It was a good day for a lot of our stocks, although it’s in a mixed market that may be in a rollover mode. We’ll have to see if it’s in another consolidation, and up it goes, or whether it’s finally in a distribution-type mode consolidation, and eventually breaks down. Although it needs to get some retracement consolidation.
Capnia, (NASDAQ:CAPN) had a monster day on Wednesday, up 3.53 to 5.96, or 145%, on 7.4 million shares, reaching as high as 6.80. At one point, it was up 200%. On Tuesday, it had a breakout, and on Wednesday it had a huge breakaway gap. Will this stock run some more, or settle down and consolidate? Watch the 6.75-.80 range on Thursday. If it pops and opens, it may run up to that zone. It could get to 8 or 9, but, really, it needs to consolidate first.
DepoMed (NASDAQ:DEPO) ran up 3 consecutive days, but more importantly, if you look at the long-term pattern, the juxtaposition lines up in the 27-8, 33-4 zone as intermediate targets. Short-term target will be a retest of the 20 1/4 range, which may come on Thursday, and then 23ish.
IGI, Laboratories, (AMEX:IG) is an interesting stock. I almost put a swing trade on it on Wednesday. The only thing that was holding me back was volume, but the volume did pick up at the end of the day. It got up to 11.03, but only 31 cents, or 2.9%, on 8.6 million shares. It did reach 11.20, but it’s not quite broken out above the December high yet at 11.28. If it gets some follow-through on it today, Thursday, I may put a swing on it to move up toward 16, and then 18 1/2. Those are the swing-trade potential targets. It’s looking pretty good, though.
Rackspace Hosting, (NYSE:RAX) has a nice basing pattern, a breakout. It has 4 waves up, and has started on a 5th wave. It may be a 50-dollar stock eventually. On Wednesday, it was up 1.25 to 51.12, or 2.5%, on 4.2 million shares. Key support short-term is Wednesday’s low at 49.
Other stocks on Harry’s Charts of the Day included Advaxis, (NASDAQ:ADXS), Angies List (NASDAQ:ANGI), Anthera Pharmaceuticals, (NASDAQ:ANTH), Boston Scientific (NYSE:BSX) , Cyber-Ark Software (NASDAQ:CYBR), Eagle Pharmaceuticals (NASDAQ:EGRX), Genetic Technologies (NASDAQ:GENE), Potbelly Corporation (NASDAQ:PBPB), Sony Corporation (NYSE:SNE)), and Sorrento Therapeutics, (NASDAQ:SRNE).