It was a sloppy day on Tuesday. The technicals were great on NYSE, but not so great on Nasdaq. There’s a lot of pressure on Nasdaq generals, but the market held itself together.
Freeport-McMoRan Inc. (FCX) had an interesting day on Tuesday. It popped up, pulled back, a swing trade was put on it, and it pulled back in a falling wedge. The next target is 15, and the 17 1/2.
Helix Energy Solutions Group, Inc. (N:HLX) had a swing trade put on it on Tuesday because it came down hard, formed an inverse head-and-shoulders, got big volume, and pulled back on the breakout point. It popped 1.37 to 6.54, or 26 1/2%, on nearly 10 million shares, reaching as high as 7.75. Still, that was a whopping gain on nearly 10 million shares. This seems to be the breakout that this stock has been needing for a while.
MaxLinear, Inc. (N:MXL), a recent swing trade of ours, had an inside day on Tuesday, on very low volume. I consider that a very bullish action. I think this stock could go higher. Targets are 15-15 1/2, maybe as high as 17 as a secondary target. It has a very nice, overall pattern. Technicals look good and so does volume.
Silver Spring Networks, Inc. (N:SSNI) has a rising-bottom line, and a rising topsline. It was up just 5 cents to 14.04 on Tuesday. Targets are 16 1/2-3/4, followed by 18 1/4.
Other stocks on the long side include ProShares UltraShort Nasdaq Biotech (O:BIS), Direxion Daily S&P Biotech Bear 3X ETF (N:LABD), BSQUARE Corp. (O:BSQR), Calithera Biosciences, Inc. (O:CALA), magicJack VocalTec Ltd. (O:CALL), 8x8 Inc. (O:EGHT), Freeport-McMoRan Inc. (N:FCX), Flotek Industries Inc. (N:FTK), Helix Energy Solutions Group, Inc. (N:HLX), Oasis Petroleum Inc. (N:OAS), Pacific Biosciences of California, Inc. (O:PACB), Tile Shop Holdings, Inc. (O:TTS), Twitter, Inc. (N:TWTR), Vera Bradley, Inc. (O:VRA), and Weight Watchers International, Inc. (N:WTW).