Markets had a pretty ugly session on Wednesday after the FOMC and Powell spoke. That late selloff was ugly, the Nasdaq 100 dropping a couple of hundred points in the last hour, the S&P 500 just 31. They closed at the lows for the day going away. It is not a good sign after early gains, so it may be a reversal day ahead. We’ll have to see. For now, let’s take a look at a few we highlighted:
ArQule, Inc. (ARQL)
ArQule Inc (NASDAQ:ARQL) has been ramping up, and you can see the pullback to the trendline, and then Wednesday’s bounce of 38 cents, or 6.37%, to 6.35, on 2.25 million shares. This is what you have to watch. 6.74 has been the high in the last 2-3 weeks. Wednesday’s high was 6.73. If it can get through that, targets are 7 1/4, 8.00, and 9.00, potentially.
Bloom Energy Corporation (BE)
Bloom Energy Corp (NYSE:BE) had another follow-through day on Wednesday with good volume, popping 70 cents, or 5.14%, to 14.32, on 2 million shares. I like the way this stock looks. I like the way it’s trending. I think it has much more potential. Targets are 16 1/2 and 20.
MagnaChip Semiconductor Corporation (MX)
MagnaChip Semiconductor (NYSE:MX) on Wednesday popped 1.11, or 12.54%, to 9.96, on 1.4 million shares. This stock looks like it’s about to take off. Wednesday’s high is 10.43. Over a week ago it traded at 10.45. If it can get through that, targets are 12, and higher.
Nu Skin Enterprises, Inc. (NUS)
Nu Skin Enterprises Inc (NYSE:NUS) had a major breakaway gap on huge volume on Wednesday, jumping 13.45, or 26.44%, to 64.32, on 3.85 million shares. The key for this stock, for me, now is going to be in the 70-74 level. So, those are my targets.
Precipio, Inc. (PRPO)
Precipio Inc (NASDAQ:PRPO) had a big pop on Wednesday, which is two out of the last three days on huge volume, bouncing 2.35, or 39%, to 8.40, on 5.3 million shares. Earlier in the month it exploded from 1.70 to 9.00, and change, and then back down to 4.00, and change. Right now, it seems to me, support is in the 4.40-.50 zone. If it gets a spike-up on Thursday to 9-9 1/2, this could be 11 or 12.
Turning Point Brands, Inc. (TPB)
Turning Point Brands Inc (NYSE:TPB), a tobacco marijuana-related company, ran up in January, had a 5-wave corrective more, pulled back, and on Wednesday, exploded 7.68, or 18%, to 50.45, on 500,000 shares traded. That doesn’t sound like a lot of volume, but it’s the biggest volume since September. I think we’re headed toward 60.
Stocks on the long side
Digital Turbine, Inc. (APPS), ArQule, Inc. (ARQL), Bloom Energy Corporation (BE), Curaleaf Hldgs Inc. (CURLF), Enphase Energy, Inc. (ENPH), MagnaChip Semiconductor Corporation (MX), Nanometrics Incorporated (NANO), Nu Skin Enterprises, Inc. (NUS), OSI Systems, Inc. (OSIS), Precipio, Inc. (PRPO), Qudian Inc. (QD), Soliton, Inc. (SOLY), Turning Point Brands, Inc. (TPB), and Veracyte, Inc. (VCYT).
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