FSLR, SKX, CLH, RAVN - Stock Charts to Watch
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It was a very ominous, nasty day on Wall Street on Tuesday, particularly for the Nasdaq 100 market generals, which ultimately lead the market, but they led the market down on Tuesday. After a beautiful rise in the morning, with a gap up and run to new highs, they reversed. Apple Inc. (AAPL) went from nearly 675.00 to 650.00, before it closed up a few points. Still, it was a bad close overall. We may be at a near-term high, or a short-term high, but it could be several days of pullback. We’ll take a look at a few longs that did well on Tuesday, and then focus on the shorts.
First Solar, Inc. (FSLR), which we’ve highlighted several times recently, still continues to do well. It’s gone from 16 1/2 to 25 just in the last couple weeks. It had a nice day for sure, and it's the second day this week that it’s popped so high, up 1.68 to 24.14, or 7 1/2%, on 14 million shares. If it continues, and the market doesn’t fall apart, it could see 29, which is the next target.
Skechers USA Inc. (SKX), with a pop on Tuesday, jumped from 19.46 to 21.39, up 1.90, or nearly 10%, on 2.2 million shares. That’s the heaviest volume since June. Perhaps that was a key breakout on Tuesday. The next target is up around 23 1/2. Stocks on the
Short Side…
Clean Harbors Inc. (CLH) has been coming down since February when it spiked up. It broke, snapped back to resistance, rolled over, formed a bit of a bear flag, broke that, and is now in a little micro-flag. It looks like it may come down to 50 on its next move.
Raven Industries Inc. (RAVN), a new stock we discovered on Tuesday, had a very long rising channel, that has gone back as far as late 2011, was broken on Tuesday. In one fell swoop, it took out the topping pattern, lateral support, trend line support, and nearly tested the April-May low. Provided it breaks down below 28 1/2, this stock could fall to 25.
Other stocks in our Charts for the Day are OCZ Technology Group, Inc. (OCZ), REEDS, Inc. (REED), Rex Energy Corporation (REXX), Repros Therapeutics Inc. (RPRX), and Vringo, Inc. (VRNG).
Stocks on the short side include Advisory Board Co. (ABCO), Acacia Research Corporation (ACTG), Apco Oil & Gas International Inc. (APAGF), Big Lots Inc. (BIG), Buffalo Wild Wings Inc. (BWLD), CEC Entertainment Inc. (CEC), Diebold, Incorporated (DBD), FirstEnergy Corp (FE), World Fuel Services Corp. (INT), Lincoln Electric Holdings Inc. (LECO), Polypore International Inc. (PPO), TAL International Group, Inc. (TAL), and United Parcel Service, Inc. (UPS).