Tuesday’s short list produced multiple winners with Renren Inc. (RENN) stealing the show closing down -8.47%. I would have gone short, but I was busy buying CLSN which we cashed in over $500 on today as a day trade. My chat, text and email alert shorting XTXI as a swing has us up $300 so far but no trade is over until it’s closed, we’ll see what tomorrow brings. Subscribers can click here to read my thoughts on our existing XTXI short.
With the US markets rolling over into the close and Asia down at the open as I write, I think we’ll find some solid shorts Wednesday. Here is what I’m eying up this evening.
Orexigen Therapeutics Inc. (NASDAQ: OREX) got a big bump from the FDA in after hours trading rising over 80% from its $1.47 close. I’m thinking it’ll continue to spike from the AH $2.73 close into the low $3’s which is where I’ll look to take a short position as a day trade.
Optimer Pharmaceuticals Inc. (NASDAQ: OPTR) might go to $20 before it cracks but one thing is for certain, this stock is overbought right now and bound to fall a few dollars per share soon. I’ll be looking to day trade that drop to the short side. Now that the price has pushed away from previous resistance at $14.75 the trading range is opening up. Right now I’d be looking for $1 per share between $17 and $15 as a day trade, possibly swing if it gets any bearish momentum. Volume faded today now that the breakout has occurred leaving me to think profit taking is bound to set in soon.
Glu Mobile Inc. (NASDAQ: GLUU) is a company I like and will be long soon to play the earnings runup (11/2/2011) and the Zynga hype. Today, however, GLUU showed some weakness so I’m short biased if it breaks $3 because there really isn’t much support until $2.50 which is where I’d like to go long. So tomorrow, if the markets are down, watch the $3 close because that’s the pivot point right now.
Atrinsic Inc. (NASDAQ: ATRN) had it’s day in the sun Tuesday on fluffy news. I was so ready to short early on but it was tough to spot the top. Who cares anyway, easier to short into weakness and ride that gap back down. If this move is like all of the other big runs ATRN has made, it’s a solid short tomorrow into any spikes.
Please, I had to include it lol! Netflix Inc. (NASDAQ: NFLX is on the ropes and those candles aren’t showing any sign of Rocky making a comeback right now. So here is the game plan if you have not already banked on NFLX… tomorrow I’m simply going to scalp the spikes and cover on the dips all day long. No text or email alerts on this one, just some momentum trading in chat.