The market was weird on Thursday. It was up, they had a nice rally in the morning, they rolled over just after the lunch hour, and got slammed dunked right into the close, with a negative tick of 1526, indicating a weakness or thrust to the downside.I think there may still be some downside to come. Although a minus 1526 reading may lead to some snapback. Tomorrow is going to be important, because if it ends up being sharply lower, there could be some negative results next week as well. Just play what you see. For now, let’s go over some stocks that looked good on Thursday, starting with some gold stocks.
Cabela's Incorporated (NYSE:CAB), a swing trade of ours, is still in play and acting better, up just 9 cents to 52.28, on 592,895, but it finished in the plus column, and the volume is steady. I still like the inverse head-and-shoulders, pop, and little flag. If Thursday’s high at 53.71 gets taken out, the targets are 55, and then 59.
The Chemours Company (NYSE:CC) has another little consolidation, and the recent pullback for one day held the 8.68 area, and has held it for five days. It was up 27 cents to 9.46, with a high of 9.92, or 3%, on 2.8 million shares. The volume picked up as it moved up through the highs. It seems like it has more to go. The target is 12 1/2.
Inovio Pharmaceuticals, Inc. (NASDAQ:INO) just keeps pushing and pushing and pushing. For the last two weeks it’s been up almost every day. It was up 25 cents to 11.18, or 2.29%, on 2.1 million shares, with a high of 11.69. A swing target was on it a little bit higher. If it gets through that, and it accelerates, it can get up to 12 1/2-14, perhaps even 15, but be careful. With 6.32 days to cover, and having broken across the April 2015 highs, it may very well get up to 13 short-term.
Mitek Systems, Inc. (NASDAQ:MITK) was up 1.06 to 7.31, or 17%, on 2.8 million shares. The high was 18 cents higher at 7.49. This stock hasn’t reached this level since 2013, and before that the high was 13, and change. So the target going forward is a retest of the 7.70 area. It may see that tomorrow. It may need some consolidation before it pushes up into the teens.
Stocks on the long side included Barrick Gold Corporation (NYSE:ABX), Bristol-Myers Squibb Company (NYSE:BMY), Cabela's Incorporated (CAB), The Chemours Company (CC), Cliffs Natural Resources Inc. (NYSE:CLF), Eldorado Resorts, Inc. (NASDAQ:ERI), Inovio Pharmaceuticals, Inc. (INO), Direxion Daily Jr Gld Mnrs Bull 3X ETF (NYSE:JNUG), Medivation, Inc. (NASDAQ:MDVN), Mitek Systems, Inc. (MITK), Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT), Silver Wheaton Corp. (NYSE:SLW), VelocityShares 3x Long Silver ETN (NASDAQ:USLV), Weibo Corporation (NASDAQ:WB), and Yandex N.V. (NASDAQ:YNDX).