It was another sloppy day on Wall Street on Wednesday, and support barely held before they rallied late in the day. That can be seen in a lot of the oil and gold stocks, in particular. I’m not so sure that Thursday’s lows aren’t key to whether we see higher levels or not.
New Oriental Education & Technology Group Inc. (NYSE:EDU), a swing trade of ours, popped out three days ago, pulled back, and snapped right back on Thursday, up 96 cents to 40.58, or 2.4%, on 811,400 shares traded. Something to watch, and something to keep your eye on in terms of support. I really don’t want this under 38 1/2. The target, however, is in the mid 40s. This stock has 2.55 days to cover.
Sarepta Therapeutics, Inc. (NASDAQ:SRPT) is intriguing. It’s waiting to see if it gets FDA approval. With the explosive move in April, and forming a beautiful bull coil on low volume, good technicals, it seems as though it’s signaling that it wants to go higher. Targets are 22, 25, and possibly much higher if they get the approval.
TASER International Inc. (NASDAQ:TASR) is finally acting well. After drifting downward for a month or six weeks, it finally moved, going from 17 to 21, and change, and is sitting right at resistance. It was up on Thursday 34 cents to 21.12, or 1.64%, on 9.6 million shares. If it pops through resistance it could see a quick 24.
Targa Resources Corp. (NYSE:TRGP) has had a phenomenal move from 15 all the way up 45, tripling, in four waves up, and the fifth wave may yet have more to go, but I would not be shocked to see 48-52. It was up 49 cents to 17.60, or 2.86%, on 2.4 million shares, on Thursday. Beware of Thursday’s low as a potential stopping point somewhere under the 40-40 1/2 level.
Stocks on the long side included Barrick Gold Corporation (NYSE:ABX), First Majestic Silver Corp. (NYSE:AG), Direxion Daily Jr Gld Mnrs Bull 3X ETF (NYSE:JNUG), Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT), Silver Wheaton Corp. (NYSE:SLW), Energy Transfer Equity, L.P. (NYSE:ETE), Range Resources Corporation (NYSE:RRC), Targa Resources Corp. (TRGP), VelocityShares 3x Long Crude Oil ETN (NYSE:UWTI), Chembio Diagnostics, Inc. (NASDAQ:CEMI), Celator Pharmaceuticals, Inc. (NASDAQ:CPXX), New Oriental Education & Technology Group Inc. (NYSE:EDU), Direxion Daily Emrg Mkts Bear 3X ETF (NYSE:EDZ), Cesca Therapeutics Inc. (NASDAQ:KOOL), Sarepta Therapeutics, Inc. (SRPT), and TASER International Inc. (TASR).