CIE, KORS, ACTG, PAY - Stock Charts to Watch
The stock market had a topsy-turvy day on Tuesday, so we’re going to look at longs and shorts, since the trends we are seeing are up and down.
Cobalt International Energy, Inc. (CIE) had a beautiful reversal on Tuesday, up 2.85 to 23.63, or 13.7%, on 6.2 million shares. That’s the biggest volume in the last few weeks, and the second biggest volume in the last several months. Look for more upside, perhaps up around 25 short-term, and then 28 intermediate-term.
Michael Kors Holdings (KORS) had a really good day on Tuesday. It’s floating on a big breakaway gap on earnings, up 6.98 to 49.33, or 16 1/2%, on 18.5 million shares. It’s not that far off the high and right in resistance. If it gets anywhere above here, this stock could go flying into the mid 50’s.
Stocks on the Short Side…
Acacia Research Corporation (ACTG) has been in a big declining pattern since mid-July, dropping from near 40 all the way down to below 24. It bounced, and then spiked down again. It doesn’t look like it’s done yet, so don’t be surprised to see it go even lower.
VeriFone Systems, Inc (PAY), after a big drop and a 5-wave decline, had a reversal back up to resistance, and then snapped that pattern and dropped to the bottom down around 33 at support. If it cracks here, it could go down to 30, which is the next target for this stock.
Other stocks in our Charts for the Day are Ariad Pharmaceuticals Inc. (ARIA), Array BioPharma, Inc. (ARRY), Ascent Solar Technologies, Inc. (ASTI), Bill Barrett Corp. (BBG), Cambrex Corporation. (CBM), Cynosure, Inc. (CYNO), DigitalGlobe, Inc. (DGI), Nationstar Mortgage Holdings Inc. (NSM), Nanosphere, Inc. (NSPH), Pacira Pharmaceuticals Inc. (PCRX), and REEDS, Inc. (REED).
Stocks on the short side include Big Lots Inc. (BIG), CEC Entertainment Inc. (CEC), CARBO Ceramics Inc. (CRR), Deckers Outdoor Corp. (DECK), Lincoln Electric Holdings Inc. (LECO), Nucor Corporation (NUE), Polypore International Inc. (PPO), and True Religion Apparel Inc. (TRLG).