ATSG, FIRE, NSIT, SCO Charts to Watch

ATSG, FIRE, NSIT, SCO Charts to Watch By Harry Boxer, www.TheTechTrader.com an AdviceTrade.com publication

It was a bloodbath on Wall Street on Wednesday as the indices rolled over and rolled over hard, especially in the last hour when they just caved after failing to take out resistance, closing at 1200 on the S&P 500, down 60 points, and almost a 5% drop. The Nasdaq 100 dropped 105 and change, or over 5%. So, it was a very bad day on Wall Street. With a day like this you’ve got to look for pockets of strength. So we'll take a look at some of those stocks, and again, there are several ultra-shorts that are doing very well that will be discussed here as well.

Air Transport Services Group, Inc. (ATSG) was up 80 cents or 16 1/2%, or 2.1 shares traded on Wednesday. That’s the second heaviest volume this year, and the heaviest volume on an up day. It snapped back near resistance, the 50-day, and lateral price support, so it will have to do some work to get back up to 6.00. If it does, look for a quick move up to 7.00, and then an intermediate target at 8 1/2.

Sourcefire, Inc. (FIRE) had a good day on Wednesday. It jumped 1.72, and was up almost 3.00. The high was right at declining moving averages. It went up to it and backed off. It’s the highest level, or the big breakaway gap, on 1.8 million shares. This is a good one to watch going forward.

Insight Enterprises Inc. (NSIT) had a nice day today. It exploded on a breakaway gap, and went from 16 1/2 to nearly 19 1/2, tested key lateral price resistance in the zone between February and July highs, and then backed away quite a bit. Still, it’s up 1.57, or 9 1/2%, and closed above the 21-day and 50-day moving averages with strong volume and good surge in technicals. If it does firm up in the next day, or two, and takes out 19 1/2, this stock could get into the low 20s.

ProShares UltraShort DJ-UBS Crude Oil (SCO) spiked up on Wednesday for 6.22, or 12%, on 2.1 million shares traded. Although the volume wasn’t fantastic, On-Balance Volume really surged to the highest level since March. Although it’s at lateral price resistance at the top of the channel, it’s worth watching. Any pullback to test the 54 1/2 - 55 zone may be an opportunity to get into. Short-term target is around 65.

Other stocks in our Charts for the Day are Air Direxion Daily Large Cap Bear 3X Shares (BGZ), Direxion Daily Financial Bear 3X Shares (FAZ), Lihua International, Inc. (LIWA), Motorola Mobility Holdings, Inc. (MMI), Merge Healthcare Incorporated. (MRGE), ProShares UltraShort Silver (ZSL).

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