Bluebird bio, Inc. (NASDAQ:BLUE), which had a very strong morning on Tuesday, got up to 121.00, and then at the end of the day, rolled over hard closing up just 35 cents, to 113.00, on 1.7 million shares traded. That was an 8-point pullback and a nasty close, barely up on the day. It’s up against lateral price resistance, and it’s at the top of the channel. I’m not surprised it pulled back, but this is a strong-looking chart, going from 35.00 to 121.00 since November. It has 12 days to cover . If it’s not done, and pops through Tuesday’s high, it could head up toward 130.00
ImmunoGen, Inc. (NASDAQ:IMGN) did great on Tuesday. After the pop on Monday, it followed through on Tuesday, advancing 51 cents, or 10%, to 5.42, on nearly 6 million shares traded, with a high at 5.66. That was the biggest volume in about 6 weeks. It either stalls here and backs off, or it extends immediately, and gets up to the 6 3/4 range, which is my next target.
Stocks on the Short Side....
Cimarex Energy Co. (NYSE:XEC) actually had a slight bounce and gained 56 cents, to 94.01, on 1.85 million shares traded on Tuesday. It’s 3 waves down and may be oversold enough to get a significant bounce in this area, but eventually 82, and 73-4 are my targets.
Yelp Inc. (NYSE:YELP) has a rising wedge, and we put a Boxer swing short on this one. It rolled over on Tuesday and dropped another 84 cents, or 2.77%, to 29.44, on 1.9 million shares traded. I’m looking for a rollover that takes it to 26 1/2, and eventually to the 23-range, if not worse.
On the long side, stocks included bluebird bio, Inc. (BLUE), Exelixis, Inc. (NASDAQ:EXEL), ImmunoGen, Inc. (NASDAQ:IMGN), Immunomedics, Inc. (NASDAQ:IMMU), Impax Laboratories Inc. (NASDAQ:IPXL), Direxion Daily S&P Biotech Bull 3X ETF (NYSE:LABU), Loxo Oncology, Inc. (NASDAQ:LOXO), Everspin Technologies, Inc. (NASDAQ:MRAM), Myriad Genetics, Inc. (NASDAQ:MYGN), Portola Pharmaceuticals, Inc. (NASDAQ:PTLA), Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN), and Vivint Solar, Inc. (NYSE:VSLR).
On the short side, stocks included AutoZone, Inc. (NYSE:AZO), Cardtronics plc (NASDAQ:CATM), Central Garden & Pet Company (NASDAQ:CENT), Continental Resources, Inc. (NYSE:CLR), Gentex Corporation (NASDAQ:GNTX), Inphi Corporation (NYSE:IPHI), O'Reilly Automotive, Inc. (NASDAQ:ORLY), Ralph Lauren Corporation (NYSE:RL), Targa Resources Corp. (NYSE:TRGP), Veritiv Corporation (NYSE:VRTV), Cimarex Energy Co. (NYSE:XEC), and Yelp Inc. (YELP).