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Stay On The Short Side With These Stocks

Published 10/07/2014, 12:59 AM
Updated 07/09/2023, 06:31 AM

It was a strange day on Wall Street. The stock market had a strong opening on Monday. Resistance was had, and then a 5-wave decline ensured, followed by a 3-wave rally. The close was less than to be desired, and they closed down on the day. Let's take a look at longs and shorts here and see how they're doing.

Alnylam Pharmaceuticals, Inc., (NASDAQ:ALNY) one of our swing trades, appears to have broken out of the flag that it was in with a little bit of a pop, up 2.26, or 2.9%, on nearly a million shares, and closed at 80.50. Not exactly what I would call thrusting yet, but I like the pattern. By all rights this stock should extend to about the 90-92 zone, which is the next target. However, if you look at the top of the channel, it could probably do a little movement up towards 85. I’m looking for the fifth leg up. So 85 is the short-term target, and then 89-90 intermediate-term.

Ekso Bionics Holdings, Inc. (OBB:EKSO) had an interesting day on Monday, selected by Google Inc (NASDAQ:GOOGL) for a project. The volume was 3.6 million shares. That’s the second biggest volume on an up-day in a while. Back on February 24 of this year it was at a high of 7.65 and came all the way down to under a dollar. It held there, and popped through the declining topsline and lateral price resistance. It may very well test the rest of them. The next target is 2.15-.17. There’s a little bit of resistance around 1.72-3.

Stocks on the Short Side….

Emerge Energy Services LP (EMES) is a new stock I found last week. When it cracked in mid-September, it snapped back and went all the way up to 123.00. On Monday, it dropped down to 99.70. There’s short-term support around 101.00. If it cracks at that point, it will go much deeper.

Qihoo 360 Technology Co. Ltd. (NYSE:QIHU) bounced off support on Monday. From late August, it has gone from the 92.00 area all the way down to Monday’s low at 67.87. It snapped back at 70.42, and closed at 68.16, down 37 cents on reversal day.

Other on Harry’s Charts of the Day are Alnylam Pharmaceuticals, Inc., Ambarella, Inc. (NASDAQ:AMBA), Avanir Pharmaceuticals, Inc. (NASDAQ:AVNR), Chimerix, Inc. (NASDAQ:CMRX), Ekso Bionics Holdings, Inc. (OBB:EKSO), GoPro, Inc. (NASDAQ:GPRO), El Pollo Loco Holdings, Inc. (NASDAQ:LOCO), Splunk, Inc. (NASDAQ:SPLK), and Vimicro International Corp. (NASDAQ:VIMC).

Stocks on the short side include Emerge Energy Services LP (EMES), Grifols, S.A. (NASDAQ:GRFS), Hi-Crush Partners LP (NYSE:HCLP), Interactive Intelligence Group Inc. (NASDAQ:ININ), Kindred Healthcare Inc. (NYSE:KND), Nu Skin Enterprises Inc. (NYSE:NUS), Qihoo 360 Technology Co. Ltd. (NYSE:QIHU), Tupperware Brands Corporation (NYSE:TUP), and Waddell & Reed Financial, Inc. (NYSE:WDR).

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