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Remark Holdings, Inc. (MARK) is the only stock on my board that was down on Wednesday, having dropped 75 cents, or 8.2%, to 8.39, on 1.2 million shares traded. It ran up, formed a 4-day consolidation, and now the support is at Tuesday’s close at 7.50, followed by 6.80. Any pullback in that zone, and I think it’s a by for a move into the low to mid-teens, and beyond.
Nektar Therapeutics (NKTR) is unbelievable, going from 23 to 54, virtually non-stop for three weeks. On Wednesday, it was up another 2.02, or 3.88%, to 54.14, on 2.8 million shares traded. It’s over-extended. My final target is 59. We’re not that far away from it. It has 12.7 days to cover.
Stocks on the Short Side…..
Charles River Laboratories International, Inc. (CRL) was down 73 cents to 102.66, on 337,931 shares traded on Wednesday. It’s a new swing and this is why. With a big run-up and a massive drop, followed by that kind of a bear flag, it’s bound to go lower. A few other stocks with this same pattern went dramatically lower. I’m looking for this one to get down to 94, 87, or even much lower.
Medidata Solutions, Inc. (MDSO) dropped 2.86, or 4.22%, to 64.98, on 1.25 million shares traded on Wednesday. It had a breakdown earlier this month, snapped back, and then rolled over. Targets are 60, 56, and 48.
On the long side, stocks included Adamas Pharmaceuticals, Inc. (ADMS), Conns Inc. (CONN), Express, Inc. (EXPR), Foot Locker, Inc. (FL), Bitcoin Investment Trust (GBTC), The Gap, Inc. (GPS), Macy's, Inc. (M), Remark Holdings, Inc. (MARK), Nektar Therapeutics (NKTR), Ross Stores, Inc. (ROST), Shoe Carnival, Inc. (SCVL), Tailored Brands, Inc. (TLRD), and Zoe's Kitchen, Inc. (ZOES).
On the short side, stocks included Charles River Laboratories International, Inc. (CRL), Esterline Technologies Corporation (ESL), Finisar Corp. (FNSR), Medidata Solutions, Inc. (MDSO), PCM, Inc. (PCMI), TrueCar, Inc. (TRUE), The Trade Desk, Inc. (TTD), and Wix.com Ltd. (WIX).