It was a sloppy day on Wall Street on Tuesday. The indices ended mixed at the close, but many stocks did not do well. We will be looking at both long and shorts.
Cerner Corporation (O:CERN) is in a distinct down channel. It had a long up-channel, which broke down, and is now making its way lower, with a down wedges, snapped back several times, and then rolled over again. It appears that the wedge is broken. On Monday, it had a breakaway gap, and on Tuesday, it had an inside day that could lead to lower levels, so the first target is around 52-3, and then down to 48-9.
Global Payments Inc. (N:GPN) appears to be broken at the channel, after gapping down and unable to get back up through. The next move below the current pattern should get it to 59, and then 55. It was down 97 cents to 63.55, or 2%, on 2.4 million shares.
Papa John's International Inc. (O:PZZA) is looking pretty nasty, down another 23 cents to 54.68, on 300,000 shares traded. It has an up-sloping head-and-shoulders, breakaway gaps to the downside, a bear wedge, retest, and now a bear flag. It’s 4-waves down, and the fifth wave down to 49, and it may be much worse.
Restoration Hardware Holdings, Inc. (N:RH) broke its topping pattern, came down and formed a bear wedge, and broke that, and on Tuesday, it tried to rally, but has an inside day. The target is 59.70, for now.
Other stocks on the long side included Cytokinetics, Incorporated (O:CYTK), Auris Medical Holding AG (O:EARS), Five Below, Inc. (O:FIVE), First Solar, Inc. (O:FSLR), NVIDIA Corporation (O:NVDA), Smith & Wesson Holding Corporation (O:SWHC), ProShares UltraShort Bloomberg Crude Oil (N:SCO), SolarEdge Technologies, Inc. (O:SEDG), and Sientra, Inc. (O:SIEN).
Stocks on the short side include Alliance Fiber Optic Products Inc. (O:AFOP), Apollo Education Group, Inc. (O:APOL), Capella Education Co. (O:CPLA), and Comfort Systems USA Inc. (N:FIX).