It was an interesting day for the market on Wednesday. Mostly just fractional changes. It popped right after the FOMC meeting, but pulled back and closed down.
We’re going to look at both longs and shorts, and go over some swings on both sides, but mostly on the short side. I’m concerned if we have any downside follow through - I want to see if it will hold on this retest if that’s what it is.
Gold did act great on Wednesday, so we will be looking at several gold stocks as well.
Accelerate Diagnostics, Inc. (NASDAQ:AXDX) made a big move on Wednesday, up 3.19 to 16.87, or 23%, on 912,037 shares traded. It has a hundred million in cash and 28 days to cover, some strong fundamentals. With a breakout on Wednesday of this nature, and 900,000 shares traded, which is good volume for that stock, we may very well be seeing a retest of the 19-20 zone, and then following that 23-24. Those are the targets. Be sure to watch the short position.
Exact Sciences Corporation (NASDAQ:EXAS) is very interesting. I put a swing on it on Wednesday after it pulled back. Looking at the stock now after having gone from 5.30 to 12 1/2 pre-market. One hundred and fifty percent in about three weeks. We decided to wait for the pullback and we got the pullback. The fundamentals and technicals look good. It has 13 days to cover. I think the pullback was a buying opportunity, and the best thing it could do is be up on Thursday, but it may back and fill in here for a bit, consolidate the base breakout, then head up to 12 1/2, and then 15. On Wednesday it was down 6 cents to 9.33, on 39 million shares, which is very good volume.
Stocks on the Short Side....
athenahealth, Inc. (NASDAQ:ATHN) has been down five days in a row, including Wednesday, down 59 cents to 129.25, on 158,211 shares traded. I’m looking for that one “smack” day to take it down sharply into the 120-22 range. I think it may be coming. It has 20 days to cover. The shorts could be right on this one.
Chipotle Mexican Grill, Inc. (NYSE:CMG) reversed back down again after having one good day. It has gone from 402.00 to 389.00, closing down 4.95 to 390.31, or 1.25%, on 1.2 million shares on Wednesday. Watch this one if it gets under 385.00. It could be down to 350.00 pretty quickly.
Stocks on the long side included Barrick Gold Corporation (NYSE:ABX), First Majestic Silver Corp. (NYSE:AG), Aqua Metals, Inc. (NASDAQ:AQMS), Accelerate Diagnostics, Inc. (AXDX), Biostar Pharmaceuticals, Inc. (NASDAQ:BSPM), VelocityShares 3x Inverse Crude Oil ETN (NYSE:DWTI), ProShares UltraShort Bloomberg Crude Oil (NYSE:SCO), Emerge Energy Services LP (NYSE:EMES), Exact Sciences Corporation (EXAS), Endeavour Silver Corp. (NYSE:EXK), Helios and Matheson Analytics Inc. (NASDAQ:HMNY), Direxion Daily Jr Gld Mnrs Bull 3X ETF (NYSE:JNUG), Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT), Lumentum Holdings Inc. (NASDAQ:LITE), MGT Capital Investments, Inc. (NYSE:MGT), and United States Steel Corp. (NYSE:X).
On the short side, stocks included athenahealth, Inc. (ATHN), Cal-Maine Foods, Inc. (NASDAQ:CALM), Chipotle Mexican Grill, Inc. (CMG), Foot Locker, Inc. (NYSE:FL), Royal Caribbean Cruises Ltd. (NYSE:RCL), and Stamps.com Inc. (NASDAQ:STMP).