It was not a good day for the markets on Wednesday. They were up, they were down, they were up again, and closed down. Some of our stocks are still doing okay, so we’ll take a look at those and at a few shorts.
Fluidigm Corporation (O:FLDM) was up 47 cents to 10.33, or 4.8%, on 2 million shares. This stock has gone from the high 40s all the way down to 7.00, an extreme drop, and then the big reversal day occurred a week and a half ago when it spiked from 3 1/2 to 11, and traded over 4 million shares. It then drifted lower in a falling wedge, the volume dissipated, and on Wednesday, it popped. It closed great. Look for it to extend, and get up across the 11-range, for a test of about 12. Targets are 12, and 13 1/2 going forward. It has 9.14 days to cover.
Integrated Device Technology, Inc. (O:IDTI), one of our swing trades, popped and has been coiling for a week and a half. It’s been very quiet. Late in the day on Wednesday, it popped and then pulled back, up 13 cents to 25.89, on 2.1 million shares. If this stock gets through 26 1/2, the target is 30-31. It has 2.7 days to cover.
Stocks on the Short Side…
Buffalo Wild Wings Inc. (O:BWLD), after cracking hard, has been bear wedging for the past week and a half. On Wednesday, it was down 36 cents to 154.87 on 537,000 shares traded. If it takes out the recent lows near 148.00, look for a move that fills the gap at 136, and eventually down to the low 120’s.
Williams-Sonoma Inc. (N:WSM) had a beautiful rising bear wedge, it cracked twice and formed a bear wedge each time. The fifth wave appears to be under way. It looks like this stock is headed to the 63-5 range.
Other stocks on the long side include Amira Nature Foods Ltd. (N:ANFI), Box, Inc. (N:BOX), The Hackett Group, Inc. (O:HCKT), Revance Therapeutics, Inc. (O:RVNC), ProShares UltraShort Bloomberg Crude Oil (N:SCO), Tower Semiconductor Ltd. (O:TSEM), and Weight Watchers International, Inc. (N:WTW).
Stocks on the short side include ABIOMED, Inc. (O:ABMD), Alliance Fiber Optic Products Inc. (O:AFOP), Apollo Education Group, Inc. (O:APOL), Mallinckrodt Public Limited Company (N:MNK), OvaScience, Inc. (O:OVAS), and Red Robin Gourmet Burgers Inc. (O:RRGB).