It was a nasty day on Wall Street, certainly contributed to by the Chinese devaluation of the yuan. It wasn’t pretty, yet, when I look at the Boxer Shorts it looks like a mixed picture. The long side is still fairly good if you’re in the right sectors. Let’s take a look at long positions and patterns here.
Alon USA Energy Inc (NYSE:ALJ) is one of the strongest oil-related stocks in refining and marketing. This stock broke out in January and has been really strong all year. It came down slightly about two weeks ago, and then turned around and headed right back up, and has kept on going. On Tuesday, it was up another 65 cents to 22.57, or nearly 3%, on 1.2 million shares. The target for ALJ is in the 24-25.00 zone.
Valero Energy Corporation (NYSE:VLO) is another strong, oil-related stock. It took a dip in January, then ran up, pulled back, ran up again, came down and based for a couple months, ran up and pulled back a couple more times, and then on Tuesday, it spiked up, reaching new, all-time highs at 70.63, and then pulled back. But it was still up 1.43, closing at 70.43, just 20 cents off the high, on 7.5 million shares. It looks like the top of the channel could be in play near the low 80’s. So keep an eye on this one.
A10 Networks Inc (NYSE:ATEN) has an interesting pattern. It broke down mid-July, going from a June high of 7.07, all the way down to a low near the end of July at 4.98, it turned around, and has been working its way back up. Recently, it formed a wedge, popped out of the wedge, and then a swing trade was put on it. On Tuesday, it was up 22 cents to 7.17, or 3%, on 1.8 million shares, reaching a nominal new high at 7.37. Be looking for a breakout. If it gets one, it has a complete gap to fill around 7.75, and if it gets through that, the next target is 9.00, and then 11 1/2-12.00.
Lipocine Inc (NASDAQ:LPCN) is having a good run these days. A year ago this stock broke down, going from 9.64 all the way down to 4.10, it based out for a while, and then gradually worked its way back up, going from 12.19 to 17.83, 5.64 points in the last week, week and a half. On Tuesday, it was up 3.40 to 17.37, or 24%, on 2 million shares. It seems destined for a test of the 19 1/2-20 zone short-term. Keep an eye on this one.
Other stocks on the long side include Applied Optoelectronics Inc (NASDAQ:AAOI), American Biltrite Inc (OTC:ABLT), Aquinox Pharmaceuticals Inc (NASDAQ:AQXP), magicJack VocalTec Ltd (NASDAQ:CALL), DS Healthcare Group Inc (NASDAQ:DSKX), Novavax Inc (NASDAQ:NVAX), Senomyx Inc (NASDAQ:SNMX) and Tetra Technologies Inc (NYSE:TTI).