negative day in the market. With oil stocks down, it’s surprising that it managed to gain 16 cents, closing at 8.86, on 4.2 million shares. That’s pretty impressive. The next target is 12.00, but there's some resistance at 10 at the gap.
E-Commerce China Dangdang Inc. (DANG), along with some of the other Chinese stocks, is doing well. It went down in a five-wave decline and formed a little intra-inverse head-and-shoulders, with a rounded-bottom type pattern. The neckline was taken out on Monday, slightly, and it closed right on it, up 57 cents to 9.70, or 6 1/4%, on 2 million shares. The short ratio is 2.85 to 1. If it extends here, it could run up to 11, then 12, and possibly 13 1/2. Keep an eye on this stock going forward.
Travelzoo Inc. (TZOO), after the big pop two weeks ago, and then a week’s consolidation, it popped out on Monday, up 1.07 to 13.96, or 8.3%, on 800,100 shares traded. This pattern looks like it may take it into the 15 1/2-16 range, maybe even 16 1/2 short-term.
Youku Tudou Inc. (YOKU) had a nice move on Monday, up 1.87 to 18.90, or 11%, on 9.1 million shares. It’s acting well. The downtrend looks like it may have ended. Lateral resistance was taken out. Look for a move to 22 1/2-23 as the next targets.
Other stocks on Harry’s Charts of the Day included Basic Energy Services, Inc. (BAS), ProShares UltraShort Nasdaq Biotech (BIS), Freeport-McMoRan Copper & Gold Inc. (FCX), Kosmos Energy Ltd. (KOS), SINA Corporation (SINA), Solar3D, Inc. (SLTD), and Vuzix Corporation (VUZI).
Stocks on the short side included Core-Mark Holding Company, Inc. (CORE), 3D Systems Corp. (DDD), Emerge Energy Services LP (EMES), Hi-Crush Partners LP (HCLP), Kansas City Southern (KSU), Rentrak Corporation (RENT), Universal Electronics Inc. (UEIC), and ZS Pharma, Inc. (ZSPH).