Despite the market's volatility, I’m still featuring some of the longs as I think the market may not be done yet.
Parsley Energy, (NYSE:PE), just as many of the other junior oil stocks, had a really good day on Wednesday. Several of them had strong sessions, but didn’t get above resistance. PE did, up 97 cents to 16.62, or 6.2%, on 2.4 million shares, breaking through the late Dec highs. At this point, the target is up around 18 3/4-19.
Silicon Motion Technology (NASDAQ:SIMO) also had a big day today, up 2.18 to 26.32, or 9%, on 836,500 shares traded. That’s the biggest volume in a week. It looks to me like there could be some resistance right in the 26.32 zone, but if it can get through that, I’m looking at 29 plus.
Tekmira Pharmaceuticals (NASDAQ:TKMR) has a nice set-up. On Wednesday, it was up 64 cents to 24.25, or 2.7%, on nearly a million shares. The big gap a week ago was followed by a week-long consolidation wedge. My target is 29 1/2-3/4, if it can get over the 25.40 zone.
Tower Semiconductor (TA:TSEM) had a nice pop on Wednesday. It jumped 51 cents to 14.22, or 3.7%, on 2.3 million shares. The best volume in about 7 weeks. It closed mid-range for the day, which I’ll take as a positive session. Watch for a test of the 14 3/4-15 zone.