It was a nasty day early on Wednesday when the market gapped down huge futures negatively imploded. It immediately rallied at the get-go, taking the Nasdaq 100 and S&P 500 way off the lows, and then they both rolled over in the afternoon, did a .375 to a 50 percent retrace in that zone. They held secondary support intraday and rallied back into the close nicely to finish with gains on the day. After hours, however, they took a bit of a nosedive, Apple Inc. (NASDAQ:AAPL) being the culprit. We have a lot to cover. Let’s take a look at the charts and Wednesday’s highlighted stocks.
Stocks on the Long Side
American Superconductor Corporation (NASDAQ:AMSC), one of our swing trades, is doing great. It formed an engulfing bar with a reversal of 10.69 on Wednesday, popping 60 cents, or 5.38%, to 11.75, on 245,553 shares traded, closing at the high for the day going away. If this gets through the 12 1/2 zone, you’re looking at 14-15 going forward.
Aphria Inc (NYSE:APHA) is still looking good. I like the base pattern that formed, the V-bottom with a right-hand extension, the break of the trendline and now a little wedge that formed. It also formed an engulfing bar on Wednesday, closing up 32 cents, or 5.62%, to 6.01, on 7.7 million shares. If it can get up across 6.35-.37, an important level, it may take off to 7 1/2 and 9 1/2 next.
ProQR Therapeutics NV (NASDAQ:PRQR) snapped back on Wednesday and maybe breaking out of the two-month falling wedge. It jumped 1.70, or 11%, to 17.48, on 464,171 shares traded. The volume wasn’t great, but it was a little bit of a pick-up. We’ll see if this means anything, but it did break through the declining topsline. Targets going forward are 20 3/4, 21, and then 24 eventually.
Stocks on the Short Side
Grubhub Inc (NYSE:GRUB) rallied back to the declining topsline on Wednesday but was still down 1.35, or 2%, to 75.46, on 1.9 million shares. It looks like it wants to rollover to 61-62.
IntriCon Corporation (NASDAQ:IIN) looks terrible, although it has a nice rising wedge and a bear short opportunity. It was down 57 cents, or 2%, to 26.81, on 149,339 shares traded on Wednesday. If it is somewhere near 27 at the declining topsline, it could roll over twice and see 21, or worse.
MGP Ingredients Inc (NASDAQ:MGPI) recently formed a bear flag that looks like it may have been breaking on Wednesday. It dropped another 67 cents, or 1.17%, to 56.38, on 183,729 shares traded and may be headed down toward 48. Keep an eye on that one.
Stocks on the long side included Adial Pharmaceuticals Inc (NASDAQ:ADIL), American Superconductor Corporation (NASDAQ:AMSC), Aphria Inc (TO:APHA), AudioCodes Ltd (NASDAQ:AUDC), Direxion Daily Brazil Bull 3X Shares (NYSE:BRZU), Canopy Growth Corp (NYSE:CGC), Cronos Group Inc (NASDAQ:CRON), California Resources Corp (NYSE:CRC), Intelligent Systems (NYSE:INS), Intec Pharma Ltd (NASDAQ:NTEC), ProQR Therapeutics NV (NASDAQ:PRQR), Qutoutiao Inc (NASDAQ:QTT), Ra Pharmaceuticals Inc (NASDAQ:RARX), SMTC Corporation (NASDAQ:SMTX), and Energous Co (NASDAQ:WATT)
On the short side, stocks included Cutera Inc (NASDAQ:CUTR), Grubhub Inc (NYSE:GRUB), IntriCon Corporation (NASDAQ:IIN), Intuitive Surgical Inc (NASDAQ:ISRG), MGP Ingredients Inc (NASDAQ:MGPI), Nevro Corp (NYSE:NVRO), and PTC Inc (NASDAQ:PTC).
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