It was turn-around Tuesday, turn-around because Tuesday brought an ugly sell off, and got right at key support before a late bounce. If they break here, it’s not going to be pretty. Quite the contrary.
Are they oversold? Not yet. You will know when that occurs. For now, let’s take a look at some of the stocks that dominated the long side, and some shorts, too.
Clayton Williams Energy, Inc. (NYSE:CWEI) has an almost perfect textbook, inverse head-and-shoulders with a platform, moving averages crossing over, and an explosive move just in the last five sessions, taking it from 15 to 28 1/2. That was a big move. On Tuesday it was up 4.81 to 27.60, or 21%, on 1.4 million shares, reaching a high of 22.66. It needs a little more momentum at 32-33, and then we look for a pullback. It has 3.77 days to cover.
U.S. Silica Holdings, Inc. (NYSE:SLCA) is a swing trade of ours that is acting great, up another 60 cents to 27.08, or 2.27%, on 1.7 million shares, with a high of 27.67 on Tuesday. It has 4.76 days to cover, with a move through the resistance line. If it makes it, the next target is 29 1/4-1/2, and we'll see if it extends beyond that.
Stocks on the Short Side….
athenahealth, Inc. (NASDAQ:ATHN) was down 67 cents to 130.47, on 336,400 shares traded on Tuesday. After it finally got smacked down it formed a bear flag. That's the bearish that it gets, in my opinion. It has terrible technicals. Look for it to break to 126 1/2-127, and then it is headed to 112-115.
Harman International Industries (NYSE:HAR) was down 32 cents to 73.65, on 691,120 shares traded on Tuesday. After I talked about this stocks for weeks, it had a 5-wave decline, a bear flag, another 5-wave decline, a rising bear wedge, and now it’s falling again. It stalled for a little bear coil. Look for a test of 67, and then a drop down into the high 50s.
Stocks on the long side included Barrick Gold Corporation (NYSE:ABX), First Majestic Silver Corp. (NYSE:AG), Akorn, Inc. (NASDAQ:AKRX), The Chemours Company (NYSE:CC), CONSOL Energy Inc. (NYSE:CNX), Celator Pharmaceuticals, Inc. (NASDAQ:CPXX), Clayton Williams Energy, Inc. (CWEI), Energy Transfer Equity, L.P. (NYSE:ETE), Direxion Daily Jr Gld Mnrs Bull 3X ETF (NYSE:JNUG), Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT), Legacy Reserves (NASDAQ:LGCY), MGT Capital Investments, Inc. (NYSE:MGT), Mitek Systems, Inc. (NASDAQ:MITK), U.S. Silica Holdings, Inc. (SLCA), Silver Wheaton Corp. (NYSE:SLW), SM Energy Company (NYSE:SM), Southwestern Energy Company (NYSE:SWN), TASER International Inc. (NASDAQ:TASR), Targa Resources Corp. (NYSE:TRGP), Vuzix Corporation (NASDAQ:VUZI), and Williams Companies, Inc. (NYSE:WMB).
On the short side, stocks included athenahealth, Inc. (ATHN), Eagle Pharmaceuticals Inc. (NASDAQ:EGRX), Harman International Industries, Incorporated (HAR), and Royal Caribbean Cruises Ltd. (NYSE:RCL).