It was not a good day on Wall Street yesterday, despite the gap up with Apple (NASDAQ:AAPL) earnings and a lot of component manufacturing. The stock market then rolled over, and rolled over hard. They had a big bounce midday, but caved toward the end of the day, and closed at the session lows. It is not good.
So, we’re going to take a look at some longs and shorts. We still had a lot of stocks that we are up today. Let’s take a look at a dozen, or so, that are looking good. Be very careful playing longs in a market like this. At least for now. We may want to look at some pullbacks if the market tanks.
Cirrus Logic (NASDAQ:CRUS) had a big day on Wednesday, with a strong surge and a good close. It was up 1.51 to 27.55, or 5.8%, on 7.2 million shares. That’s the second biggest volume all year. The only day with more volume was the breakout in mid-December. Ever since then, it has consolidated, stair-stepped, and now it’s accelerating. The target for this stock is 31 1/2. If it gets a pullback near the breakout at 26-26 1/4, it could be interesting down there.
Tower Semiconductor (NASDAQ:TSEM) is another semiconductor stock that has been mojoing. The whole semiconductor group has been doing fabulous, which is one of the reasons I’m not worried about the market. All of these stocks have run up in the last 7-8 days. On Wednesday, TSEM popped 57 cents to 16.05, or 3.68%, on 2.7 million shares. The target for TSEM is closer to 18.25 at some point short-term. Let’s see if it gets a consolidation that sets it up for a move to the top of the channel.
Stocks on the Short Side…
Emerge Energy Services (NYSE:EMES) was phenomenal last year and just as ugly this year. It’s had four waves down, and a big wedge, which may have broken on Wednesday. It could lead to a retest of the lows at 38-9, maybe 40, which is the target here.
Hi-Crush Partners (NYSE:HCLP) is not looking good. On Wednesday, it was down another 1.54 to 33.49, on 4.4%. Four waves down and it’s starting to rollover for the retest. A big short-covering rally took this one from 49 to 39, and it’s already given back 6 of those points. Looking for a retest of 29, and maybe even all the way down to the mid-20’s or low-20’s.
Other stocks on Harry’s Charts of the Day are: Electronic Arts (NASDAQ:EA), Direxion Daily Energy Bear 3X ETF (NYSE:ERY), Freescale Semiconductor (NYSE:FSL), Himax Technologies, (NASDAQ:HIMX), II-VI (NASDAQ:IIVI), Kulicke and Soffa Industries (NASDAQ:KLIC), Universal Display (NASDAQ:OLED), Radius Health, (NASDAQ:RDUS), ProShares UltraShort DJ-UBS Crude (ARCA:SCO), and ProShares Ultra VIX Short-Term Fut ETF (ARCA:UVXY).
Stocks on the short side include Chicago Bridge & Iron Company (NYSE:CBI), CARBO Ceramics (NYSE:CRR), Ctrip.com International (NASDAQ:CTRP) Clayton Williams Energy, (NYSE:CWEI). H&E Equipment Services (NASDAQ:HEES), MasTec, (NYSE:MTZ), Nu Skin Enterprises (NYSE:NUS), Power Solutions International, (NASDAQ:PSIX), Westlake Chemical (NYSE:WLK), and Yelp, (NYSE:YELP).