The stock market had a bad day and got wracked on Monday. So I am going to review some of the ultra-shorts, silver and gold, ETFs, and some shorts as well, so we’ll be prepared for whatever make come our way.
VelocityShares 3x Inv Natural Gas ETN (VelocityShares 3X Inv. Natural Gas (NYSE:DGAZ)), which I’m not all that crazy about, had gaps down, two consecutive gaps up, and has gone from 2.65 to 3.90. That’s about a 50% move in three days. The volume has been good, 27 million shares, you can’t shake that off. At the same time, you look at the overall structure of the pattern and there’s a lot of resistance up in that area. Price resistance. Moving average resistance. I wouldn’t be surprised if the market went in the opposite direction on Tuesday. But if it does break out, you could very well see a high of 4.85, even 5.50, potentially. Keep an eye on it.
Blackhawk Network Holdings, Inc. (NASDAQ:HAWK), the credit card company, is doing well in the face of a lousy market. You know what they say, the stocks that go up in a down market, really do well when the market does turn around. This stock has had four waves up and a fifth wave appears to be well under way. It could get up to 39-40 short-term, but be careful on this one.
3D Systems Corp. (3D Systems Corporation (NYSE:DDD)) continues to get ugly. It’s down another 1.71, or 4.85%. I don’t know where the rally is ever going to come from this. That is really a bad looking chart. If it continues, you could very well see the high 20’s.
Powell Industries, Inc. (NASDAQ:POWL), after breaking the platform and forming a head-and-shoulders to the downside, came down and formed a bear coil, and is on the fifth wave down. It could go much lower to the mid-to-low 30’s.
Other stocks on Harry’s Charts of the Day are Market Vectors Gold Miners ETF (ARCA:GDX), Market Vectors Junior Gold Miners ETF (ARCA:GDXJ), Microsoft Corporation (MSFT), Royal Gold, Inc. (NASDAQ:RGLD), Silver Wheaton Corp. (NYSE:SLW), TASER International Inc. (NASDAQ:TASR), ProShares Ultra VIX Short-Term Fut ETF (ARCA:UVXY), Viggle Inc. (NASDAQ:VGGL), Chicago Bridge & Iron Company (NYSE:CBI), Core Laboratories NV (NYSE:CLB), CARBO Ceramics Inc. (NYSE:CRR), Emerge Energy Services LP (EMES), Hi-Crush Partners LP (NYSE:HCLP), Qihoo 360 Technology Co. Ltd. (NYSE:QIHU), Gentherm Incorporated (NASDAQ:THRM), Tupperware Brands Corporation (NYSE:TUP), Waddell & Reed Financial, Inc. (NYSE:WDR), and Yelp, Inc. (NYSE:YELP).