It was an ugly day on Wall Street on Tuesday. Some of our stocks did well, and some didn’t do as well. Let’s take a look at them.
Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) formed a flag or pennant about a week ago. I put a swing trade on it, and it popped out on Tuesday, up 29 cents to 23.70, or 1.24%, on 802,000 shares traded. It was only up a small fraction, but on a bad day that’s not too bad. It looks to me like it wants to go. When it does, the targets are 27 and 29 going forward.
The Direxion Daily S&P Biotech Bear 3X ETF (NYSE:LABD) was up 9.43 to 65.88, or 16.7%, on 1 million shares. This stock has the possibility of making a big move, along with ProShares UltraShort Nasdaq Biotech (NASDAQ:BIS).
The Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT) had a really nice day on Tuesday, up 3.33 to 57.36, or 6.2%, on 7.6 million shares. The one-minute chart shows how strong it was, with multiple waves up to the target just before the close. If this gold market really explodes, this stock could see first 70, then 85, and then as high as 100 over the next several weeks, provided it holds 50. That’s where the stop is, at 50-50 1/2. Be very careful.
Stocks on the long side included ProShares UltraShort Nasdaq Biotech (BIS), Blue Buffalo Pet Products, Inc. (BUFF), Celator Pharmaceuticals, Inc. (NASDAQ:CPXX), Inogen, Inc. (NASDAQ:INGN), Direxion Daily S&P Biotech Bear 3X ETF (LABD), Direxion Daily Gold Miners Bull 3X ETF (NUGT), Outerwall Inc. (NASDAQ:OUTR), and The Children's Place, Inc. (NASDAQ:PLCE).
On the short side stocks included Alliance Fiber Optic Products Inc. (NASDAQ:AFOP), AmSurg Corp. (NASDAQ:AMSG), DeVry Education Group Inc. (NYSE:DV), Global Payments Inc. (NYSE:GPN), Luxoft Holding, Inc. (NYSE:LXFT), and Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB).