It was kind of a mixed session on Wall Street on Tuesday, but it ended much lower after the sell off in the afternoon brought them back down from where resistance failed to be taken out. So it’s a very, very tenuous market here, and we could very well see lower levels. Let's take a look at both longs and shorts here.
Advanced Energy Industries, Inc. (NASDAQ:AEIS) is an electronic company that has had an interesting chart over the years. Back in 2009 it went under 6.00, but since then it’s gone four waves up, and then three waves up, and looks like it could continue four and five waves up, and get to 40, depending on the market, of course. It needs to hold support at 31 3/4. The target is 40. It has 2.79 days to cover.
Lumentum Holdings Inc. (NASDAQ:LITE), a former swing trade of ours, broke down and stopped out, resurrected itself, the channel held, and on Tuesday it was taken out, popping 50 cents to 26.00, or 2%, on 1.1 million shares. There is some resistance here. The targets are in the 27-8 zone, and then the 29 1/2-30 1/2 zone.
L Brands, Inc. (NYSE:LB) is near the apex of a big wedge. On Tuesday it was down 38 cents to 79.16, on 1.7 million shares. It looks like it has more downside. Target is down toward 69.
Luxoft Holding, Inc. (NYSE:LXFT) with a slight take out of resistance in the stop getting to 60-1, only to rollover again to 56. Watch the 52 area. That’s the current support. A take out of that and it would plunge to the mid 40’s.
Stocks on the long side included Ambarella, Inc. (NASDAQ:AMBA), The Chemours Company (NYSE:CC), Chembio Diagnostics, Inc. (NASDAQ:CEMI), Fabrinet (NYSE:FN), Lumentum Holdings Inc. (LITE), Rogers Corporation (NYSE:ROG), Rayonier Advanced Materials Inc. (NYSE:RYAM), USA Technologies Inc. (NASDAQ:USAT), and Valeant Pharmaceuticals International, Inc (NYSE:VRX).
On the short side, stocks included Ambarella, Inc. (AMBA), Natus Medical Inc. (NASDAQ:BABY), DexCom, Inc. (NASDAQ:DXCM), Harman International Industries, Incorporated (NYSE:HAR), Incyte Corporation (NASDAQ:INCY), Luxoft Holding, Inc. (LXFT), Power Solutions International, Inc. (NASDAQ:PSIX), Royal Caribbean Cruises Ltd. (NYSE:RCL), and Verint Systems Inc. (NASDAQ:VRNT).