The stock market did not have a very good day on Monday, particularly Nasdaq. So, we’re going to take a look at both longs and shorts.
Endocyte, Inc. (ECYT) had a big pop on Monday on news of a deal with Merck, up 3.82 to 7.62, or 100%, on 9.7 million shares traded. This stock may back and fill in this area for a bit, and then when it goes again, it could get up around 11.
Stratasys Inc. (SSYS) is acting very well. It broke out of a wedge, broke through resistance, and spiked up 5.23 to 42.21, or 14 1/2%, on 1.7 million shares. At one point, it jumped as high as 45.48. There may be a follow-through that could take it up into the 50 - 52 range.
On the Short Side…
Joy Global, Inc. (JOY) is forming a bear wedge, and basically, at this point, this stock may be headed lower toward the mid-60 area.
RealPage, Inc. (RP) has had a very sloppy pattern ever since it broke in February and bounced back to resistance. It came down, bounced, took it out, moved back by stair-stepping lower. Look for something down around 16.
Other stocks in our Charts for the Day are Conns Inc. (CONN), Fonar Corp. (FONR), OptimumBank Holdings Inc. (OPHC), Openwave Systems Inc. (OPWV), Tata Motors Ltd. (TTM), USA Technologies Inc. (USAT), and Vringo, Inc. Common Stock (VRNG). On the short side, Charts of the Day include Apco Oil & Gas International Inc. (APAGF), American Public Education, Inc. (APEI), Carbo Ceramics, Inc. (CRR), Golar LNG Ltd. (GLNG), Hi Tech Pharmacal Co. Inc. (HITK), Helmerich & Payne Inc. (HP), Joy Global, Inc. (JOY), Newfield Exploration Co. (NFX), Rovi Corporation (ROVI), RealPage, Inc. (RP), True Religion Apparel Inc. (TRLG), Ultra Petroleum Corp. (UPL), Williams Partners L.P. (WPZ), World Acceptance Corporation (WRLD).