It was an interesting day on Wall Street on Wednesday. We were up, we were down, and then we took off after the FOMC meeting. Be careful Thursday and Friday, because oftentimes we see a reversal take place as the market goes in the opposite direction. That may be, but when I pour over hundreds of thousands of charts, I see a lot of charts with major bottoming-type patterns. I think the market is going to get pretty full and the shorts are going to get squeezed, and then they could be off to the races. I’m not discounting the fact that we are a little extended.
Barrick Gold Corporation (NYSE:ABX) is an example of the gold stocks. A base, breakout, a big run up, resistance up in that zone, and on Wednesday, it blew right through that after consolidating, up 99 cents to 15.18, or 7%, on 30 million shares. This looks like the channel up. I think we could see 16-17, maybe even 18, short-term. Keep an eye on this on Thursday as it could run.
Celator Pharmaceuticals, Inc. (NASDAQ:CPXX) had two consecutive big days with a breakaway gap on Tuesday, it followed through on Wednesday, and then backed off, up 44 cents to 9.38, or 5%, on 21 million shares. Going forward the targets are 15-16 on this stock.
Inogen, Inc. (NASDAQ:INGN) is doing well, up 18 cents to 41.53, on 397,600 shares traded. The big pop we highlighted on Tuesday, exploded on big drug news, and then had an inside day on Wednesday. When you have an inside day like this stock had, it’s very positive. I think this stock will make more progress in the 36, and then 39 zones.
Stocks on the long side included Barrick Gold Corporation (ABX), Freeport-McMoRan Inc. (NYSE:FCX), Direxion Daily Jr Gld Mnrs Bull 3X ETF (NYSE:JNUG), Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT), Silver Wheaton Corp. (NYSE:SLW), United States Steel Corp. (NYSE:X), Century Aluminum Co. (NASDAQ:CENX), Celator Pharmaceuticals, Inc. (CPXX), Encana Corporation (NYSE:ECA), EP Energy Corporation (NYSE:EPE), Direxion Daily Energy Bull 3X ETF (NYSE:ERX), Editas Medicine Inc. (EDIT), Juno Therapeutics Inc. (NASDAQ:JUNO), Inogen, Inc. (INGN), Mobileye N.V. (NYSE:MBLY), MaxLinear, Inc. (NYSE:MXL), Rovi Corporation (NASDAQ:ROVI), Range Resources Corporation (NYSE:RRC), Teekay Offshore Partners LP (NYSE:TOO), Targa Resources Corp. (NYSE:TRGP), VelocityShares 3X Long Crude Oil ETN (NYSE:UWTI), Energous Corporation (NASDAQ:WATT), and Wynn Resorts Ltd. (NASDAQ:WYNN).