Calithera Biosciences (NASDAQ:CALA) was up 1.85, or 12%, to 17.60, to 1.5 million shares traded on Wednesday. It broke out of a coil on Monday, followed through, tested the 17.70 area, tagged 17.90, and closed at 17.60. With nearly two days to cover , and with a strong trend, after wave one and two of wave three, I think that if it’s starting here, it will get to at least 21.00, maybe even to the mid 20’s.
It was a nice day for Hudson Technologies Inc (NASDAQ:HDSN) on Wednesday, popping 31 cents, or 4%, to 8.88, on 1.16 million shares traded. It's been up three days in a row now on pretty good volume. That’s the highest close in 20 years. The last time it saw the 900-range was back in ’97 on June 3. The volume on a monthly basis is huge. It has a breakaway gap, a wedge, multiple 5-wave moves, then a pullback on wave two, and wave 3 of 3 is starting, which could take it to the 11-12 area. It has 7.3 days to cover .
Stocks on the Short Side….
Central Garden & Pet Company (NASDAQ:CENT) was down 55 cents, or 2%, to 31.13, on 54,932 shares traded on Wednesday. The major trend channel has been broken, a bear flag formed, and it looks like it’s headed lower. If it cracks and technicals roll over, it could very well be headed for wave three that will take it down to the mid 20’s.
Inphi Corporation (NYSE:IPHI) actually gained 31 cents to 34.18, on 941,009 shares traded on Wednesday. It had a head-and-shoulder breakdown, a snap back, I gave you a short on it, it came down and bounced, formed a wedge, and now it’s coming down again and consolidating here. If this breaks 33-33 1/2, it could reach down to 30, and then 26 1/2-27.
On the long side, stocks included Abeona Therapeutics Inc (NASDAQ:ABEO), Achillion Pharmaceuticals Inc (NASDAQ:ACHN), Advanced Micro Devices, Inc. (NASDAQ:AMD), Baozun Inc (NASDAQ:BZUN), Calithera Biosciences Inc (NASDAQ:CALA), Hudson Technologies Inc (NASDAQ:HDSN), ImmunoGen Inc (NASDAQ:IMGN), Kemet Corporation (NYSE:KEM), Direxion Daily S&P Biotech Bull 3X ETF(NYSE:LABU), Novocure Ltd (NASDAQ:NVCR), and OraSure Technologies Inc (NASDAQ:OSUR).
On the short side, stocks included AutoZone, Inc. (NYSE:AZO), Aspen Technology Inc (NASDAQ:AZPN), Central Garden & Pet Company (NASDAQ:CENT), Ebix Inc (NASDAQ:EBIX), Inphi Corporation, Kmg Chemical Inc (NYSE:KMG), PCM Inc (NASDAQ:PCMI), Parsley Energy (NYSE:PE), Ralph Lauren Corporation (NYSE:RL), Shopify Inc (NYSE:SHOP), Simon Property Group, Inc. (NYSE:SPG), Veritiv (NYSE:VRTV), and Yelp Inc (NYSE:YELP).