Shutterfly the provider of online photo printing services posted better than expected earnings and rallied 8% today. This move put it over the $26.00 resistance neckline and the 50 day moving average. With 20% of the float short we could see a move over $30.00 in coming weeks. With a stop at $24.50 we have limited downside on this trade.
After 5 months of consolidation Hudson City Bancorp is attempting a break above $6.25 resistance. We took a long position at $6.17 and have set our stop limit at $5.89 if the market shows weakness. Hudson City is set to release earnings January 16th and could see a small move higher into that announcement.
A 3-year chart of Idenix Pharmaceuticals shows a clear breakout above $5.50. The biotech company focuses on the discovery of drugs for the treatment of viral diseases. With 7.50% of the float held short and solid looking chart Idenix should squeeze higher.
Houston American Energy (HUSA) is a small cap energy exploration and development company focused on natural gas and oil properties in southwest United States. Despite its position in a favorable sector Houston American Energy has been the target of short sellers. With nearly 30% of the 16-million share float held short, HUSA has a huge crowd betting against it.
ICO Global Communications is a space bound company operating medium orbit based satellites. The company aims to provide wireless voice, video and internet services in the United States. While the company has an exciting business model it is important to note that ICO filed for Chapter 11 bankruptcy in 2009.
Mips Technologies (NASDAQ: MIPS) is a small cap semiconductor company with a market cap of 350-million. The California based company has been in a steep downtrend since peaking in January 2011. Recent chart analysis indicates MIPS may be ready to move higher fueled by its 14% short interest.
Despite a quality earnings release (SPAR) was down more than 8% and closed near session lows. With Spartan showing such a beautiful multi-year breakout we simply couldn’t resist re-entering on the pull back. Watch (NASDAQ: SPAR) as it attempts to backtest support near $6.75.
Intel (INTC) is a computer technology giant with a good looking chart. Despite its lack of appeal for traders, this company is attracting our attention. A hefty 3.30% dividend yield and inverse head & shoulders pattern make Intel worth looking at. If it can bust through neckline resistance at $22.00 we think it can generate an immediate 1-2 points of return.
Spartan Motors (NASDAQ: SPAR) designs and manufactures various parts of motor vehicles – but its chart looks more attractive than its business model. Looking at the chart above you can make out the rough outline of an inverted head & shoulders pattern. Today, this stock came up on my radar as it pierced through its $6.95 resistance level.