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SQQQ, CPRT, DQ, ISRG — Stock Charts to Watch

Charts of the Day video for Wednesday October 24th, 2018


The ProShares UltraPro Short QQQ (SQQQ) is a Nasdaq 100 short. You can see how that broke and formed the down channel. Then it popped to resistance, pulled back, and broke out. On Wednesday, it was up 1.85, or 14%, to 15.23, on 52 million shares, and had a very strong close. My targets are 16 and 18 1/2-19.

Copart, Inc. (CPRT), a recent Boxer Swing Short is acting well. Take a look at Wednesday’s plunge, dropping 3.52, or 7%, to 46.33, on 4.3 million shares. It’s coming down hard. There is some support at the 46.33 level. Any further damage and this will fall away into the 40 zone.

Daqo New Energy Corp. (DQ) continues to fall 1.37, or 6%, to 21.01, on 180,594 shares traded. We showed you this Chinese semi-conductor when it was in the high 30’s, and now it’s at 21. I’m not surprised. China is going to have a problem whether they like it or not. To be covering this stock is closer to 18.

Intuitive Surgical, Inc. (ISRG) worked pretty well. On Wednesday, it fell another 23.82, or 4.7%, to 483.11, on 854,960 shares traded. When the rising wedge started to break, I gave you a swing on it, and it has worked tremendously from 5.45 down to 4.83, a 50-point drop, or more than 10%. It’s at support, but having closed below it, it might plunge into the 4.50-.55-.70 zone.

Stocks on the short side included AxoGen, Inc. (AXGN), Clovis Oncology, Inc. (CLVS), Copart, Inc. (CPRT), CRISPR Therapeutics AG (CRSP), Daqo New Energy Corp. (DQ), Editas Medicine, Inc. (EDIT), IntriCon Corporation (IIN), Intuitive Surgical, Inc. (ISRG), SolarEdge Technologies, Inc. (SEDG), Teladoc, Inc. (TDOC), Terex Corporation (TEX), Tower Semiconductor Ltd. (TSEM), Wayfair Inc. (W), and Wynn Resorts, Limited (WYNN).

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