The markets did not celebrate on Tuesday. They came down, and they came down ugly. There were some great looking charts to the upside in the midst of all of that. So we’re going to look at some longs and some shorts here.
CARBO Ceramics Inc. (CRR), a former Boxer Shorts, did very well jumping over 100, dropped down to under 30, formed a base, spiked up and backed off, exploded to resistance filling a gap, and now it’s forming a wedge. On Tuesday, it jumped 1.83 to 43.34, or 4.4%, on nearly a million shares. Watch closely to see if this takes out 45.00. If it does, look for a quick move to the 51-51 1/2 zone as a short-term target.
Kennametal Inc. (KMT) had a nice day on Tuesday, popping 2.27 to 38.41, or 6.3%, on 3 million shares. It has a nice overall down structure. It came down, formed a left shoulder-head-right shoulder, bottomed, moving averages turned up, and then it broke out on Tuesday. At this point, if there is a decent market on Wednesday, there’s the potentiality for this stock to move upward towards 41-42.
Stocks on the Short Side…..
Royal Caribbean Cruises Ltd. (RCL), a Boxer-Swing Short, is in trouble and going downhill every day. On Tuesday, it was down another 1.54 to 66.69, or 2.2%, on 7.1 million shares. If it continues downward the target is at 60-61.
Union Pacific Corporation (UNP) dropped 2.05 to 105.94, or 2%, on 5 million shares. It is really broken and forming another bear wedge. The immediate target for this stock is 96, followed by 90.
Other stocks on Harry’s Charts of the Day included ABIOMED, Inc. (ABMD), Civeo Corporation (CVEO), Cynosu, a re, Inc. (CYNO), EarthLink Holdings Corp. (ELNK), Golar LNG Ltd. (GLNG), Nautilus Inc. (NLS), PlasmaTech Biopharmaceuticals, Inc. (PTBI), SeaDrill Limited (SDRL), Seenty Seven Energy Inc. (SSE), TASER International Inc. (TASR), Westport Innovations Inc. (WPRT), and Olympic Steel Inc. (ZEUS).
Stocks on the short side included 3D Systems Corp. (DDD), Green Mountain Coffee Roasters, Inc. (GMCR), Host Hotels & Resorts, Inc. (HST), Kansas City Southern (KSU), Norfolk Southern Corporation (NSC), Open Text Corporation (OTEX), SanDisk Corp. (SNDK), and Varonis Systems, Inc. (VRNS).