NLST, TVIX, PKT ,WAT, CREE Among Charts to Watch

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The market had another down day on Thursday, but we’re going to go over both longs and shorts here just to give you an idea as to what’s going on with both.

Netlist Inc. (NLST) was up 48 cents to 3.70, or nearly 15%, on 4.2 million shares on Thursday. It has been explosive, going from about 1.50 to 3.70 just in the last few sessions. A major move has taken this with a big thrust up to key resistance at the highs going back to the end of last year. The big spike high this stock had at the end of 2009 is up around 8, but this stock is not ready for that yet. If it gets through resistance, then look for something up around 5 short-term.

Ultra-short VelocityShares Daily 2x VIX ST ETN (TVIX) was up 5.18 to 62.31, or 9%, on 7 million shares on Thursday. It came down hard from the highs, formed a kind of head-left shoulder-right shoulder. Resistance is right near the 50-day, and the declining topsline, along with the lateral price resistance. If it moves up any further than where it is right now, this stock could easily get up around 68 1/2 to test the highs from October. If it gets through that, then it could explode upward.

Procera Networks, Inc. (PKT) has reached the top of the intermediate channel, and completed the swing trade at this point. It was at 16 1/2 – 17 on Thursday, and was up as high as 16.95 on Wednesday. Although it hasn’t backed off, and may go higher, it has reached our target.

Boxer Shorts

Waters Corp. (WAT) has a long-term support line that is being tested as the stock rolls over from the top of the channel. If it does take out the 73-4 zone, this stock could make a waterfall decline and get into the low 60s.

Cree Inc. (CREE) had a bad day on Thursday, down another 2.63 to 26.72, or 9%, on 4 million shares. It looks like this stock is still in a never-ending decline, and has more to go to the downside. Keep an eye on this one for a move down to the low 20s, perhaps the 21-22 zone.

Other stocks in our Charts for the Day are Sino Clean Energy Inc (SCEI), ProShares UltraShort Silver (ZSL), Direxion Daily Emrg Mkts Bear 3X Shares (EDZ), Hollysys Automation Technologies, Ltd (HOLI), Direxion Daily Financial Bear 3X Shares (FAZ), Pacific Ethanol, Inc. (PEIX).

Boxer Shorts include Magna International, Inc. (MGA), Edwards Lifesciences Corp. (EW), TRW Automotive Holdings Corp. (TRW), Franklin Resources Inc. (BEN), BMC Software Inc. (BMC), Kraton Performance Polymers Inc. (KRA), The Ensign Group, Inc. (ENSG), HollyFrontier Corporation (HFC), CVR Energy, Inc. (CVI).