So far it’s been an ugly start to the month and Wednesday was no exception. The indices are at a critical point, and oversold, but not extremely so. They are set up for a potential snapback any day now. In the meantime, we’re going to take a look at the long side and short side here. Some of the stocks we follow on the long side still look pretty good
Fate Therap (NASDAQ:FATE) had a big day on Wednesday, up 2.28 to 7.24, or 46%, on 2.7 million shares. On Tuesday it closed at 4.96, and opened at 8.72, right near the high for the day on Wednesday, and then backed off for the rest of the session. Sometimes where there is a big thrust on volume, as there was for this stock, and then a pull back, the next day they follow-through. So be watching for that to occur. In afterhours trading on Wednesday this stock was back up again from 6.00, back up to the 7.30-.40 zone. We just need to see if there’s an extension to this rally.
NewLink Genetics Corporation (NASDAQ:NLNK), one of our favorites, moved up very nicely, and then backed off, as many of the biotech’s did, and on Wednesday, it snapped back. Despite the late pullback it’s actually doing quite well, even at the close, closing up 3.29 to 50.31, or 7%, on 851,700 shares traded, and not far from the high for the day at 50.54. The volume was the best on an up-day in 5-6 weeks. If it can get up to and through the 50 1/2-51 zone, it may test 53, and then 58 plus.
Stocks on the Short Side….
Keurig Green Mountain Inc (NASDAQ:GMCR), which had been very toppy, rolled over the early part of this year, came down, the neckline was broken on Wednesday, and it was down 1.92 to 108.08, or 1 3/4%, on 4.4 million shares. It was choppy in afterhours, dropping from 108-9, all the way down to 88, before bouncing and coiling near the 96 level. Still, it was down 11 1/2-12 points.
Varonis Systems (NASDAQ:VRNS), which we’ve highlighted several times the past couple weeks, was down another 77 cents to 26.68. After it broke out and bear-flagged, it broke again, bear-wedged, and on Wednesday, the bear-wedge is rolling over. The target on this one is 23 1/2.
Other stocks on Harry’s Charts of the Day included Carbo Ceramics Inc (NYSE:CRR), Intercloud (NASDAQ:ICLD), PowerSecure International Inc (NYSE:POWR), PlasmaTech Biopharmaceuticals (NASDAQ:PTBI), Sorrento Therape (NASDAQ:SRNE), Sarepta Therapeutics Inc (NASDAQ:SRPT), and TrovaGene Inc (NASDAQ:TROV)).
Stocks on the short side included 3D Systems Corporation (NYSE:DDD),Fossil Group Inc (NASDAQ:FOSL), Host Hotels & Resorts, Inc. (NYSE:HST), Open Text Corporation (NASDAQ:OTEX), SanDisk Corp. (NASDAQ:SNDK), and Yelp Inc (NYSE:YELP)