The market got saved on Tuesday by the news out of Saudi Arabia and Russia as they agreed to a production freeze, the market shot up, and that sent the oil stocks running up. So there will be a lot of stocks here that are oil related or direct oil companies.
Celator Pharm (NASDAQ:CPXX), one of our swing trades, is acting great. On Tuesday, it was up 82 cents to 13.21, or 6.6%, on 2.7 million shares. Ever since the huge breakaway gap it has be running up in a channel. It still looks like it may test 17-18, and then 21-21 1/2.
Targa Resources Inc (NYSE:TRGP) is one our swing trades that finally broke out of a wedge, has been edging up the last couple days, and then on Tuesday, it finally took off running, up 2.19 to 29.75, or 7.3%, on 3.6 million shares. It looks very intriguing. The targets are 6-6 1/2 short-term, and then mid to high 40’s.
Eagle Pharm (NASDAQ:EGRX) was continuing downward on Tuesday after breaking the wedge on Monday. It came down another 2.39 to 14.00, or 6.6%, and looks quite disastrous. Any further damage and it could cascade lower to the mid to high 20’s for starters.
Red Robin Gourmet Burgers Inc (NASDAQ:RRGB), which has been negative all year, formed a large bear wedge in Aug, came down, wedged again, bounced back to the declining topsline, failed, and on Tuesday, it rolled over, dropped out of a little flag, and went down another 1.55 to 62.33, or 2.4%, on 244,700 shares traded. It may be embarking on lower lows at 56, and then 48.
Stocks on the long side included Chesapeake Energy Corporation (NYSE:CHK), CONSOL Energy Inc. (NYSE:CNX), Celator Pharmaceuticals, Inc. (CPXX), Encana Corporation (NYSE:ECA), Ep Energy C (NYSE:EPE), Direxion Daily Junior Gold Miners Bull 3X Shares (NYSE:JNUG), Lsb Industries Inc (NYSE:LXU), Marathon Oil Corporation (NYSE:MRO), SM Energy Company (NYSE:SM), Sanchez Energy Corporation (NYSE:SN), Southwestern Energy Company (NYSE:SWN), Targa Resources Inc (NYSE:TRGP), Unit Corporation (NYSE:UNT), VelocityShares 3x Long Silver linked to S&P GSCI Silver ER Exp 14 Oct 2031 (NASDAQ:USLV), and Whiting Petroleum Corporation (NYSE:WLL).
On the short side, stocks included Natus Medical Incorporated (NASDAQ:BABY), Concordia Healthcare (NASDAQ:CXRX), Eagle Pharmaceuticals Inc. (EGRX), Harman International Industries (NYSE:HAR), Incorporated (NYSE:HAR), Luxoft Holding (NYSE:LXFT), and Red Robin Gourmet Burgers Inc (NASDAQ:RRGB).