FAZ, UVXY, JCOM, GTLS - Stock Charts to Watch
On Monday, we started off the month with a bang to the downside. It was certainly an ugly day on Wall Street. Out of 59 stocks in the Boxer Shorts, 59 were down. That will give you an idea as to how bad Monday was for us. More importantly, we want to go over some charts that will rally back, or cover some of the shorts.
The Direxion Daily Financial Bear 3X Shares (FAZ), which came out of a declining topsline, took out lateral resistance in two places, went to the 50-day, settled back, held the rising moving averages, and then exploded on Monday, up 1.67, or 7%, on 11.3 million shares. The next target is up around 27. It may come as quickly as Tuesday. Intermediate target is 30-31, but that is not immediate.
The ProShares Ultra VIX Short-Term Fut ETF (UVXY) is moving sharply. On Monday, it was up another 12.41, or 14%, on 6.6 million shares. It’s breaking out above everything except lateral resistance, which is the next target up around the 109-110 zone. That may also come as quickly as Tuesday as well.
Stocks on the downside……
J2 Global, Inc. (JCOM) was down 1.37, or 7.9% on Monday. It rolled over, and formed a 2-wave corrective pullback. If it gets any lower than support, Monday's low at 44.03, then look for it to get down to 40, maybe 39.
Chart Industries Inc. (GTLS) came down with a crunch, bounced, formed a wedge, and is rolling over slowly but surely. It was down another 3.32, or 4%, on Monday. The target is around the mid 70’s.
Other stocks on Harry’s Charts of the Day are CardioNet, Inc. (BEAT), ProShares UltraShort FTSE China 25 (FXP), Globalstar Inc. (GSAT), ProShares UltraPro Short S&P500 (SPXU), VelocityShares Daily 2x VIX ST ETN (TVIX), Direxion Daily Small Cap Bear 3X Shares (TZAiPath S&P 500 VIX ST Futures ETN (VXX), and Direxion Daily China Bear 3X Shares (YANG).
Stocks on the downside include T2106, T2108, Krispy Kreme Doughnuts, Inc. (KKD), Nationstar Mortgage Holdings Inc. (NSM), Icahn Enterprises, L.P. (IEP), GameStop Corp. (GME), Ctrip.com International Ltd. (CTRP).