It was ugly on Wall Street on Wednesday, and it’s getting uglier. Yet they’re not as steeply oversold as they can be or will be, in my opinion. So we’ve got to be very defensive here. A lot of stocks we know and follow over the last weeks have gotten hit, but there are still stocks going up. We’re going to go over longs and shorts here just so you can see what’s going on.
Eros International Plc (NYSE:EROS), one or our swing trades, after popping and pulling back, went back up 2.04 to 37.60, or 5.7% on a lousy day like Wednesday. You have to be impressed with that kind movement. If it does get any market value at all, look for 42-44, and then maybe as high as the high 40s.
Sucampo Pharmaceuticals Inc (NASDAQ:SCMP) is acting great. It had pop one week long, a consolidation, breakout, pull back and then on Wednesday, it went right back up 1.22 to 27.06, or 6%, on 1.1 million shares. Again, it was a lousy day, yet this stock moved up. Always look for relative strength on a lousy day. The target is 32½-¾ going forward.
Boxer Shorts
CEB Inc (NYSE:CEB) had multiple waves up, a rising wedge and then a plunge followed by a bear flag. On Wednesday, this stock was down 65 cents to 76.65, and looks like it wants to go down to the mid 60s for a 10-point drop. A Boxer Short may be put on it as early as Thursday, so keep an eye on this one.
United Rentals Inc (NYSE:URI) has been in a downtrend for quite some time now. When it broke the wedge and formed a bear flag, a short was put on it. It dropped from 94 to 62 and is now forming another bear coil. The next target is 52.
Other stocks on the long side include Celsus Theraptcs (NASDAQ:CLTX), Citi Trends Inc (NASDAQ:CTRN), Energy Focus, Inc. (NASDAQ:EFOI), Neuroderm Ltd (NASDAQ:NDRM), NantKwest, Inc. (NASDAQ:NK), ProShares UltraShort Bloomberg Crude Oil (NYSE:SCO) and Weight Watchers International Inc (NYSE:WTW).
Stocks on the short side include Apollo Group Inc (NASDAQ:APOL), Cabelas Inc (NYSE:CAB), Caterpillar Inc. (NYSE:CAT), Canadian Pacific Railway Limited (NYSE:CP), Constant Contact Inc (NASDAQ:CTCT), Ferrellgas Partners LP (NYSE:FGP), Kate Spade & Co (NYSE:KATE), Qualys Inc (NASDAQ:QLYS), Teradata Corporation (NYSE:TDC), Tupperware Brands Corporation (NYSE:TUP), PowerShares DB US Dollar Bullish ETF (NYSE:UUP), United Rentals, Inc. (NYSE:URI), and Yelp Inc (NYSE:YELP).