It was almost turn-around Tuesday. The stock market took quite the dive in the morning, and then came back in the afternoon. It closed mixed, so we haven’t broken support yet. There are signs of, perhaps, a crack in the armor. We’ll just have to see what the market wants to give us. We are going to go over some longs and some shorts here.
Avanir Pharmaceuticals, Inc. (NASDAQ:AVNR) is looking well. It went up to 13.83 before backing off, but it was still up 48 cents, or 3.7%, on 7.3 million shares. That’s a little bit better volume, but what I want to see is if this can get going again. It’s in a rising channel, and there’s lateral resistance. The next target is 18.
Groupon, Inc. (NASDAQ:GRPN) is having a good time of it—a breakaway gap, and the moving averages are moving sharply higher. It may get a pullback at some point. I think I put my swing trade target at 8 3/4 first. After that, we’re looking at 9 3/4-10.
Stocks on the Short Side…
Emerge Energy Services (EMES) rolled over hard and came down for about two weeks in a row. It bounced sharply on short covering, in my opinion, and then rolled over after double-topping. On Tuesday, it broke support, dropping another 6.59, or 7.5%, on 1.3 million shares. Technicals are very negative. I’m looking for this to retest 69 1/2-70. That could be about a 10-12 short here. If it gets below that it could get ugly.
Hi-Crush Partners (NYSE:HCLP) had a big drop, a big pop, it fell right at the declining topsline, and the 50-day moving average, and rolled over, dropping 3.22, or 7.28%, on nearly a million shares. Again, in the case of a hike rush, 39 was support, Tuesday’s high was a low of 39.69 before bouncing, but should it take that out, we could see 34-35.
Other on Harry’s Charts of the Day are ANI Pharmaceuticals, Inc. (NASDAQ:ANIP), ALIBABA GROUP HOLDING LTD (NYSE:BABA), EarthLink Holdings Corp. (NASDAQ:ELNK), Inteliquent, Inc. (NASDAQ:IQNT), Nautilus Inc. (NYSE:NLS), Office Depot, Inc. (NASDAQ:ODP), and Qualys, Inc. (NASDAQ:QLYS).
Stocks on the short side include Core Laboratories NV (NYSE:CLB), Coach, Inc. (NYSE:COH), Emerge Energy Services LP (EMES), Terex Corp. (NYSE:TEX), Tupperware Brands Corporation (NYSE:TUP), Westlake Chemical Corp. (NYSE:WLK), and Yelp, Inc. (NYSE:YELP).