It was a really nice snapback rally after the morning opening losses on Wednesday, and a good day for a lot of our stocks, particularly gold and silver, and some of the biotechs. Let’s take a look at some of them.
Ambarella, Inc. (NASDAQ:AMBA) jumped 1.60 to 51.03, or 3.24%, on 692,419 shares traded. The reason I put a swing trade on it on Wednesday is because it had multiple waves down, it built a base, broke out of the base, and formed a bull flag. It had a nice reversal day. For me, this could be the beginning of leg three, which could take it to mid-60s. It has a lot of room to run. Look for a potential move to the 59-60-61 area first, and then the mid-60s.
Cemtrex Inc. (NASDAQ:CETX) has been acting great. On Wednesday it had another surge of 22 cents to 3.93, or 5.9%, on 295,814 shares traded. That was somewhat light volume. I think that if it gets over the 4.05 range in what looks like a big wedge, it could go vertical up towards 5-5.15, even as high as 5.50.
Silver Wheaton Corp. (NYSE:SLW) bounced 96 cents to 25.61, or 3.89%, on 9.1 million shares on Wednesday. It may be five waves up, or three waves and it will pull back and complete the fourth wave, and then the fifth wave could potentially take it up to 28. It has very intriguing action.
Tesaro, Inc. (NASDAQ:TSRO) continues its winning ways, up 5.86 to 90.26, or 6.9%, on 3 million shares on Wednesday. Ever since the big breakaway gap, it’s trending. It looks like a 100-dollar stock short term.
%AD-CONTAINER-0%Stocks on the long side included Barrick Gold Corporation (NYSE:ABX), First Majestic Silver Corp. (NYSE:AG), AngloGold Ashanti Ltd. (AU), Endeavour Silver Corp. (NYSE:EXK), Market Vectors Gold Miners ETF (NYSE:GDX), Direxion Daily Jr Gld Mnrs Bull 3X ETF (NYSE:JNUG), Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT), Silver Wheaton Corp. (SLW), VelocityShares 3x Long Silver ETF (NASDAQ:USLV), Ambarella, Inc. (AMBA), Cemtrex Inc. (CETX), Exact Sciences Corporation (NASDAQ:EXAS), Direxion Daily S&P Biotech Bull 3X ETF (NYSE:LABU), Medivation, Inc. (NASDAQ:MDVN), MGT Capital Investments, Inc. (NYSE:MGT), Novavax, Inc. (NASDAQ:NVAX), Stone Energy Corp. (NYSE:SGY), Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN), Tesaro, Inc. (TSRO), and Twilio, Inc. (NYSE:TWLO).