AFFX, UDRL, AKAM, WBMD Among Charts to Watch
Posted on April 12, 2011 at 06:23 AM EDT
Today we're going to talk about longs and shorts. On the longside there are less and less stocks breaking out, or attractive moves happening, which is probably the result of the market trending lower in the last few sessions and becoming softer. Let's take a look at some of the ones that did make some moves today and look pretty good. Long Side Affymetrix Inc. (AFFX), a biotech related firm, which has a big base that's formed over the last eight or nine months, jumped through resistance on Monday on the biggest volume since January, up 42 cents, or 8%, on 1.9 million shares. It appears that this could be breaking out here, and if it does, you may see a run up to my next target up around the 6 1/2 area, maybe 7. Secondary target is up around 81/4. Union Drilling, Inc. (UDRL) had a nice day Monday. It popped out a one-month coil, exploded on the biggest volume in two years. That was a significant price-volume surge with a break out of a four-week coil. It should at least get up to 12 short-term, scondary target at 14. Short Side Akamai Technologies Inc. (AKAM), which has been in a down trend going back to the multple tops at the end of last year and January. With a big breakaway gap to the downside in February and a snapback we noted this as a bear flag. The stock then moved from 43 down to 34 and change before snapping back. It backed off 87 cents on Monday and appears to have broken back down. Minimum retest of 34 3/4-35. Based on the overall pattern, however, this could get down to the low 30s. WebMD Health Corp. (WBMD), which broke down and then bear-flagged for a couple days, dropped another 1.05 on Monday. This stock is looking quite weak. It could have a dramatic drop down to the 42-43 zone if it does break key support around 48 1/2. Other stocks in our Charts of the Day video on the long side are Biolase Technology, Inc. (BLTI), Molycorp, Inc. (MCP), Nova Measuring Instruments Ltd. (NVMI), Silicon Motion Technology Corp., TranSwitch Corp. (TXCC), Tyco International Ltd. (TYC). Stocks on the short side include Amphenol Corporation (APH), Cree Inc. (CREE), Cosan Ltd. (CZZ), F5 Networks, Inc. (FFIV), Guess? Inc. (GES), Marriott International, Inc. (MAR), Northern Oil and Gas, Inc. (NOG), NetApp, Inc. (NTAP), NVE Corp. (NVEC), Quest Software Inc. (QSFT), Rovi Corporation (ROVI), Stonemor Partners LP (STON), Thor Industries Inc. (THO).
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