The market had a great day on Tuesday. What a rally we’ve had as the Nasdaq 100 has gone from 3700 to over 4100, and the S&P 500 went from 1820 to about 1908. It’s a very, very strongly oversold market. The colon oscillator is at 242. You should be very careful up here, but the trend is your friend and the trend is still good.
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) popped out of its pattern on Tuesday, got up to 12.62, but it closed rather poorly, in my opinion, at 11.94, or 17 cents, and only 1.44%, on 6.6 million shares. The truth is it’s a lot of stock, but it didn’t close well. It could be a sign of distribution, but I don’t think that’s the case. A lot of cross concepts for sure, but it’s still holding its moving averages, and it has broken back out, and closed right on resistance at the 11.94-12.00 range. So let’s just see if there’s a follow-through, and if there is, I’m looking for a retest of the 13.80 range, and then 15.00.
Bristol-Myers Squibb Company (NYSE:BMY) is doing well, and folks, I just like this story. There was some research on it on Tuesday, and they're convinced they could have the next cancer drug. But we’ll see. Right now, from a technical standpoint, they had a wide base, the breakout, the strong move up, a pullback, and then it popped on Tuesday. It got up to 54.70, and they closed at 54.20, up 67 cents, or 1.25%, on 10 million shares. That’s the best volume since August. Maybe something is going on here that could get it quickly to test the 57.00 range, which is my next target. If it gets through that, the intermediate target will be 63.00.
FireEye, Inc. (NASDAQ:FEYE) is one of the two security stocks that I like as I’m looking at security software companies. It's been up, it’s been down, it’s been up, it’s been down, and so on, but overall, a nice big base pattern is forming. I could propel this stock to the 50’s-60’s down the road, but for now, I’m looking to see if we can test and take out the 36 1/2-37 range, and then 41 would be my next target.
VASCO Data Security International (NASDAQ:VDSI) had a great day on Tuesday. It opened at 21.55, got up to 24.34, and closed at 23.73, up 5.44 or 30%, on 4.4 million shares. That may be the biggest volume this stock has had in six or seven years. On the long-term charts, it shows big-basing action, a spike-up at the 44 range, and the long-term target would be up there. But, for now, I’m looking for it to carry forward to 25, and then we’ll see if it will punch through and make higher-highs. For now, even if it stalls in that range and consolidates, I’m eventually looking for the high 20’s and mid 30’s.
Other on Harry’s Charts of the Day are Aegerion Pharmaceuticals, Inc. (NASDAQ:AEGR), Clovis Oncology, Inc. (NASDAQ:CLVS), Cynosure, Inc. (NASDAQ:CYNO), Infinera Corporation (NASDAQ:INFN), Maxwell Technologies, Inc. (NASDAQ:MXWL), Synchronoss Technologies, Inc. (NASDAQ:SNCR), Splunk, Inc. (NASDAQ:SPLK), and Unisys Corporation (NYSE:UIS).