It’s a tricky market out there. The ultra-shorts have been kind to us, but the market has not been kind to us at all for quite some time. However, I’m amazed at how many of our swing trades have been doing well. But all that changes if we get a plunge in the market. For now, let’s take a look at some longs and shorts to see how they are faring.
Five9, Inc. (NASDAQ:FIVN) is just acting great in this market, up 35 cents to 12.93, or 2.78%, on 558,170 shares traded on Tuesday. The OBV is moving steadily higher. Multi-year highs look good. It’s a little long in the tooth as it has gone from 8 1/2 to 13 in the past three weeks. It looks like it wants to go to 16 1/2-17. It has 2.47 days to cover.
Weibo Corporation (NASDAQ:WB), one of our swing trades, is doing great. It had a 5-wave move, yet the pullback, which was moderate and orderly, today resulted in a snapback, up 1.37 to 28.09, or 5%, on 1.1 million shares. The volume wasn’t huge, but it looks like it wants to go. The targets are 32, and 35 plus.
Stocks on the Short Side…
Foot Locker, Inc. (NYSE:FL) is bear-flag extraordinaire, with another breakdown. On Tuesday it was down 38 cents to 54.64, on 1.5 million shares. I’m looking for it to drop down to 51 1/2, and then 48 1/2.
Royal Caribbean Cruises Ltd. (NYSE:RCL), a Boxer Swing short, is still working. It’s slowly but surely breaking down. On Tuesday it was down another 89 cents to 71.99, or 1.22%, on 2.4 million shares. The targets are the mid 60s, and then the 50s.
Stocks on the long side included Biostar Pharmaceuticals, Inc. (NASDAQ:BSPM), Cemtrex Inc. (NASDAQ:CETX), Exact Sciences Corporation (NASDAQ:EXAS), Direxion Daily Financial Bear 3X ETF (NYSE:FAZ), Five9, Inc. (FIVN), Mercury Systems, Inc. (NASDAQ:MRCY), Match Group, Inc. (NASDAQ:MTCH), SecureWorks Corp. (NASDAQ:SCWX), Vonage Holdings Corporation (NYSE:VG), and Weibo Corporation (WB).
On the short side, stocks included athenahealth, Inc. (NASDAQ:ATHN), Cal-Maine Foods, Inc. (NASDAQ:CALM), Chipotle Mexican Grill, Inc. (NYSE:CMG), Foot Locker, Inc. (FL), GameStop Corp. (NYSE:GME), Harman International Industries, Incorporated (HAR), CarMax Inc. (NYSE:KMX), and Royal Caribbean Cruises Ltd. (RCL).