The market is getting pretty quiet volume wise as it gets closer to this weekend’s holiday, but the activity is still quite strong. A lot of stocks we follow have done very well, although on Wednesday the market had kind of a soft session.
Eleven Biothera (NASDAQ:EBIO) is looking better, and on Wednesday, in particular, after a 3 wave, corrective pullback wedge. It tested the 43 area by tagging 4.40, and testing the gap as well at 4.35.
It reversed sharply, going from 4.40 to 4.90, closing just a couple cents off the high at 4.88, or 3%. The volume increased dramatically, late in the session, in particular. It could run up to the highs at 6.00, and now I’m looking for as high as 8.00.
Swing trade Hudson Technologies Inc (NASDAQ:HDSN) is doing well after pulling down and retesting the 6.10 area, Wednesday’s low was 6.15, it ran up to 6.52 and closed at 6.47, up 22 cents, or 3.5%. Nice reversal day. The volume wasn't spectacular, but the OBV was great. I’m looking for this stock to make a move to 7.00, and ultimately, we may see it run up to 7-7 1/2.
Stocks on the Short Side…..
Cray Inc (NASDAQ:CRAY) came down five waves to the fifth wave on Wednesday, down 27 cents, or 2.2%, to 22.90. Two or three weeks ago I told everyone to cover their shorts because this stock is at the bottom of the channel. After spiking down on the fifth wave, it may get a rebound. It looks like it could crack here. Technicals look terrible. I would not be surprised to see this run down to 18 1/2-19.
The Michaels Co (NASDAQ:MIK) Boxer Short is doing well as it continues lower, down another 25 cents, or 1%, to 23.96, on 1.3 million shares traded. It broke last week and has been down five days in a row. I’m looking for a test of the 23 area, and possibly as low as 19-19 1/2.
Stocks on the long side included Clovis Oncology Inc (NASDAQ:CLVS), Direxion Daily Gold Miners Bear 3X ETF (NYSE:DUST), Direxion Daily Junior Gold Miners Bear 3X Shares (NYSE:JDST), Eleven Biothera (NASDAQ:EBIO), Five9 Inc (NASDAQ:FIVN), Hudson Technologies Inc. (HDSN), Himax Technologies Inc (NASDAQ:HIMX), Momo Inc (NASDAQ:MOMO), Direxion Daily Gold Miners Bull 3X Shares (NYSE:NUGT), ProShares UltraShort Bloomberg Crude Oil (NYSE:SCO), SkyPeople Fruit Juice Inc (NASDAQ:SPU), Veeva Sys Inc (NYSE:VEEV), Vuzix Corp Cmn Stk (NASDAQ:VUZI), and YY Inc (NASDAQ:YY).
On the short side, stocks included Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN), Cray Inc. (CRAY), Dollar General Corporation (NYSE:DG), Dollar Tree, Inc. (NASDAQ:DLTR), Flowers Foods Inc (NYSE:FLO), SPDR S&P Global Infrastructure (NYSE:GII), LifePoint Health Inc (NASDAQ:LPNT), The Michaels Companies, Inc. (MIK), Rogers Corporation (NYSE:ROG), Skechers USA Inc (NYSE:SKX), Synaptics Incorporated (NASDAQ:SYNA), Team Health Holdings Inc (NYSE:TMH), and Olympic Steel Inc (NASDAQ:ZEUS).