We expected a down day on Wall Street and we had one on Tuesday. It was a nice rally in the last hour. Several stocks we follow did great. Some of them were swing trades, some were not. Let’s take a look at them and go over some longs and shorts.
Blucora, Inc. (NASDAQ:BCOR) was up only 35 cents to 11.05, or 3%, on 12 million shares, but it’s looking good. More importantly, taking out the Nov-Dec highs, it may take a run at the 13 range. The current target is 12 1/2-13. Beyond that I’m looking for 15, plus it has 4 3/4 days to cover.
Weibo Corporation (NASDAQ:WB) is breaking out of a 3-week consolidation flag. It was up 36 cents to 28.90, or 1.2%, on 1.7 million shares on Tuesday. It looks like it has broken out now and is headed for 31, and then mid 30’s. This is a strong swing trade.
Stocks on the Short Side….
Luxoft Holding, Inc. (NYSE:LXFT) continues to act well as a short, down 31 cents to 49.61, on 526,000 shares traded on Tuesday. You can see how, with a break away gap, it bouncing, and then coming down lower, I’m looking for a test of 46 3/4-47, and then as low as 41-42.
Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB) continues to get hammered, down another 84 cents to 47.55, or 1.7%, on 207,646 shares traded on Tuesday. I think this is a stock that is destined to get killed. Targets are 40, and then 35.
Stocks on the long side included Blucora, Inc. (BCOR), Direxion Daily Jr Gld Mnrs Bull 3X ETF (NYSE:JNUG), Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT), Medivation, Inc. (NASDAQ:MDVN), Tesaro, Inc. (NASDAQ:TSRO), VelocityShares 3x Long Silver ETN (NASDAQ:USLV), Weibo Corporation (WB), and Yirendai Ltd. (NYSE:YRD).
On the short side, stocks included Harman International Industries, Incorporated (NYSE:HAR), CarMax Inc. (NYSE:KMX), Luxoft Holding, Inc. (LXFT), Royal Caribbean Cruises Ltd. (NYSE:RCL), Red Robin Gourmet Burgers Inc. (RRGB), Stamps.com Inc. (NASDAQ:STMP), Synaptics Inc. (NASDAQ:SYNA), Tempur Sealy International Inc. (NYSE:TPX), and Zebra Technologies Corporation (NASDAQ:ZBRA).