It was another strong day on Wall Street, as the market kept pushing ahead. The oscillators aren’t overbought, and the advance-decline lines and up-down volume aren’t getting ahead of themselves, so it’s an orderly advance. The market may be extended enough short-term to get a bit of a pullback or consolidation. A lot of the stocks we follow have done extremely well, many of them in biotech and, of course, high-tech, which we tend to follow.
Celldex Therapeutics, (NASDAQ:CLDX) advanced 72 cents to 25.45, or 2.9%, on 4.2 million shares on Tuesday. After hours they announced a secondary and took a bit of a hit, but held support at the prior highs, and then bounced 1.00 at 23.85, and closed at 24.89 after hours. So it was down. The secondary may be temporary. If it can hold it in this zone for a couple of days, maybe it will run up toward 27-28, which is the next target. Ultimately, though, look for this stock to get up to the low 30’s, or higher.
DepoMed (NASDAQ:DEPO) had a really nice run on Tuesday, and broke out above the tops to resistance. It has been up eight days in a row, and with the big volume on Tuesday, it may be coming up to a head near 24-24 1/2, which is the short-term target. In the course of the overall structure, it had run-up 3 waves, and a fourth and fifth wave will take it into the high 20’s.
The Rubicon Project (NYSE:RUBI) is acting very nicely, up 51 cents to 17.88, or nearly 3%, on 877,100 shares. It had a nice base, a 5-wave up-move, and then a 5-wave-corrective pullback that was broken a week ago. It has been moving up ever since, and recently got through the $17 Dec high, and reached as high as 18.50 on Tuesday, which happens to be a minor-resistance level. Targets are 21-21 1/2, maybe as high as 23.
SunEdison, (NYSE:SUNE) participated on Tuesday, jumping up to as high as 80, before backing down to 23.29, up 83 cents, or 3.7%, on 21.8 million shares. That’s the biggest volume in about 5 weeks, and second biggest volume since Nov. Tuesday’s high was 23.80. If it can punch through that, it’s off to the races. Targets are 27 and 30 1/2.
Other stocks on Harry’s Charts of the Day included Apricus Biosciences, (NASDAQ:APRI), Biocept, (BioClinica (NASDAQ:BIOC), Capnia, (NASDAQ:CAPN), Chegg, (NYSE:CHGG), Second Sight Medical Products, (NASDAQ:EYES), 1-800-Flowers.com (NASDAQ:FLWS), the Rubicon Project, (NYSE:RUBI), SunPower Corporation (NASDAQ:SPWR), and Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM).