Horrific day to start the week on Wall Street. The Dow was down 1000 points and the Nasdaq was down 400 earlier in the day, and they rallied back nicely. They got right to resistance at the overhead gaps. Moving averages failed to get through, but I’m considering today a climatic-type day.
BioTelemetry, Inc. (NASDAQ:BEAT) is one of those stocks that has been acting well of late. It broke out with a thrust early July, flagged, wedged, popped, and broke out on Monday, up 35 cents to 14.04. The interesting thing about Monday’s low is it was right on the breakout point, down about the 12.31 low, and it ran up to 14.33, before pulling back and closing at 14.04. The fact that it closed positive says that this may be a 15 1/2-16 dollar stock short-term, maybe more.
Caesars Entertainment Corporation (NASDAQ:CZR) has been wonderful the last three weeks, going from 4 3/4 to 9.00. On Monday, in the face of a lousy market, even though it dipped in the morning, it still closed up 96 cents to 8.98, or 12%, on 3.7 million shares, but ran all the way up to 9.23. At this point, since this is practically in break out mode, and as a result of that, if there is any extension, you could see this run up towards the 11-11 1/2 range.
Stocks on the Short Side….
Criteo SA (NASDAQ:CRTO) had some incredible implosion on Monday, down 1.46 to 42.03, or 3.36%, on 1 million shares. We put out a swing on this stock last week at the 48 range, and on Monday, plunging to 28.09, almost 20 points, but closed at 42.03.
Mallinckrodt Public Limited Company (NYSE:MNK) had a beautiful implosion on Monday, down 6.34 to 81.96, or 7%, on 4 million shares. It had beautiful, perfect-reform bear wedge, from 99 it goes down to 81, right at the target. The next target is at 68-69.
Other stocks on Harry’s Charts of the Day included the ProShares UltraShort Nasdaq Biotech (NASDAQ:BIS), the Direxion Daily Emrg Mkts Bear 3X ETF (NYSE:EDZ), the Direxion Daily Energy Bear 3X ETF (NYSE:ERY), the Direxion Daily Financial Bear 3X ETF (NYSE:FAZ), the ProShares UltraPro Short S&P500 (NYSE:SPXU), the Direxion Daily Small Cap Bear 3X ETF (NYSE:TZA), the ProShares Ultra VIX Short-Term Futures (NYSE:UVXY), the iPath S&P 500 VIX ST Futures ETN (NYSE:VXX), and the Direxion Daily FTSE China Bear 3X ETF (NYSE:YANG).