ChartSmarter Wednesday Game Plan 3/12/14

Markets staged some negative reversals Tuesday as stock finished off session highs. Bearish traits indeed with benchmarks starting high and concluding the day on their lows. The Nasdaq turned an early .5% gain into a .6% loss. More retail blunders continue to cast a shadow of doubt of the fledging economic recovery. Last Friday PLCE plummeted almost 7.5% in the largest daily volume in over a year. Monday after the bell URBN gave a weak report and fell today by 4%. Healthcare names woes are continuing, as we have seen with the biotechs. UTHR today was the latest casualty. It was on my radar for a long play as it consolidated an FDA approval gain of 30% on 12/23 well. The stock now lies well below its 50 day SMA that it lost on 2/3 when it fell 5% that session. It last reported on 2/25 and lost 4% and today filled that big 30% gap that occurred on 12/23. This stock looks headed for a possible test of its 200 day where it may find bids, and then form a double bottom pattern. UTHR is very close to the bear market brink down a quick 20% from its most recent all time high. Other reasons to be nervous are the failure of some former good looking breakouts in the energy space. Names like SN which took a cup base out just above 31 on 2/12 has unraveled badly since, and the breakout came on very healthy trade. MTDR as well has sent out some distress calls as it has fallen for 5 straight sessions and is now firmly below its 24.20 cup base pivot point it took out on 2/28. That move came on very soft trade, often a red flag.