Wall Street had another great day on Wednesday, coming back from the abyss. Are we overbought short term? Yes. We’re near resistance, and potentially there will be a pulling back soon. While momentum is a strong thing, we just don’t know when or if that will occur.
Conceivably, this is a place where we may get a pullback retest. We’ll have to see going forward. In the meantime, a lot of stocks we follow did well on Wednesday, so let’s take a look at some of them.
Aqua Metals, Inc. (NASDAQ:AQMS) had two waves up, and possibly just completed its fourth. It may have started last week before the debacle. It went up on Friday when they got hammered, came down on Monday when there was a follow-through, but held the moving average and trendline, had a nice inside day on Tuesday, and popped on Wednesday, up 76 cents to 11.36, or 7%, on 165,900 shares traded.
I want to see it get through the 11.70-2 zone. If it gaps up and runs on Thursday, it may very well start to run again, so I issued a new swing trade on it. I believe this one may be headed to 17 or 18. It has 3 days to cover short. It has a nice, overall technical picture, including OBV and volume.
Blucora, Inc. (NASDAQ:BCOR) is a swing trade that is working, after coming through the recent pullback very nicely. On Wednesday it was up 40 cents to 10.30, or 4%, on 777,600 shares traded. It’s approaching a multiple triple-top area of resistance around 10.75-.80. If it can get through that, I’m looking for 12 3/4, maybe as high as 15. It has 4.75 days to cover.
Keryx Biopharmaceuticals Inc. (NASDAQ:KERX) is a swing trade that’s going to work after a pop out, a pullback, and key resistance that was taken out on Wednesday. It popped 54 cents to 6.76, or 8.68%, on 1.5 million shares. I want it to get through the recent highs near 7.00 to get up towards 8.00. Those are my two targets on this one. It has 15.12 days to cover.
Medivation, Inc. (NASDAQ:MDVN) is looking really well. For the first time in about 6-7 weeks it actually spiked up with a breakaway gap, and moved back above the moving averages, spiked and closed at the highs for the day on Wednesday, up 3.16 to 60.95, or 5.47%, on 3.5 million shares. Technically, it needs to take out 62.87.
Stocks on the long side included Aqua Metals, Inc. (AQMS), Blucora, Inc. (BCOR), Cemtrex Inc. (NASDAQ:CETX), CONSOL Energy Inc. (NYSE:CNX), Exact Sciences Corporation (NASDAQ:EXAS), Keryx Biopharmaceuticals Inc. (KERX), Direxion Daily S&P Biotech Bull 3X ETF (NYSE:LABU), Medivation, Inc. (MDVN), MGT Capital Investments, Inc. (NYSE:MGT), Novavax, Inc. (NASDAQ:NVAX), U.S. Silica Holdings, Inc. (US Silica Holdings Inc (NYSE:SLCA)), Silver Wheaton Corp. (NYSE:SLW), TASER International Inc. (NASDAQ:TASR), Teladoc, Inc. (NYSE:TDOC), TerraForm Power, Inc. (NASDAQ:TERP), Tesaro, Inc. (NASDAQ:TSRO), Twilio, Inc. (NYSE:TWLO), VelocityShares 3x Long Silver ETN (NASDAQ:USLV), Vuzix Corporation (NASDAQ:VUZI), and Xencor, Inc. (NASDAQ:XNCR).