The indices didn’t have a great day today, but some of the stocks we follow did, and some of the shorts worked, so let’s take a look at both longs and shorts here.
Logitech International (NASDAQ:LOGI) had a fantastic day on Wednesday, up 3.72, or 17%, to 25.22, on 4.3 million shares traded. The base broke out with a breakaway gap, then ran up and flagged, popped at resistance, pulled back and tested, and then had a big pop on Wednesday. I expect it to get to 28. Typically, when you see a stock move like this it will have a much bigger move coming. It’s the highest it’s been since 2008, and wouldn’t shock me if it made a run to the 31-32 zone. Let’s keep close tabs on this one.
Unisys Corporation (NYSE:UIS) had a big day on Wednesday, up 1.79, or 20%, to 10.74, on 4 million shares traded, on a very strong earnings report. With only 20 days to cover, it popped and actually closed, and filled the gap. That may be why there was some difficulty at the end of the day punching through 10.75. If it does follow through, we could see 12, and have a swing on this one for 12 and 14.
Stocks on the Short Side….
Chipotle Mexican Grill, Inc. (NYSE:CMG) had a big breakdown, and got smacked almost 40 points on Wednesday, down 37.65, or 9%, to 368.02, on 6 million shares traded. The consolidation range for the last 90 days was broken on over 6 million shares. Looking at the weekly chart, it broke the entire support zone and may very well test support around 350-1. Look for another 10 points down, and that should get this stock near mid-channel, closer to 335. That wouldn’t shock me.
DexCom Inc (NASDAQ:DXCM) appears to be rolling over, down 2.89, or 3.6%, to 77.33, on 1.3 million shares traded on Wednesday. It has a falling wedge, which is a bearish flag, it broke on Wednesday, and was down as much as five dollars, closing down 2.97. It sure broke hard on Wednesday. I could see this taking out support and testing 70.
Stocks on the long side included Cemtrex Inc (NASDAQ:CETX), VelocityShares 3x Inverse Natural Gas (NYSE:DGAZ), iRobot Corporation (NASDAQ:IRBT), Logitech International, Mercury Systems Inc (NASDAQ:MRCY), NVIDIA Corporation (NASDAQ:NVDA), Unisys Corporation, and Western Digital Corporation (NASDAQ:WDC),
On the short side, stocks included Alliance Data Systems Corporation (NYSE:ADS), athenahealth (NASDAQ:ATHN), BJs Restaurants (NASDAQ:BJRI), Cal-Maine Foods (NASDAQ:CALM), CChipotle Mexican Grill Inc (NYSE:CMG), DexCom Inc (NASDAQ:DXCM), G-III Apparel Group (NASDAQ:GIII), Impax Laboratories Inc (NASDAQ:IPXL), LifePoint Health Inc (NASDAQ:LPNT), Michaels Company (NASDAQ:MIK), Texas Roadhouse Inc (NASDAQ:TXRH)), and WebMD Health Corp (NASDAQ:WBMD).