It was a sloppy day on Wall Street on Thursday, and a lower day, but not too bad. A lot of stocks we follow did well. We will be looking at longs and shorts here.
Five9 Inc (NASDAQ:FIVN) is doing great, up 52 cents to 12.52, or 4.3%, on 732,114 shares traded on Thursday. This stock has now been up for seven or eight days in a row. After breaking out of a little flag, and going up through resistance, this stock is on its way higher. At mid-channel we may see a pullback retest. The set-up looks good, and eventually, I’m looking for a 16-dollar stock. It has 4 days to cover.
Exelixis Inc (NASDAQ:EXEL) gained 11 cents to 7.37, or 1.5%, on 10.2 million shares on Thursday. This stock is long in the tooth, because it’s running from 4.30 to 7.49 steadily in a rising channel, not getting to far ahead of itself. The key to recent action is that the double-top was taken out above the 6.80 area, and now it’s extended. The next target I have is up around 8.40-.45, and then the secondary target is up at the 13-14 zone. It has 9.3 days to cover.
Stocks on the Short Side….
Chipotle Mexican Grill, Inc. (NYSE:CMG) dropped another 13.41 to 415.79, or 3%, on 1.2 million shares on Thursday. It looks to me like it’s fading and fading fast. It had a rising flag, a little flag, and a breakdown. If the recent low at 415.15 is taken out, it may very well get a quick hit all the way down to 400.00. The low here is 399.14. So, somewhere between 399, and 401 is my next target.
Royal Caribbean Cruises Ltd (NYSE:RCL) is also wedging. After the big drop, the big run-up, then retracing 50% of failing at resistance, it came down and wedged. If it goes five waves down, it could get down to 64, or even lower than that to 60. On Thursday, it was down 22 cents to 76.24, on 846,849 shares traded.
Stocks on the long side included Emerge Energy Services LP (NYSE:EMES), Exelixis, Inc. (EXEL), Five9, Inc. (FIVN), Direxion Daily Junior Gold Miners Bull 3X Shares (NYSE:JNUG), Direxion Daily Gold Miners Bull 3X Shares (NYSE:NUGT)), Sodastream International Ltd (NASDAQ:SODA), Sarepta Therapeutics Inc (NASDAQ:SRPT), VelocityShares 3x Long Natural Gas linked to S&P GSCI Natural Gas Excess Return (NYSE:UGAZ), United States Natural Gas (NYSE:UNG), United States Natural Gas (NYSE:UNG), and VelocityShares 3x Long Silver linked to S&P GSCI Silver ER Exp 14 Oct 2031 (NASDAQ:USLV).
On the short side, stocks included athenahealth, Inc. (ATHN), Chipotle Mexican Grill, Inc. (CMG), Harman International Industries, Incorporated (NYSE:HAR), Royal Caribbean Cruises Ltd. (RCL), Restoration Hardware Holdings, Inc. (RH), and Stamps.com Inc. (STMP).