It was a really nasty looking day for the stock market on Monday. Everything looked negative. Advance-declines were negative on both exchanges and the up/down volume was 2 to 1, negative on one and 3 to 1 negative on the other. Some of the large-cap Nasdaq stocks did well, but it appears to mask a much bigger market, so everyone needs to be careful here. For now, let’s take a look at both longs and shorts here.
Exelixis, Inc. (NASDAQ:EXEL), on drug news on Monday, exploded 1.97 to 5.88, or 50%, on 74.6 million shares. It gapped up and closed at the high end of the range. Look for more upside on this one. The target is 7-7 1/4; however, there is potentially some resistance around the 6 1/4 area. If it can punch through that on Tuesday, the targets are 7 1/4 and 8 3/4.
GoPro, Inc. (NASDAQ:GPRO) had another good day. It popped 4.16 to 60.80, or 7 3/4%, on 14.7 million shares. That’s the biggest volume on an up day in several weeks. The level to watch is 61.19. Monday’s high was 61.20. If it gets through here, look for it to run up towards 68-9. Let’s see what happens with this stock over the next couple days.
Stocks on the Short Side….
3D Systems Corporation (NYSE:DDD) has not done well for quite some time, down another 1.32 to 14.47, or 8%, on 5.9 million shares on Monday. In 2014, DDD reached 97.00, and now it’s all the way down to 14.00. When it was trading in the 50’s, the potential target was 17.00. Look at it now! There’s no bottom in sight. The next potential-support level is all the way down at high single digits. Something terrible is going on with this stock, or a takeover may ensue.
Emerge Energy Services LP (NYSE:EMES) is another stock that is unbelievable, down 1.35 to 23.71, or 5.39%, on 432,770 shares traded. It wedged several times on its way down, flagged and keeps going down. It went from 140, and change, to 23, and there’s no bottom in sight. The target is 18-9.
Other stocks on Harry’s Charts of the Day included Alarm.com Holdings, Inc. (NASDAQ:ALRM), Anthera Pharmaceuticals, Inc. (NASDAQ:ANTH), Cempra, Inc. (NASDAQ:CEMP), Facebook, Inc. (NASDAQ:FB), Amicus Therapeutics, Inc. (NASDAQ:FOLD), Horizon Pharma plc (NASDAQ:HZNP), Novavax, Inc. (NASDAQ:NVAX), Sorrento Therapeutics, Inc. (NASDAQ:SRNE), Sarepta Therapeutics, Inc. (NASDAQ:SRPT), and Intrexon Corporation (NYSE:XON).
Stocks on the short side included American Airlines Group Inc. (NASDAQ:AAL), Fossil Group, Inc. (NASDAQ:FOSL), Hi-Crush Partners LP (NYSE:HCLP), Kate Spade & Company (NYSE:KATE), Michael Kors Holdings Limited (NYSE:KORS), Qualys, Inc. (NASDAQ:QLYS), TAL International Group, Inc. (NYSE:TAL), TriNet Group, Inc. (NYSE:TNET), Universal Electronics Inc. (NASDAQ:UEIC), United Rentals, Inc. (NYSE:URI), Varonis Systems, Inc. (NASDAQ:VRNS), Yelp Inc. (NYSE:YELP).