Stock Charts To Watch - Thursday, June 11

Celldex Therapeutics, Inc. (CLDX) really impresses me, particularly because, on the weekly chart, you can see that this stock has been in a long downtrend, formed a base, broke into a double-top on Thursday, and jumped 3.95, or 82.4%, to 8.76, after reaching a late session high at 10.16, on 61 million shares traded, and another 35 cents to 9.10 in after-hours. That’s massive volume for this stock. I don’t think it’s ever traded that much in a month, much less one day. That was a massive breakout, and it closed at the upper end of the range. I think, even if the market comes down on Friday, it will see some action. My target is 11 1/2, or better.

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (DRIP) popped 79 cents, or 18.8%, to 4.99, with a session high of 5.06, on 22.8 million shares traded. In the oil sector, following DRIP and SCO, I think oil has met a top, going from practically nothing to over 40. But DRIP exploded when the market imploded, got all the way up to 59, and change, and then reversed and went all the way back down to 3, and change. Look at the volume on the reversal in the last three days. In particular, there is a gap and resistance at 4.99. If it can pop through there, it may see 6, or even 7 on a short-term basis.

Eldorado Resorts, Inc. (ERI) is the one short that I have put out recently. I just thought, when I looked at this chart, a stock that went from 6 to 47 in 90 days, was due for a pullback. So, Wednesday, when it rolled over, I gave you a short. It followed through on Thursday, dropping 6.60, or 16.58%, to 33.26, on 10.3 million shares traded. If it doesn’t hold where it closed on Thursday, we’re likely to see downside follow-through. Targets are 29 and 26 going forward.

IZEA Worldwide, Inc. (IZEA) is another stock I want you to look at here. It’s very powerful, even in Thursday’s market, popping 65 cents, or 30%, to 2.82, with a session high of 3.13, on 89 million shares traded. It may get a follow-through to 5.00. That’s my target.

Stocks on the long side included Celldex Therapeutics, Inc. (CLDX), Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (DRIP), ProShares UltraShort Bloomberg Crude Oil (SCO), Eldorado Resorts, Inc. (ERI), VIX-X, VelocityShares Daily 2x VIX Short-Term ETN (TVIX), Direxion Daily Financial Bear 3X Shares (FAZ), IZEA Worldwide, Inc. (IZEA), and ProShares UltraPro Short S&P500 (SPXU).

Disclaimer: Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing ...

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