That was some Fed-rally on Wednesday. The market looked like it was down and out, and then suddenly boom! It was a good day for a lot of our stocks. Let’s take a look at some of those, and some new ones. I also want to highlight some oil stocks, including some junior oil stocks because oil had a big turn-around.
Ebix (NASDAQ:EBIX) has a very attractive pattern. I like the way this looks. It was up 81 cents to 30.72, or 2.7%, on 569,200 shares traded, on Wednesday. After the stock based out and broke out with a breakaway gap on big volume, it formed a flag, and then a falling wedge. It had four waves up, and the fifth one is underway. The extension is as high as 33-33 1/2.
California Resources (NYSE:CRC) is a fairly new, junior-oil issue, and on Wednesday it was up 58 cents to 7.08, or 8.9%, on 6 million shares. After it came down with all the other oil stocks from late November through February, it had gone from a low of 3 3/4 to over 7.00 at 7.70. After the little pullback, it snapped back from 6.38 to 7.13, and closed at 7.08. A nickel off the high, but a nice close. The next target is 9 1/4.
Microvision (NASDAQ:MVIS) continues to thrust, and has very nice movement technically. It’s taken this stock out of a wedging pattern, consolidated, and then exploded. It reached as high as 4.23 before pulling back and closing at 3.99, up 46 cents, or 13%, on 8.5 million shares on Wednesday. The next target is around 5.00, if it can get there. It may pull back at any point, having spiked up for 9 of the last 10 days. It’s a little long in the tooth short term. We’ll have to see if there’s any extension on it. Be careful.
Retrophin (NASDAQ:RTRX) had a big pop on Wednesday, up 5.41 to 20.17, or 37%, on 5.4 million shares. It had a nice reversal on Tuesday off of the low down around 13.00, closing at 15.00. On Wednesday, it gapped and opened sharply higher at 19.86, got down to 18.40, but closed at resistance going away. If it gets through there, the next target is at 24 1/2.
Other stocks on Harry’s Charts of the Day included Infoblox (NYSE:BLOX), Canadian Solar (NASDAQ:CSIQ), Cytosorbents (NASDAQ:CTSO), Ebix (NASDAQ:EBIX), Esperion Therapeutics (NASDAQ:ESPR), FireEye (NASDAQ:FEYE), Green Plains Renewable Energy (NASDAQ:GPRE), Jumei International Holding (NYSE:JMEI), Laredo Petroleum (NYSE:LPI), Penn Virginia (NYSE:PVA), Rite Aid (NYSE:RAD), Retrophin (NASDAQ:RTRX), TG Therapeutics (NASDAQ:TGTX), ProShares Ultra Bloomberg oil (ARCA:UCO), and United States oil ETF (NYSE:USO).