There were some pretty sloppy things going on with Wall Street on Thursday. They were down, they snapped back sharply, consolidated for the rest of the day, but couldn’t get back up or down. Net-net it was a very flat day. A lot of stocks are having a difficult time in this area, but there are some stocks that are acting well.
Avon Products Inc. (NYSE:AVP), one of our swing trades, broke out of a wedge recently. The last two days it traded solid, and on Thursday it was up 18 cents, or 3%, to 6.12, on 9.5 million shares traded. I’m looking for it to move up into the 6.60-.75 area, and then eventually up toward 8.00.
The Direxion Daily Gold Miners Bull 3X Shares (NYSE:NUGT), which I would look to sell, provided it bounces off the bottom of the channel. This stock has come from 35.80, down to 11.00, and that only took a couple of months. It’s three waves down. I’m looking for wave four before it gets a big, fifth wave down. It was down 1.10, or 8.6%, to 11.70, on 50.7 million shares traded. It could take it into the high single digits. For now, I would see if it snaps back and retests the 13 1/2 area off of Wednesday’s high, and then maybe it will get up to 14 1/2, or even 16.
Stocks on the Short Side….
Red Robin Gourmet Burgers Inc (NASDAQ:RRGB) continues to drift lower, down another 15 cents, to 43.84, on 172,049 shares traded. Thursday’s inside day of a bearish nature could lead to more downside. My target at the bottom of this channel is 38.00.
WebMD Health Corp (NASDAQ:WBMD) bearish chart broke down, formed a bear wedge, broke down again, and formed another bear wedge. On Thursday it was down 75 cents, or 1.5%, to 50.59, on 361,037 shares traded. I’m looking for it to go down to 45 1/2, and then 42. Those are the targets going forward.
Stocks on the long side included Aerie Pharmace (NASDAQ:AERI), Aurinia Pharmaceuticals Inc (NASDAQ:AUPH), Avon Products Inc (NYSE:AVP), Direxion Daily Gold Miners Bear 3X ETF (NYSE:DUST), Direxion Daily Junior Gold Miners Bear 3X Shares (NYSE:JDST), Direxion Daily Gold Miners Bull 3X ETF (NUGT), Nanometrics Incorporated (NASDAQ:NANO), Impinj Inc (NASDAQ:PI), Radcom Ltd (NASDAQ:RDCM), VelocityShares 3x Long Crude Oil ETN (NYSE:UWTI), and Zumiez Inc (NASDAQ:ZUMZ).
On the short side, stocks included bjri, Flowers Foods Inc (NYSE:FLO), Impax Laboratories Inc (NASDAQ:IPXL), LifePoint Health Inc (NASDAQ:LPNT), lululemon athletica inc (NASDAQ:LULU), Red Robin Gourmet Burgers Inc. (RRGB), and WebMD Health Corp. (WBMD).