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At this point, the market is starting to pull back and do some retracement, but Thursday was a good day for several stocks. I am going to show you some longs and prepare you for whatever pullbacks may be coming with shorts.
On the Long Side….
American Superconductor Corporation (AMSC) has a terrific chart. It broke out, pulled back in a falling wedge along the 7-8 range, and here it is up 66 cents, or 4.76%, to 14.54, on 604,050 shares traded on Thursday. It needs a push. Looks to me like this is a 19-dollar stock going forward.
Evolus, Inc. (EOLS) had a spectacular follow-through after the pause on Wednesday. It only went from 23.50 to 29.00, jumping 4.85 or 20%, to 28.91, on 5 million shares. If it gets through resistance at 28.91, the next target is 34-34 1/2.
ION Geophysical Corporation (IO) ran 2.43, or 25%, to 12.18, on 450,765 shares traded. The swing that I put on it is working well. It consolidated for a few weeks, and then exploded on Thursday. There’s resistance in that level. The next target is around 14, followed by 18.
Stocks on the Short Side….
Carvana Co. (CVNA) is ugly, as you can see. It dropped down in Sept, formed a big wedge, cracked and formed a rising wedge before we told you to go short, and dropped 39 cents, or -1.17%, to 33.02, on 1.9 million shares on Thursday, and is pulling back near support. Ultimately, if it doesn’t hold the 24-5 zone, which is my next target, and gets through 29 first, it could get dramatically lower to 21, and then the 17 range.
IntriCon Corporation (IIN) broke down in Sept, I gave you a short around 51.28, it formed a short flag, and is forming another one now. On Thursday, it dropped 1.40, or -5.39%, to 24.58, on 106,215 shares traded. It has broken this pattern, and if it doesn’t hold 22-22 1/2, this could get to 17 fairly quickly.
Medifast, Inc. (MED) broke down earlier in Sept, formed a wedge, broke down, formed another wedge, broke down sharply, bear-flagged, formed another rising wedge, and actually fell 19 cents, or -0.15%, to 127.07, on 208,021 shares traded on Thursday. It did not get above the moving averages, but if it takes out the 132 high from last week, it could fall back to 106-108, maybe even the high 80’s.
Stocks on the long side included American Superconductor Corporation (AMSC), Cronos Group Inc. (CRON), Evolus, Inc. (EOLS), Hanesbrands Inc. (HBI), ION Geophysical Corporation (IO), Microbot Medical Inc. (MBOT), and 3Pea International, Inc. (TPNL).
On the short side, stocks included AxoGen, Inc. (AXGN), Cutera, Inc. (CUTR), Carvana Co. (CVNA), Editas Medicine, Inc. (EDIT), FedEx Corporation (FDX), IntriCon Corporation (IIN), Medifast, Inc. (MED), PTC Inc. (PTC), Tailored Brands, Inc. (TLRD), and Weight Watchers International, Inc. (WTW).