The stock market is coming down with a vengeance. The only stocks worth trading on the long side are the ebola stocks or the ultra-shorts. We’re going to go over some of those here, and also some of the shorts, and see how they’re doing. It’s pretty ugly out there. The McClellan Oscillator closed at minus one-thirty seven. Now that was down 67 and not really oversold enough.
GoPro, Inc. (NASDAQ:GPRO)). Wow! All I’ve got to say is this stock doesn’t quit. I knew we had a tiger by the tail, and I knew this stock was looking at 85-88, and then as high as 95-100. It reached both of those targets. Yet, based on the chart, it will break out and head up towards 110. Interesting. Keep a close tap on this one. It is kind of a volatile stock, and could be subject to a steep pullback, if there’s a really bad market. For now, it’s the best stock on Wall Street.
Silicon Motion Technology Corp. (NASDAQ:SIMO) has been acting very well of late. Going as far back as June, this stock has gone up multiple waves, then went from the top of the channel down to the bottom of the channel, before bouncing three days in a row now. On Tuesday, it was up 1.35, or 5%, on 1.3 million shares. The breakout was across the declining topsline. I’m looking for a retest 29, and then up in the low 30’s. Keep close tabs on the weekly low near the 24.
Stocks on the Short Side…
eHealth, Inc. (eHealth Inc (NASDAQ:EHTH)) is rolling over again. It had a massive rollover in Jan-Feb, going from the mid 60’s, all the way down to the teens. It pulled back several times, and rolled over several more times. It was at the top of the channel at the 50, near price resistance, and then it rolled back over. Look for a test of 19, followed by 16, maybe 15.
Emerge Energy Services LP (EMES) is rolling over steadily to the bottom of the channel at price support. I think there’s a bounce here, but overall if it doesn’t get back over 109-10, it could rollover towards 8.00.
Other Stocks on Harry’s Charts of the Day are Alpha Pro Tech Ltd. (APT), BioDelivery Sciences International, Inc. (BDSI), Chimerix, Inc. (CMRX), Lakeland Industries Inc. (LAKE), MOBILEE N.V. (MBLY), ProShares UltraPro Short S&P500 (SPXU), Direxion Daily Small Cap Bear 3X Shares (TZA), ProShares Ultra VIX Short-Term Fut ETF (UVXY), and iPath S&P 500 VIX ST Futures ETN (VXX). Stocks on the short side include Chicago Bridge & Iron Company (CBI), Interactive Intelligence Group Inc. (ININ), Kindred Healthcare Inc. (KND), Nu Skin Enterprises Inc. (NUS), Precision Castparts Corp. (PCP), PolyOne Corporation (POL), Qihoto 360 Technology Co. Ltd. (QIHU), Terex Corp. (TEX), and Waddell & Reed Financial, Inc. (WDR).