Markets are coming down, they're breaking support, may be headed lower, oscillators are getting oversold, and so on. As a result of that, I am seeing some really good shorts as well as a few longs that are acting well. We will also go over a few ultra-shorts that look good.
Five9 Inc (NASDAQ:FIVN) has been acting great, up another 32 cents to 12.58, or 2.6%, on 550,000 shares traded on Monday. It’s in a nice rising channel, and the uptrend shows three waves up. I think it will get as high as 16 1/2-17 as a target. Then, if it pulls back down it can be at the support level at 12.58. It’s at mid-channel and has reached one of my targets. So, either it pulls back and consolidates, and then runs up, or it runs straight up and consolidates.
North Atlantic Drilling Ltd (NYSE:NADL) is an interesting stock and is suddenly exploding. On Monday it was up 27 cents to 6.27, or 4.5%, on 408,432 shares traded. This stock came down from 110.00 all the way down to 1.42. Now, in a 5-wave move, and the fifth wave could take it to 9 1/2-10. It has increased fourfold.I look for momentum. Monday was an inside day, a positive day with good technicals. With 9.23 days to cover, we can get a squeeze, particularly if it runs above 7.00. It could take off and explode a point or two higher.
Cal-Maine Foods Inc (NASDAQ:CALM) broke down about a week ago, and just about every day since. On Monday it closed down 1.54 to 40.50, or 3.66%, on 1 million shares. I could see this stock quickly in the 35-36 zone.
CarMax Inc. (NYSE:KMX) was put out as a swing on Monday because it broke the wedge to the downside, and was down 11 cents to 49.14, on 2.3 million shares. What I’m looking for is whether it can take out the double bottom at 47.00. Once it does that, the targets are 44, 41, and then maybe the mid to high 30’s.
Stocks on the long side included the VelocityShares 3x Inverse Crude linked to S&P GSCI Crude Oil Excess Return (NYSE:DWTI), ProShares UltraShort Bloomberg Crude Oil (NYSE:SCO), Exelixis Inc (NASDAQ:EXEL), Direxion Daily Financial Bear 3X Shares (NYSE:FAZ), Five9, Inc. (FIVN), North Atlantic Drilling Limited (NADL), Turquoise Hill Resources Ltd. (TO:TRQ), ProShares Ultra VIX Short-Term Futures (NYSE:UVXY), VelocityShares Daily 2x VIX Short Term linked to SP 500 VIX Short Fut Exp 4 Dec 2030 (NASDAQ:TVIX), VelocityShares 3x Long Natural Gas linked to S&P GSCI Natural Gas Excess Return (NYSE:UGAZ), and Vuzix Corp Cmn Stk (NASDAQ:VUZI).
On the short side, stocks included athenahealth Inc (NASDAQ:ATHN), Cal-Maine Foods, Inc. (CALM), Chipotle Mexican Grill, Inc. (NYSE:CMG), Foot Locker, Inc. (NYSE:FL), Harman International Industries (NYSE:HAR), CarMax Inc. (KMX), PayPal Holdings Inc (NASDAQ:PYPL), Royal Caribbean Cruises Ltd (NYSE:RCL), and YY Inc (NASDAQ:YY).