The stock market had a nasty little slide in the morning on Monday, new lows for the pullback, and then a nice rally, particularly in the last forty minutes to pick the markets up, dramatically 70 points on the Nasdaq, and then a little pullback at the end with a nice close. Let’s see if there is a pullback on Tuesday. We’re going to take a look at some longs and shorts.
LeMaitre Vascular, Inc. (O:LMAT), which is one of our swing trades, after pulling back to the trendline, 50, and price support, bounced nicely on Monday, up 67 cents to 15.76, or 4.4%, on 219,600 shares traded. In the midst of the morning market it was up, too. That’s not heavy volume, but okay for this stock. Eventually it will get up into the 20 range, but the target is 18 1/2.
Nevro Corp. (N:NVRO) popped out of a 4-week flag pattern on Monday, up 3.82 to 68.50, or 5.9%, on 1.1 million shares, but traded as high as 72.51. Look for it to reach the mid to high 80s.
Sientra, Inc. (O:SIEN) completed a head-and-shoulder pattern, consolidated, moved up, pulled back, closed poorly on Friday, and then on Monday it had an inside day, but a positive one, jumping 1.36 to 7.94, or 21%, on 2.3 million shares. The gap may be tested as early as Tuesday at 8.85. If it gets through that the target is 11 1/2.
Stocks on the long side included VelocityShares 3x Inverse Crude Oil ETN (N:DWTI), ProShares UltraShort Bloomberg Crude Oil (N:SCO), Direxion Daily Energy Bear 3X ETF (N:ERY), FXCM Inc. (N:FXCM), Direxion Daily S&P Biotech Bear 3X ETF (N:LABD), and Lululemon Athletica Inc. (O:LULU).
Stocks on the short side included ACADIA Pharmaceuticals Inc. (O:ACAD), AmSurg Corp. (O:AMSG), ANI Pharmaceuticals, Inc. (O:ANIP), BioMarin Pharmaceutical Inc. (O:BMRN), Criteo SA (O:CRTO), Global Payments Inc. (N:GPN), Inogen, Inc. (O:INGN), Middleby Corp. (O:MIDD), and The WhiteWave Foods Company (N:WWAV).