It was a very negative day on Wall Street on Tuesday after the run-up, and then the rollover. Even though the late bounce came in, we are still in a very vulnerable state, although some of the stocks we follow did great. I am going to go over a few of them as well as some of the Boxer Shorts that are getting decimated.
DepoMed Inc.(NASDAQ:DEPO), a new swing trade of ours, is acting very well, indeed, up 44 cents to 18.11, or 2 1/2%, on 1.3 million shares. It broke out, has been up 5 days in a row now, and ended with better volume on Tuesday. We’ll have to see if it gets an extension. I’m looking for mid-channel around 21, and beyond that maybe 25.
Neurocrine Biosciences Inc.(NASDAQ:NBIX) is acting very well. Looking at the pattern you’ll see that it stalled for 3 days, and then broke out on Tuesday, up 63 cents to 30.14, or 2%, on 2 million shares. The volume picked up a little, but I’m still looking for 33 1/2, and then 38 1/2.
Stocks on the Short Side....
Qihoo 360 Technology Co. Ltd. (NYSE:QIHU) is under a lot of pressure. It was down only a small fracture, but you can see that it is breaking away. It may come down quickly to 51-2.
Terex Corp. (NYSE:TEX) is not looking good at all. I’ve been negative on this stock since it broke down midway down the channel, snapped back at the 37 range, and then came all the way down to 23. From a long-term standpoint, this stock is just breaking, and will get into the 20 range pretty quickly.
Other stocks on Harry’s Charts of the Day are Arena Pharmaceuticals, Inc. (NASDAQ:ARNA), 8x8 Inc. (NASDAQ:EGHT), Radius Health, Inc. (NASDAQ:RDUS), Unilife Corporation (NASDAQ:UNIS), ProShares Ultra VIX Short-Term Fut ETF (ARCA:UVXY), and Intersect ENT, Inc. (NASDAQ:XENT).
Stocks on the short side included Chicago Bridge & Iron Company (NYSE:CBI), Core Laboratories NV (NYSE:CLB), DXP Enterprises, Inc. (NASDAQ:DXPE), H&E Equipment Services Inc. (NASDAQ:HEES), Qihoo 360 Technology Co. Ltd. (NYSE:QIHU), Waddell & Reed Financial, Inc. (NYSE:WDR), and Westlake Chemical Corp. (NYSE:WLK).