It was a nasty day on Wall Street, a follow-up to Friday’s plunge. We’re getting toward oversold, but not quite there yet. Gold and ultra-shorts are acting better. Obviously, there are some shorts that are acting well. I’m going to show you both longs and shorts here.
The Direxion Daily Financial Bear 3X ETF (NYSE:FAZ). Financials are really getting whacked. The FAZ spiked up, broke out, and gapped two days in a row on big volume. It tested 45 3/4 target on Monday, so the next target will be 49 1/2. I would not be shocked to see an extension if the market died on Tuesday.
The VelocityShares 3x Long Natural Gas ETN (NYSE:UGAZ) is also doing well, up another 2.70 to 39.60, or 7.3%, on 2.3 million shares. I’m looking to see if it can test and take out 42. It’s at short-term resistance and the target at 42. Mid-to-high 40s are intermediate-term targets.
Foot Locker, Inc. (NYSE:FL) rolled over and bear-wedged, giving an indication that this is a short. It’s steadily moving lower. On Monday it was down 1.32 to 51.79, or 2.5%, on 2.8 million shares. The target for FL is around 48.
CarMax Inc. (NYSE:KMX) rolled over, broke a wedge, broke support, and looks like it’s headed to the 41-42 zone quickly.
Stocks on the long side included Barrick Gold Corporation (NYSE:ABX), AngloGold Ashanti Ltd. (NYSE:AU), Direxion Daily Energy Bear 3X ETF (NYSE:ERY), Direxion Daily Financial Bear 3X ETF (FAZ), Direxion Daily S&P Biotech Bear 3X ETF (NYSE:LABD), Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT), Nymox Pharmaceutical Corporation (NASDAQ:NYMX), Silver Wheaton Corp. (NYSE:SLW), ProShares UltraPro Short S&P500 (NYSE:SPXU), Direxion Daily Small Cap Bear 3X ETF (NYSE:TZA), VelocityShares 3x Long Natural Gas ETN (UGAZ), and Vuzix Corporation (NASDAQ:VUZI).
On the short side, stocks included athenahealth, Inc. (NASDAQ:ATHN), Chipotle Mexican Grill, Inc. (NYSE:CMG), Foot Locker, Inc. (FL), Harman International Industries, Incorporated (NYSE:HAR), CarMax Inc. (KMX), Luxoft Holding, Inc. (NYSE:LXFT), Royal Caribbean Cruises Ltd. (NYSE:RCL), Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB), Skechers USA Inc. (NYSE:SKX), Stamps.com Inc. (NASDAQ:STMP), and Tempur Sealy International Inc. (NYSE:TPX).