It was a sloppy day on Wall Street, so let’s take a look at the charts to see how they are doing.
American Midstream Partners LP (NYSE:AMID) had a very good day on Tuesday. Looking at the long-term chart, you’ll see that AMID got whacked in 2014, going from 32, all the way down to the 2016 low at 4.00.
It then recovered after forming a wedge, coiling-type base pattern, moved up sharply in April, consolidated for several months, and on Tuesday it popped 1.00, or 8 1/4%, to 13.10, on 3 million shares traded.
That’s really good volume for this stock, and the biggest day I’ve ever seen on an up day, with an almost vertical OBV going straight up. It took out resistance, and has some work to do by taking out 14. If it does get through that, the targets are 16, and perhaps the high teens, low 20’s eventually.
BroadSoft Inc (NASDAQ:BSFT) had a big day, a nice day, on Tuesday, up 1.41, or 3%, to 46.27, on 484,351 shares traded. It took out a little bit of resistance here, and may be headed for a test of the all-time highs at 47 1/2 near-term, which may happen on Wednesday.
Then it has the top of the channel at 48 1/2-49. Ultimately, mid 50’s may be doable, or even something much higher than that. For now, though, you can see the rising channel, increasing OBV, and increasing volume as well. It has 6.37 days to cover.
LeMaitre Vascular Inc (NASDAQ:LMAT), a swing trade of ours is looking good. It has a breakaway gap, formed a beautiful flag, held the prior highs, and it’s been up for three days in a row. On Tuesday, it popped 42 cents, or 2.3%, to 18.46, on 190,103 shares traded. For targets I am looking at 21, and then high 20’s beyond that to 28.
Rigel Pharmaceuticals Inc (NASDAQ:RIGL) with some big drug news on Tuesday, exploded 1.20, or 48.86%, to 3.93, on a whopping 59.569 million shares traded. That’s unheard of volume, and has never been anywhere near that before Tuesday.
More importantly, it closed at the upper end of the range, which I find very positive. Despite the fact, it came off the 4.06 high, it finished at 3.93. That’s really good performance. I would not be surprised to see more upside on Wednesday that gets this upward of 4.40, and then I’m looking at 5.00.
Stocks on the long side included American Midstream Partners, LP (AMID), BroadSoft, Inc. (BSFT), Cemtrex Inc (NASDAQ:CETX), Clayton Williams Energy Inc (NYSE:CWEI), Direxion Daily Gold Miners Bear 3X ETF (NYSE:DUST), Direxion Daily Junior Gold Miners Bear 3X Shares (NYSE:JDST), Karyopharm Thera (NASDAQ:KPTI), LeMaitre Vascular, Inc. (LMAT), Petroquest Energy Inc (NYSE:PQ), Rigel Pharmaceuticals, Inc. (RIGL), Syros Pharmaceuticals Inc (NASDAQ:SYRS), TerraForm Power Inc (NASDAQ:TERP), and United Continental Holdings Inc (NYSE:UAL).