The market had a very nasty reversal on Wednesday. After spiking and gapping up, it reversed hard and came down all day, closing near the lows for the day going away. As far as I’m concerned, caution is the word here. The market could very well test or make lower lows very easily. What we’re doing is trading stocks intraday and day trading short and long, so I’ll show you both sides of the coin here.
Teladoc, Inc. (NYSE:TDOC) is not the best looking chart, but it had a nice snapback on Wednesday, up 2.03 to 22.56, or 10%, on 1.1 million shares on a really bad down day. This tells me that it may be done going down. It may not explode out of here if the market doesn’t, so look for pullback opportunities and a breakout above the 23-24 range.
Vitae Pharmaceuticals, Inc. (NASDAQ:VTAE) had big drug news on Wednesday, exploding 7.07 to 15.00, or 89%, on 8.7 million shares, 3800% more volume than average. The biggest volume I’ve ever seen on this stock. It’s up against resistance, which may have been the reason it stalled. Look for a test of 16¾, and if it gets through that the target is 20.
Stocks on the Short Side….
Mallinckrodt Public Limited Company (NYSE:MNK), a Boxer Short, is down another 1.88 to 83.62. It formed a wedge and rolled over from 101.00 to 78½, bounced and is forming another wedge. It looks like it wants to go down some more. There’s another wedge there that has broken, which could lead to a nasty drop all the way down to the high 60s.
Universal Electronics Inc. (NASDAQ:UEIC) is a Boxer Short swing. On Wednesday, it dropped another 37 cents to 45.17. It formed its fourth wedge, a mini-wedge, and is headed down toward 40-41.
Other stocks on the long side include Akebia Therapeutics, Inc. (NASDAQ:AKBA), Aquinox Pharmaceuticals Inc. (NASDAQ:AQXP), Clovis Oncology, Inc. (NASDAQ:CLVS), Energy Focus, Inc. (NASDAQ:EFOI), ProShares UltraShort Bloomberg Crude Oil (NYSE:SCO), and Solazyme, Inc. (NASDAQ:SZYM).
Stocks on the short side include CEB Inc. (NYSE:CEB), Tableau Software, Inc. (NYSE:DATA), Deckers Outdoor Corp. (NYSE:DECK), FARO Technologies Inc. (NASDAQ:FARO), Fossil Group, Inc. (NASDAQ:FOSL), Harman International Industries, Incorporated (NYSE:HAR), Kate Spade & Company (NYSE:KATE), OvaScience, Inc. (NASDAQ:OVAS), Power Solutions International, Inc. (NASDAQ:PSIX), Tupperware Brands Corporation (NYSE:TUP) and Varonis Systems, Inc. (NASDAQ:VRNS).