It was another sloppy day on Wall Street on Wednesday. The indices were down, and we had a lot of stocks that acted well, so we are going to go over longs and shorts.
MaxLinear, Inc. (N:MXL) is doing great, and had a big snapback day on Wednesday. This was a swing trade, but it didn’t quite reach the target, took out support, and backed off rather quickly. It was a big day for this stock on Wednesday, because it has a big snapback of 2.11 to 15.60, at 16%, on 2.8 million shares. That’s the biggest volume since the first of Nov. It has four waves up, and perhaps it will extend for the fifth wave, which is underway, and could take it to as high as 20.
The ProShares UltraShort Bloomberg Crude Oil (N:SCO) is very strong. After the head-and-shoulder bottom, platform, and flag, it exploded to 100, right up there in the 147.00 area. It backed off to 123.70 just two days ago, and here it is, up another 13.31 to 154.50, or 9.4%, on 629,000 shares traded. It ran as high as 156.15, a new all-time high before pulling back on Wednesday, and looks like it’s going to run up another 15 points before it gets into a pullback mode. It looks very strong.
Vuzix Corporation (O:VUZI) had a beautiful day on Wednesday, up 77 cents to 6.89, or 12 1/2%, on 660,000, with a nice snapback off support. This was the second biggest day this stock has had, including the one spike-up day. Good volume on the upside. It may get a follow-through. Look for a retest of the 8 1/4-1/2 zone before an advance.
Stocks on the long side included Auris Medical Holding AG (O:EARS), Direxion Daily Energy Bear 3X ETF (N:ERY), ProShares UltraShort Bloomberg Crude Oil (SCO), MaxLinear, Inc. (N:MXL), Teladoc, Inc. (N:TDOC), Vuzix Corporation (O:VUZI), and Zumiez, Inc. (O:ZUMZ).
Stocks on the short side included AmSurg Corp. (O:AMSG), Capella Education Co. (O:CPLA), Criteo SA (O:CRTO), Comfort Systems USA Inc. (N:FIX), Middleby Corp. (O:MIDD), and Qlik Technologies, Inc. (O:QLIK).