It was a pretty nasty day on Wall Street on Wednesday. A lot of our stocks did pretty well – at least several of them did. We’ll take a look at those and some of the shorts that did well.
BSQUARE Corp. (O:BSQR), a swing trade of ours, finally ran into a little resistance near the mid-channel range. After breaking out for a couple days, it pulled back. Right now support is around 8 1/2, and I would love to see a couple 3-4 days in here, and then see it take off. The target is 12.00.
Helix Energy Solutions Group, Inc. (N:HLX) had a swing put on it on Tuesday, and on Wednesday morning it pulled back and got all the way down to Tuesday’s low. The support level was down around 5.63, and HL got down to 5.81, and closed at 6.55, up just a penny on the day. Still, it was a nice reversal. Watch the high for Tuesday at 7.75. If it gets through that, look for it to head up to 8.75, and then 10 1/2.
Stocks on the Short Side…
Qualys, Inc. (O:QLYS) has multiple waves down. It got up to resistance, and backed away, down 1.12 to 33.53, or 3%, on 255,043 shares traded. It needs a downside follow-through that takes it to 31 1/2-32, then tests 29, and then go all the way down to the mid 20s.
Williams-Sonoma Inc. (N:WSM) looked about to crack after multiple weeks of consolidation, and then finally the big down drop. It’s 2-waves down; wave three could take it all the way down to the mid 60s or lower. On Wednesday, this stock was down 1.39 to 74.78, or 2%, on a million shares. Keep an eye on this one.
Other stocks on the long side include Cirrus Logic Inc. (O:CRUS), VelocityShares 3x Inv Natural Gas ETN (N:DGAZ), General Motors Company (N:GM), Hawaiian Holdings Inc. (O:HA), Direxion Daily S&P Biotech Bear 3X ETF (N:LABD), LGI Homes, Inc. (O:LGIH), and Zix Corporation (O:ZIXI).
Stocks on the short side include CEB Inc. (N:CEB), Constant Contact, Inc. (O:CTCT), Tableau Software, Inc. (N:DATA), Cabela's Incorporated (N:CAB), Fossil Group, Inc. (O:FOSL), Mallinckrodt Public Limited Company (N:MNK), Red Robin Gourmet Burgers Inc. (O:RRGB), and Universal Electronics Inc. (O:UEIC).