It was a distinctly different market on Tuesday. First it was up sharply in the morning making new all-time highs on the S&P 500, then a nice, solid pullback, 5-wave decline midday, before a late bounce brought them back to close just slightly positive on the day. Nevertheless, we have a lot of stocks that we are watching that are doing very well. Let’s take a look at them.
Ambarella, Inc. (NASDAQ:AMBA), a swing trade of ours, is doing well. It had a solid decline from mid-2015 to early 2016, formed a base, broke out, flagged, and ran up in a nice channel. It’s getting up near my target near the Dec high, up around the 64-65 range, which could be reached rather shortly. It was up 1.83 to 61.08, or 3%, on 1.3 million shares. It has 9.24 days to cover.
Callon Petroleum Company (NYSE:CPE) popped 42 cents to 12.84, or 3.38%, on 6.7 million shares on Tuesday. I have been watching this stock for a very long time. After a crumbling in 2007-8, going from 28 all the way down to under a dollar, it based out over the last several years, then popped, and consolidated for a year and a half. It went up to resistance, held it, continued to hold, formed a 3-month consolidation, and then spiked up in the last six days, going from about 10.34 to 13.25. It may consolidate, but I think the target right now is just under 15, and then 17 and 19 1/2. I put it out as a swing on Tuesday. It may be a little early, but it has momentum. It has 5.2 days to cover, so we may see an extension.
Clayton Williams Energy, Inc. (NYSE:CWEI) is one of the best acting stocks of ours for this year for a swing trade, having gone from 19 to 54. It did back off late on Tuesday, closing up 1.34 to 51.78, or 2.66%, on 643,168 shares traded. My target was 54-55, and we reached that. It looks to me like it has a very strong pattern. The most recent moves have taken it from a low of 6.35 to 54. That’s huge. If it gets near mid-to-high 60’s that would be a stellar move. This stock has come a long way. It has 4.94 days to cover.
DepoMed Inc. (NASDAQ:DEPO) had a nice pop on Tuesday after a pullback, up 26 cents to 21.49, or 1.22%, on 1.15 million shares, but it didn’t hold high. The reason I like it is because of the way the OBV is acting. The wedge that it was in is broken. It’s been up for five days in a row and the pullback held support. I’m going to look for a breakout above Tuesday’s high at 22.02, and a move to 25, or better. It has 11 days to cover.
Stocks on the long side included Advaxis, Inc. (NASDAQ:ADXS), Ambarella, Inc. (AMBA), ANI Pharmaceuticals, Inc. (NASDAQ:ANIP), Accelerate Diagnostics, Inc. (NASDAQ:AXDX), Sotheby's (NYSE:BID), Bellicum Pharmaceuticals, Inc. (NASDAQ:BLCM), The Chemours Company (NYSE:CC), Callon Petroleum Company (CPE), Castlight Health, Inc. (NYSE:CSLT), Clayton Williams Energy, Inc. (CWEI), DepoMed Inc. (DEPO), Gigamon Inc. (NYSE:GIMO), Horizon Pharma plc (NASDAQ:HZNP), INSYS Therapeutics, Inc. (NASDAQ:INSY), Inphi Corporation (NYSE:IPHI), MeetMe Inc. (NASDAQ:MEET), Nevro Corp. (NYSE:NVRO), Aratana Therapeutics, Inc. (NASDAQ:PETX), Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX), Rackspace Hosting, Inc. (NYSE:RAX), Resolute Energy Corporation (NYSE:REN), Rapid7, Inc. (NASDAQ:RPD), Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP), Valeant Pharmaceuticals (NYSE:VRX), Weibo Corporation (NASDAQ:WB), and Yirendai Ltd. (NYSE:YRD).