It was another nasty day on Wall Street as the markets ran up sharply, really sharply, rolled over in the last couple hours and got slam-dunked into the close. Not a good way to finish. The futures are lower, but they are bouncing some. It’s a volatile market, no question.
Aquinox Pharmaceuticals Inc. (NASDAQ:AQXP) had an interesting day on Tuesday. A swing trade was put on it after it exploded and pulled back to form a beautiful wedge. This stock has held at the 15 1/2 area, and on Tuesday, it popped across the 19.92 level as well 23, and 27 as the market was flying. After reaching 24.50, it pulled all the way back to the 18 1/2-3/4 range and closed there. It was up 1.09 to 18.79, or 6%, on 2 million shares. Unfortunately, that was not a good close on it and not the best timing on a swing trade. As long as it holds in the 15-15 1/4 level, it could move. Keep an eye on this one as it could be powerful if the market gets moving again.
Best Buy Co., Inc. (NYSE:BBY) exploded on Tuesday with a big breakaway gap. It was down around 29.25 on Monday, and on Tuesday it got up to 34.36, and then the markets brought it back down, up 3.68 to close at 32.95, or 13%, on 21.3 million shares. Perhaps this pullback could be a buying opportunity. Short-term target is a test of the double-top at 35, and change, and if it gets through that, the next target is 37 1/2.
Stocks on the Short Side…..
CEB Inc. (NYSE:CEB), a Boxer Swing Short, got crushed on Monday, as it fell out of the rising wedge, going from the high 70’s to a low in the 69.90’s, and on Tuesday, it ran back up to 71.94, and then pulled back down again to close a penny lower on the day. If it gets through support at 67, look for it to head down toward 63-64.
Deckers Outdoor Corp. (NYSE:DECK) broke out of an entire, 6-month base, down 71 cents to 60.50. The targets going forward are 56 and 51.
Other stocks on the long side include Arch Coal Inc. (NYSE:ACI), Direxion Daily Gold Miners Bear 3X ETF (NYSE:DUST), Direxion Daily Jr Gld Mnrs Bear 3X ETF (NYSE:JDST), Energy Focus, Inc. (NASDAQ:EFOI), Direxion Daily Energy Bear 3X ETF (NYSE:ERY), ProShares Ultra VIX Short-Term Futures (NYSE:UVXY), and ProShares UltraPro Short S&P500 (NYSE:SPXU).
Stocks on the short side include Caterpillar Inc. (NYSE:CAT), Canadian Pacific Railway Limited (NYSE:CP), Criteo SA (NASDAQ:CRTO), Mallinckrodt Public Limited Company (NYSE:MNK), Skyworks Solutions Inc. (NASDAQ:SWKS), Teradata Corporation (NYSE:TDC), and Tupperware Brands Corporation (NYSE:TUP).