FAZ, ALLT, NBIX, VXX Among Charts to Watch

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We’re going to show some of the ultra-shorts and a few select longs that did well on Tuesday to give you an idea as to what‘s going on. The indices had another slam-dunk day on Tuesday, although the futures are higher.

The Direxion Daily Financial Bear 3X Shares (FAZ) had a significant reversal that took it from 82 1/2 down to 35 1/2 inside of about three weeks. It finally reversed two days ago, and on Tuesday it gapped up and through the declining channel. It’s up near resistance up around the 47 range, which is the short-term target. Secondary resistance is up around the 51 – 52 zone. We may see it extend across 48 – 48 1/2, which is across the 21-day. There may be further up side, maybe even as high as the mid 50s before it gets a pullback. It will be very difficult to determine that until we see what the action looks like. Key overhead resistance, though, is up around 51 1/2.

Allot Communications Ltd. (ALLT) is acting very well. The last couple three weeks it’s gone up significantly. It pulled back for couple days to retest, and on Tuesday it jumped 1.08 to 14.45, or 8%, and is up against last week’s high. It looks like it could continue, and the target is in the 16 1/2 zone short-term.

Neurocrine Biosciences Inc. (NBIX) had a big day on Tuesday, punching through the line of resistance, up a whopping 16%, or 1.02 to 7.28, on nearly 1 million shares traded. At this point it looks like it could extend, and if it does, look for something near 8 – 8 1/2 short-term.

iPath S&P 500 VIX Short-Term Futures ETN (VXX) broke its channel and moved back above its declining topsline, and 21- and 50-day moving averages, to close above that on Tuesday with a gain of 5.31 to 45.92, or 15%, on 44.8 million shares. There’s some resistance just above there in the 48 range, and if it continues to move higher, look for something around 52 short-term.

Other stocks in our Charts for the Day are Akorn, Inc. (AKRX), Leap Wireless International Inc. (LEAP), the Direxion Daily Small Cap Bear 3X Shares (TZA), Generac Holdings Inc. (GNRC), VelocityShares Daily 2x VIX ST ETN (TVIX), EnerNOC, Inc. (ENOC), the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ).