Ugly day on Wall Street today as markets sold off, especially going into the close. Starting yesterday, 5 wave downward pattern on the NDX now trading at the bottom of the channel. The index dropping around 3% in two days. The SPX is not much better selling off sharply into the close. SPX needs to hold 2416 or it could trade much lower.
GNTX: Stock is in a solid down trending channel and recently broke below a long term up trending channel. It has been forming a bear flag in here. A trade below $18.00 and I think this stock is going to $16.00. Short ratio, 8.5 days to cover.
PCMI: Stock broke below the bear wedge it was forming and traded down to $17.10. It has popped from there but is at resistance from the declining tops line. I would look to go short around $19.00 or below $18.50. Price target - $12.00. Short ratio, 4.9 days to cover.
STX: Stock broke below its consolidation pattern trading as low as $39.51 and closing at the low. If the downward momentum continues then $38.00 and then $36.00 are the price targets. Short ratio 8.7 days to cover.
SYMC: Stock is trading right down on support It is in a steep declining channel. If it should break below $@8.00 then $26.00 and $23.00 are price targets.
VRX: Stock is up sharply the last 4 days from $13.00 to $17.50. I would look to short this stock in the mid $!7.00 range. But over $17.50 and I will not fight the trend and will look to go long.
YELP: Stock is stepping its way down and looks ready to drop again. It has been forming a bear flag and is approaching resistance and the declining tops line. I would look to short below $29.00 with $24.00 as the price target.
AVEO: With everyone wanting to short this stock and the trend up, I think this stock has room to move. I would be looking to buy dips with a break into new recent highs for additional squeeze.
CBI: Big move today and kept squeezing early shorts higher and higher. I would look to buy dips on the trend line or going long over $20.20ish. Price targets are $21.00 and $28.00.