It was an ugly day on Wall Street on Monday to start out the week. A lot of our stocks did well. We had a terrific amount of day trades.
Idera Pharmaceuticals, Inc. (O:IDRA) had a good day. It has a bottoming pattern, an inverse head-and-shoulder type, and it popped out on Monday, up 52 cents to 4.32, or 14%, on 7 million shares. It has 15 days to cover. This could very well extend very quickly to 5 1/4-1/2 short-term, followed by a secondary target of 7.00.
NeoPhotonics Corporation (N:NPTN) popped a little bit on Monday and pulled back, up 33 cents to 10.92, or 3%, on 1.45 million shares. After breaking out of a wedge, and then pulling back and testing, it’s popping out again. It reached 11.19 in June, and on Monday the high was 11.15. So this is an area to watch. If it can get through here, it may explode. Mid-channel target is about 14, and the long-term target is 19-20.
NovoCure Limited (O:NVCR), after the IPO, popped, pulled back and coiled, and looks like it broke out on Monday, up 2.34 to 27.16, or 9.4%, on 8 million shares. It could very well get a new test of the highs. The target is 30-31 short term.
Sangamo Biosciences Inc. (O:SGMO) had a good day on Monday, up 55 cents to 9.69, or 6%, on 2.4 million shares. The big downtrend may have ended. It reversed, and pulled back in a falling wedge. That was a beauty. It held the 50 and the trend line, and has moved up nicely for a week and a half, going from 7.00 to almost 10.00 on Monday. The next target is 10.90-11.00.
Other stocks on the long side include the VelocityShares 3x Inv Natural Gas ETN (N:DGAZ), e-Future Information Technology Inc. (O:EFUT), the Direxion Daily Energy Bear 3X ETF (N:ERY), Comfort Systems USA Inc. (N:FIX), GoDaddy Inc. (N:GDDY), Momo Inc. (O:MOMO), Universal Display Corp. (O:OLED), ProShares UltraShort Bloomberg Crude Oil (N:SCO), Smith & Wesson Holding Corporation (O:SWHC), XBiotech, Inc. (O:XBIT).