It was a sloppy day on Wall Street on Thursday. There were many gains, but I was not impressed, particularly with the selloff in the last ninety minutes. It put a real dent in the day’s activities. There’s a lot of stocks that are looking better, some breaking out, some new ones, and some old ones. Let's take a look the list.
Achillion Pharmaceuticals, Inc. (O:ACHN) had a swing put on it as it broke out, it pulled back, it came down and retested the breakout point, it held, and in the last couple session it’s stabilized. Then on Thursday, it popped 44 cents to 9.90, or 4.65%, on 2.5 million shares. It’s had a very steadily increase as this stock consolidates. It looks like it wants to go higher. Targets are 11 and 13.
Intra-Cellular Therapies, Inc. (O:ITCI) jumped 3.15 to 55.39, or 6%, on 406,300 shares traded. The overall structure of this pattern looks quite good. If it gets through the 60 range, look for it to head up to 65, 70, and then 78. Those are the targets going forward.
Nymox Pharmaceutical Corporation (O:NYMX), a swing trade of ours, moved right up to key resistance on Thursday, jumping 33 cents to 1.88, or 9%, on 5.5 million shares. That was the best volume in six weeks. Once it gets through 4.40, it looks like this stock could easily get to 6, and then 8 1/2. It has 5 days to cover.
Silver Spring Networks, Inc. (N:SSNI), a swig trade of ours, followed through on Thursday after breaking out on Wednesday, up 40 cents to 16.14, or 2.5%, 5.8 million shares. Targets are 18-18 1/4, and eventually 21-22 zone.
Stocks on the short side include Alcoa Inc. (N:AA), CalAmp Corp. (O:CAMP), VelocityShares 3x Inv Natural Gas ETN (N:DGAZ), Eros International (N:EROS), Second Sight Medical Products, Inc. (O:EYES), Inventergy Global, Inc. (O:INVT), Intra-Cellular Therapies, Inc. (O:ITCI), MagneGas Corporation (O:MNGA), Nevro Corp. (N:NVRO), Photronics Inc. (O:PLAB), ProShares UltraShort Bloomberg Crude Oil (N:SCO), Smith & Wesson Holding Corporation (O:SWHC), and United States Steel Corporation (N:X).