It was a lousy market on Tuesday, and turn-around Tuesday, to say the least. Markets gapped down, stair-stepped their way lower, consolidated midday, and then rolled over in the afternoon. Not a surprise to most of us. We’re going to take a look at some of the gold stocks, some longs and some shorts.
Second Sight Medical Products, Inc. (O:EYES) was the winning stock of the day on Tuesday, up 1.50 to 6.79, or 28.4%, on 8.7 million shares. In fact, in just two days this stock has gone from 4.30 to almost 7.00 to at the high of 6.93 on Tuesday. The major declining topsline after the IPO, formed when it rolled over in a 5-wave decline, and Tuesday was an important day because on 8.7 million shares, it exploded through the 50, the declining topsline, and may very well be on its way to 7 3/4-8 1/2 zone as early as Wednesday. Don’t be surprised if it makes a gap-up move on Wednesday.
NeoPhotonics Corporation (N:NPTN) had a swing put on it on Tuesday, because not only did it pop out of a wedge, but across resistance level and a gap. It didn’t hold it, but it was up 41 cents to 10.08, or 4.1%, on 768,300 shares traded. It looks like it’s going to make an important intermediate move that takes it to 15, and on a longer-term basis, it looks like 23-5. So keep an eye on this one.
Swift Transportation Company (N:SWFT) continues to act well and continues to look well. It has a nice V-bottom, a rising flag, and on Tuesday, it was up 44 cents to 17.89, or 2.5%, on 4.4 million shares, and closed right above resistance. If it follows through, the targets are 23 3/4, and 24 eventually.
Other stocks on the long side included Barrick Gold Corporation (N:ABX), Direxion Daily Gold Miners Bull 3X ETF (N:NUGT), Direxion Daily Jr Gld Mnrs Bull 3X ETF (N:JNUG), Editas Medicine Inc. (EDIT), Direxion Daily Energy Bear 3X ETF (N:ERY), ProShares UltraShort Bloomberg Crude Oil (N:SCO), Second Sight Medical Products, Inc. (EYES), II-VI Incorporated (O:IIVI), Momo Inc. (O:MOMO), NeoPhotonics Corporation (NPTN), Omega Protein Corporation (N:OME), Rockwell Medical, Inc. (O:RMTI), Rogers Corporation (N:ROG), Swift Transportation Company (SWFT), and Wynn Resorts Ltd. (O:WYNN).
Stocks on the short side included Ambarella, Inc. (O:AMBA), ANI Pharmaceuticals, Inc. (O:ANIP), BOK Financial Corporation (O:BOKF), Cepheid (O:CPHD), Capella Education Co. (O:CPLA), Cardiovascular Systems Inc. (O:CSII), DeVry Education Group Inc. (N:DV), Luxoft Holding, Inc. (N:LXFT), PRA Group, Inc. (O:PRAA), Power Solutions International, Inc. (O:PSIX), Restoration Hardware Holdings, Inc. (N:RH), and NPTNTriNet Group, Inc. (N:TNET).