It was a good day on Wall Street on Tuesday. They did have a follow-through rally, closing with a strong, solid session. Since we have a lot of stocks to go over, let's just jump into it and look at both longs and shorts here.
Barrick Gold Corporation (N:ABX) is one of the stocks in the gold sector that is acting well. The long-term chart shows this stock moving down on the weekly charts ever since it was in the 60s in 2011. It had a massive drop, five waves down, and now the potential turnaround, good action in the last couple days, and a volume of over well over 100 million shares traded in just the last four sessions. On Tuesday it was up 26 cents to 9.29, or 2.8%, on 28.5 million shares and has moved up toward the declining topsline. Watch the level between the 10-10 1/2 area. If it gets through that, then it will be a much more substantial move.
AngloGold Ashanti Ltd. (N:AU), a South African mining company, dropped from the mid 50s down to the 5 1/2 range, a very long drop, over the course of four years. However, it appears that the declining topsline over the last year and a half, or so, got pierced on Tuesday with a breakaway gap. Targets going forward are in the 10-dollar range and then just under 12.
Primo Water Corporation (O:PRMW) is a standout stock. In the last couple years this stock has had a phenomenal run, going from under a dollar to nearly ten, a ten-fold increase. After a recent run up, it consolidated nicely, and on Tuesday, it was up 56 cents to 9.28, or 6.4%, on 330,600. It may very well move higher, and if it does the target is up near 12.00.
Other stocks on the long side included EOG Resources Inc. (N:EOG), Energy Transfer Equity, L.P. (N:ETE), First Solar, Inc. (O:FSLR), Gold Fields Ltd. (N:GFI), II-VI Incorporated (O:IIVI), Direxion Daily Jr Gld Mnrs Bull 3X ETF (N:JNUG), Range Resources Corporation (N:RRC), Sibanye Gold Limited (N:SBGL), SolarEdge Technologies, Inc. (O:SEDG), Swift Transportation Company (N:SWFT), and Zumiez, Inc. (O:ZUMZ).
Stocks on the short side included ACADIA Pharmaceuticals Inc. (O:ACAD), Brookdale Senior Living Inc. (N:BKD), Capella Education Co. (O:CPLA), Criteo SA (O:CRTO), Global Payments Inc. (N:GPN), Inogen, Inc. (O:INGN), Power Solutions International, Inc. (O:PSIX), Papa John's International Inc. (O:PZZA), and Red Robin Gourmet Burgers Inc. (O:RRGB).