AIXG, FAZ, GS, VXX Among Our Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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Tonight we update some of the Boxer Shorts we talked about over the weekend for our subscribers.
Aixtron Aktiengesellschaft (AIXG), which has quadruple tops up in the 38 area, came down hard, bounced, made a lower low, bounced to resistance, and is starting to fall away here. It looks like it could get down into the high teens at some point, but there is some support around 20. Today this stock was down 1.24 at 23.64.
Direxion Daily Financial Bear 3X Shares (FAZ) was up 84 cents, or 5%, today on 67.6 million shares traded. It followed through Friday's little pop. Like most of the ultra-short ETF, this stock formed a mini down-channel flag pattern consolidation, and has 4 waves down and is in a 5th wave up that could take this one up towards the 20 1/2 - 21 zone, my trading target.
Goldman Sachs (GS) broke an important bear flag today. There's a flag here. It was down 3.57, and appears to be headed down toward the high 120s. That's my trading target if it gets below 133.
IPath S&P 500 VIX Short-Term Futures ETN (VXX), which looks like one of the best ETFs out there right now on the short side, has had 4 waves with a 5th wave just starting. It looks like a move up to 40 - 41, my trading target. This target could be had in the next few days, particularly if we get a sharp drop in the indices, which appears to be imminent, but we'll see what kind of downside follow-through we get in the next few days.
Other stocks highlighted on Charts of the Day are Direxion Daily Large Cap Bear 3X Shares (BGZ), Central European Distribution Corp. (CEDC), CONSOL Energy Inc. (CNX), Direxion Daily Emrg Mkts Bear 3X Shares (EDZ), Global Payments Inc. (GPN), Green Plains Renewable Energy, Inc. (GPRE), MicroStrategy Inc. (MSTR), NCI, Inc. (NCIT), Perfect World Co., Ltd. (PWRD), ProShares UltraShort Basic Materials (SMN), Student Loan Corp. (STU), Direxion Daily Small Cap Bear 3X Shares (TZA).
