Harry's Charts of the Day videos are available to members on Monday-Thursday evenings, with one video per week available to non-members. Members please login and see Charts of the Day in the "Videos" menu dropdown.
GasLog Ltd. (GLOG) has been up for six days in a row. It gained 35 cents, or 2%, to 16.66, on 646,087 shares traded on Wednesday, and looks like it wants to go to the mid-channel line to 18 1/2-19, and then 22-23. It has 9.4 days to cover.
Primo Water Corporation (PRMW) has a beautiful chart. They broke out, stalled, backed off, tested the break out point, and reversed from 12.72 to 13.86, closing up 74 cents, or 5.69%, to 13.75, on 306,727 shares traded on Wednesday. It looks like this one is heading higher. Perhaps as high as 17 short-term.
Stocks on the Short Side….
Alexion Pharmaceuticals, Inc. (ALXN) is very weak and looks like it’s falling apart, down another 3.02, or 2.48%, to 118.75, on 1.2 million shares traded on Wednesday. It closed right below its prior lows. Look for it to run down to 110, maybe even 101-100.
Splunk, Inc. (SPLK) looks poised to fall apart, down another 2.35, or 3.8%, to 57.38, on 2.3 million shares traded on Wednesday. It’s right on a precipitous of a platform that could quickly get it down to 51, and then 45.
Stocks on the long side included BIS, Direxion Daily S&P Biotech Bear 3X ETF (LABD), General Cannabis Corp. (CANN), Centennial Resource Development (CDEV), GasLog Ltd. (GLOG), Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG), Direxion Daily Gold Miners Bull 3X ETF (NUGT), Primo Water Corporation (PRMW), and VOXX International Corporation (VOXX).
On the short side, stocks included Advance Auto Parts Inc. (AAP), Alexion Pharmaceuticals, Inc. (ALXN), AMC Networks Inc. (AMCX), Cal-Maine Foods, Inc. (CALM), DexCom, Inc. (DXCM), G-III Apparel Group, Ltd. (GIII), Impax Laboratories Inc. (IPXL), Ligand Pharmaceuticals Incorporated (LGND), Luxoft Holding, Inc. (LXFT), The Michaels Companies, Inc. (MIK), Rogers Corporation (ROG), Red Robin Gourmet Burgers Inc. (RRGB), Splunk, Inc. (SPLK), and WebMD Health Corp. (WBMD).
Days to cover is the amount of short interest divided by the company's average daily share volume. In other words, the number of days required to close out all the short positions. A higher number means more potential fuel to a stock’s rally as shorts cover, and thus accelerate the move, when the stock’s price rises.
On Balance Volume (OBV), developed by Joe Granville, is a running summation of volume on up-days minus volume on down days. OBV rises when volume on up days outpaces volume on down days -- and falls when volume on down days is stronger. A rising OBV reflects positive volume pressure that can lead to higher prices. Conversely, falling OBV reflects negative volume pressure that can foreshadow lower prices.