Wall Street had and interesting day on Tuesday. It was definitely a good day for our traders. Nevertheless, we’re going to look at both long and short stocks here, because there are some very distinctly different trends.
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN), which, after Avanir Pharmaceuticals (NASDAQ:AVNR), is one of our other stocks in that group, was taken out on Tuesday, they ran up to 91 cents, or 7.38%, on 5.2 million shares. That was an increase in volume, but it needs to be more than that. It snapped back from 12.33, and closed at 13.25. The little falling wedge needs to get going. The target is 17, if it does run, and beyond that, look for it to reach up to the low-to-mid 20’s. Keep an eye on this one, it still looks right.
TASER International Inc. (NASDAQ:TASR) had a nice day as 12.7 million shares traded. I haven’t seen that kind of volume on Taser in a long time, and it may be the biggest in years. It did reach the top of the channel at 23.34 before backing off, and may be one of the reasons why it did back off. I’m looking for this stock to extend. It’s headed to the high 20’s, and then the low 30’s.
Stocks on the Short Side….
The Advisory Board Company (NASDAQ:ABCO) had some pretty destructive patterns. It’s amazing when you see this kind of technical destruction. It has a large topping pattern, breakdown, snapback to resistance, and is now in a major key area. The long-term channel, and the long, massive, couple-year top pattern after the run-up, could lead to a retrace. So we’ll be watching this one carefully to see whether the downside potential at 35 can be chief.
Gentherm Incorporated (NASDAQ:THRM) had a very interesting topping pattern now. The down channel is forming, leg one and two are down, and the third leg may be beginning, which could take it down to 30.
Other stocks on Harry’s Charts of the Day are Celldex Therapeutics, Inc. (NASDAQ:CLDX), Chimerix, Inc. (NASDAQ:CMRX), Digital Ally Inc. (NASDAQ:DGLY), FireEye, Inc. (NASDAQ:FEYE), Flamel Technologies SA (NASDAQ:FLML), Idera Pharmaceuticals, Inc. (NASDAQ:IDRA), Lakeland Industries Inc. (NASDAQ:LAKE), NewLink Genetics Corporation (NASDAQ:NLNK), Orexigen Therapeutics, Inc. (NASDAQ:OREX), Planar Systems Inc. (NASDAQ:PLNR), ProShares UltraShort DJ-UBS Crude Oil ETF(ARCA:SCO), and VASCO Data Security International (NASDAQ:VDSI).
Stocks on the short side include Colfax Corporation (LONDON:CFX), Core Laboratories NV (NYSE:CLB), Helmerich & Payne, Inc. (NYSE:HP), MDU Resources Group Inc. (NYSE:MDU), NN Inc. (NASDAQ:NNBR), Nu Skin Enterprises Inc. (NYSE:NUS), Gentherm Incorporated (NASDAQ:THRM), Tupperware Brands Corporation (NYSE:TUP), Waddell & Reed Financial, Inc. (NYSE:WDR), Westlake Chemical Corp. (NYSE:WLK), and Yelp, Inc. (NYSE:YELP).