The markets are ugly, breadth is three-to-one to the downside for advance-declines and up/down volume, and the market broke through key support and cascaded lower. It is certainly a bad way to start the week. So, let’s take a look at both longs and shorts and see what’s going on here.
Frontline Ltd (NYSE:FRO) is doing fantastic, with an explosive four days up in a row. On Monday, it was up another 62 cents to 21.87, or 27 1/2%, on 10 million shares. It has an unusual pattern with a move up then a gap, a move up then a gap, a move up then a gap, and one more move up. It is a shipper that had some very strong, positive news and has broken through everything. However, overhead resistance near 3.12 may thwart the current event and cause a little bit of a pullback.
Sorrento Therape (NASDAQ:SRNE) is also doing very well. It has had big move in the last three days, and on Monday, it was up another 1.50 to 7.30, or 25.9%, on 1.8 million shares. It’s up against resistance. The long-term chart shows resistance and moving average. If it gets up through there, you could see this stock at 9.00-10.00 pretty quickly.
Stocks on the Short Side…..
3D Systems Corporation (NYSE:DDD) is not doing so well. On Monday, it was down another 2.23 to 96.42, or 2.4%, on 3.5 million shares. It had gone from 97.00 down to 28.00, and yet, there is support in this range. We may see the mid 20’s before it’s over, especially if the market hits lower for a couple more days.
Nu Skin Enterprises Inc (NYSE:NUS), one of my favorite shorts this year, has gone from the mid 70’s down to 38, a cut in half and still looks like it could go lower. I would not be shocked to see this move down to the low 30’s.
Other stocks on Harry’s Charts of the Day are S&P 500, Cirrus Logic Inc (NASDAQ:CRUS), the Direxion Energy Bear 3X Shares (NYSE:ERY), the ProShares UltraShort DJ-UBS Crude Oil (SCO),China HGS Real Estate Inc (NASDAQ:HGSH), Orexigen Therapeutics Inc (NASDAQ:OREX), the Direxion Daily Russia Bear 3X (NYSE:RUSS), Sorrento Therape (NASDAQ:SRNE), and TubeMogul Inc (NASDAQ:TUBE).
Stocks on the short side include T2106, T2108, Chicago Bridge & Iron Company NV (NYSE:CBI), Continental Resources Inc (NYSE:CLR), Carbo Ceramics Inc (NYSE:CRR), DXP Enterprises Inc (NASDAQ:DXPE), Emerge Energy Services LP (EMES), (Hornbeck Offshore Services (NYSE:HOS)), (Helmerich & Payne Inc (NYSE:HP)),MDU Resources Group Inc (NYSE:MDU), (MasTec Inc (NYSE:MTZ)), and (Rosetta Resources Inc (NASDAQ:ROSE)).