It was a bad day on Wall Street on Wednesday, folks. A lot of stocks we traded did well, but most of them were inverse ETF’s. Bearish triples in some of them, but there were some stocks that gapped, so let’s take a look at what we have here for both longs and shorts.
Celator Pharm (NASDAQ:CPXX)was one of the better stocks on Wednesday, going from 10.65 in the morning to 12.64 by noon, with a gap up in the morning, breaking across a double top. It was up 2.47 to 12.48, or 24.68%, on 16.7 million shares. A huge day. Unless we get a really, really bad market, I think this one will stretch to mid-teens pretty quickly.
Inphi Corporation (NYSE:IPHI) had a big, spectacular move on Wednesday, reaching new all-time highs, up 2.33 to 32.94, or 7.6%, on 3.5 million shares. When you see that kind of action you always have to pay attention. You’ll see that the 38-dollar range is resistance. That could be a target if it follows through.
The PrProShares UltraShort Bloomberg Crude Oil (NYSE:SCO), which is an inverse ultra-short, turned around from a long declining topsline on Wednesday, and was up 9.10 to 120.80, or 8%, on 600,000 shares traded. Any follow-through at resistance, and we may very well see a run up to 139-140, maybe even as high as 149-150. For now, let’s watch for it to stair-step its way up and see if it get through 128, which is the target for Thursday.
Stocks on the long side included Celator Pharmaceuticals, Inc. (CPXX), VelocityShares 3x Inverse Natural Gas linked to S&P GSCI Natural Gas Excess Return (NYSE:DGAZ), Direxion Daily Gold Miners Bear 3X Shares (NYSE:DUST), Direxion Daily Junior Gold Miners Bear 3X Shares (NYSE:JDST), Direxion Daily Energy Bear 3X Shares (NYSE:ERY), ProShares UltraShort Bloomberg Crude Oil (NYSE:SCO), Inphi Corporation (IPHI), Direxion Daily S&P Biotech Bear 3X Shares (NYSE:LABD), ProShares Ultra VIX Short-Term Futures (NYSE:UVXY).
On the short side, stocks included ANI Pharmaceuticals Inc (NASDAQ:ANIP), Buffalo Wild Wings Inc (NASDAQ:BWLD), Cerner Corporation (NASDAQ:CERN), CEPHEID (NASDAQ:CPHD), DeVry Inc (NYSE:DV), Harman International Industries (NYSE:HAR), Incorporated (NYSE:HAR), Luxoft Holding (NYSE:LXFT), Red Robin Gourmet Burgers Inc (NASDAQ:RRGB), and Williams-Sonoma Inc (NYSE:WSM).