At this point, the market is starting to pull back and do some retracement, but Thursday was a good day for several stocks. I am going to show you some longs and prepare you for whatever pullbacks may be coming with shorts.
On the Long Side….
American Superconductor Corporation (NASDAQ:AMSC) has a terrific chart. It broke out, pulled back in a falling wedge along the 7-8 range, and here it is up 66 cents, or 4.76%, to 14.54, on 604,050 shares traded on Thursday. It needs a push. Looks to me like this is a 19-dollar stock going forward.
Evolus, Inc. (NASDAQ:EOLS) had a spectacular follow-through after the pause on Wednesday. It only went from 23.50 to 29.00, jumping 4.85 or 20%, to 28.91, on 5 million shares. If it gets through resistance at 28.91, the next target is 34-34 1/2.
ION Geophysical Corporation (NYSE:IO) ran 2.43, or 25%, to 12.18, on 450,765 shares traded. The swing that I put on it is working well. It consolidated for a few weeks, and then exploded on Thursday. There’s resistance in that level. The next target is around 14, followed by 18.
Stocks on the Short Side….
Carvana Co. (NYSE:CVNA) is ugly, as you can see. It dropped down in Sept, formed a big wedge, cracked and formed a rising wedge before we told you to go short, and dropped 39 cents, or -1.17%, to 33.02, on 1.9 million shares on Thursday, and is pulling back near support. Ultimately, if it doesn’t hold the 24-5 zone, which is my next target, and gets through 29 first, it could get dramatically lower to 21, and then the 17 range.
IntriCon Corporation (NASDAQ:IIN) broke down in Sept, I gave you a short around 51.28, it formed a short flag, and is forming another one now. On Thursday, it dropped 1.40, or -5.39%, to 24.58, on 106,215 shares traded. It has broken this pattern, and if it doesn’t hold 22-22 1/2, this could get to 17 fairly quickly.
Medifast, Inc. (NYSE:MED) broke down earlier in Sept, formed a wedge, broke down, formed another wedge, broke down sharply, bear-flagged, formed another rising wedge, and actually fell 19 cents, or -0.15%, to 127.07, on 208,021 shares traded on Thursday. It did not get above the moving averages, but if it takes out the 132 high from last week, it could fall back to 106-108, maybe even the high 80’s.
Stocks on the long side included American Superconductor Corporation (AMSC), Cronos Group Inc. (NASDAQ:CRON), Evolus, Inc. (EOLS), Hanesbrands Inc. (NYSE:HBI), ION Geophysical Corporation (IO), Microbot Medical Inc. (NASDAQ:MBOT), and 3Pea International, Inc. (NASDAQ:TPNL).
On the short side, stocks included AxoGen, Inc. (NASDAQ:AXGN), Cutera, Inc. (NASDAQ:CUTR), Carvana Co. (CVNA), Editas Medicine, Inc. (NASDAQ:EDIT), FedEx Corporation (NYSE:FDX), IntriCon Corporation (IIN), Medifast, Inc. (MED), PTC Inc. (NASDAQ:PTC), Tailored Brands, Inc. (NYSE:TLRD), and Weight Watchers International, Inc. (NASDAQ:WTW).
Watch video here.