Tuesday was an interesting day for the stock market. The Chinese markets were down when our markets opened, so naturally it put a damper on things — at least in the morning. A lot of our stocks were down, but we still have some that we follow that managed to stay ahead of the game, despite the down day.
Builders FirstSource Inc (NASDAQ:BLDR) had an interesting day on Tuesday, up 56 cents to 14.93, 3.9%, on 1.4 million shares. This stock exploded in April on a merger with one of their competitors, moved sideways and consolidated, recently popped, moved up to new highs, and then pulled back and formed a nice little bull coil. It popped out on Tuesday, a swing trade was put on it and I think it’s going to head through the highs at 15½, then up towards 17½, and then 20 potentially.
Cross Country Healthcare Inc (NASDAQ:CCRN), which is being followed by some of our traders who have given me a heads-up on this stock, not only formed a month-to-month bull coil and broke out and tested the 50, it exploded off that level and then set-up a little flag. This explosive move on good volume, pushed this stock through key, double-top at resistance and now it has a 2-day pullback. The 2-day surge may be heading this stock for a run up towards the 17-17½ level. It could be a swing trade. Maybe go as high as 20, eventually, on a secondary target. It was up 63 cents to 14.83, or 4.44% on Tuesday and is looking very good.
Inotek Pharmaceuticals Corp (NASDAQ:ITEK) popped 67 cents to 14.81, or nearly 16%, on a million shares on Tuesday. This is a stock that we traded when it was in the 18.90 range, and then it came down and coiled, broke out and now it has been moving for the last five days. It does not have a lot of energy or volume, but the key is that it doesn’t get too far ahead of itself. It has 4 waves up and looks like wave 5 could be up around 18, maybe 19½.
Omeros Corporation (NASDAQ:OMER) was a monster on Tuesday, exploding 10.48 to 25.03, or 72%, on 32.5 million shares on positive drug news. It exploded through moving averages, trendline and several layers of resistance and made new, multi-year high and a new all-time high. This kind of thrust isn’t often seen without some kind of follow-through. Look for it to consolidate and edge higher up towards the low-to-mid 30’s. Eventually, this is a 40-dollar stock, I believe.
Other stocks on the long side include magicJack VocalTec Ltd (NASDAQ:CALL), Inteliquent Inc (NASDAQ:IQNT), Lennar Corporation (NYSE:LEN), Neuroderm Ltd (NASDAQ:NDRM), Ross Stores Inc. (NASDAQ:ROST), Rapid7, Inc. (NASDAQ:RPD), and Sucampo Pharmaceuticals Inc (NASDAQ:SCMP).