It was a fantastic rally after a really sharp, early opening drop, and then the market came on and closed at the highs for the day on a strong steady rally with just a little bit of pullback here and there to consolidate. It was strong, and the technicals turned around nicely as well. So, let’s take a look and see what’s going on with some of these stocks.
First Solar, Inc. (O:FSLR) had a stellar day on Wednesday on good earnings, as this stock rocketed 7.66 to 69.45, or 12.4%, on 8 million shares. There was some resistance from the Jan high that came in at 69-70, and Wednesday’s high was 70.57, so it made a nominal high on that. However the spike high, the highest level in a couple years, was 72.12. Let’s see if it can get through that on Thursday. Going back multiple highs in the 74 range will be the key test on this one. Should that be broken, a massive basing for a couple years will have been broken.
Hawaiian Holdings Inc. (O:HA) is probably the strongest chart for any airline. This stock is incredible. It has gone from the 2013 low around 5.00 to nearly 43.00. On Wednesday, it was up 2.85 to 42.62, or 7%, on 1.7 million shares, with an all-time high of 42.84 ever reached in that stock’s history. It’s been up ten days in a row. Fantastic movement, good volume, great OBV. That tells me this is not done yet. Eventually, this stock could get to 56-57. Look for pullback opportunities on this one.
The Direxion Daily S&P Biotech Bull 3X ETF (N:LABU) is interesting, up just 14 cents to 6.19, or 2.3%, on 10 million shares. But if biotech’s are going to turn, this could be a big winner, because this stock has come down from the 50s to under 5.00. The double bottom moved up to resistance, backed off, and on Wednesday it had a nice reversal. The OBV is moving straight up, indicating a lot of accumulation is going on. If this stock gets through 7.70-7.75, this is a 10-dollar, eventually, and perhaps to 14-15. That will take a big rally in biotech, so keep an eye on this one.
Other stocks on the long side included Abercrombie & Fitch Co. (N:ANF), Dunkin' Brands Group, Inc. (O:DNKN), First Solar, Inc. (FSLR), Hawaiian Holdings Inc. (HA), Direxion Daily S&P Biotech Bull 3X ETF (LABU), Mellanox Technologies, Ltd. (O:MLNX), MaxLinear, Inc. (N:MXL), Oclaro, Inc. (O:OCLR), Universal Display Corp. (O:OLED), the Rubicon Project, Inc. (N:RUBI), Weight Watchers International, Inc. (N:WTW), Intrexon Corporation (N:XON), Ixia (O:XXIA), and ZIOPHARM Oncology, Inc. (O:ZIOP).