It was a good day on Wall Street on Wednesday, and a very good rally. After the FOMC meeting, they took a big plunge, and the rally back was phenomenal. A lot of our stocks, particularly the swing trades, have been acting great of late, and obviously, some day trades are working well, too.
8x8 Inc. (O:EGHT) was up 40 cents to 11.18, or 3.7%, on 1 million shares on Wednesday. It has been a great swing trade. The overall structure is a beautiful head-and-shoulders, with another pullback kind of double shoulder, a break of the neckline, and a run up to the double top is eminent. That may happen as early as Thursday. Resistance is a 11.45-.50. Targets are 11.45 and 12.45.
Five Prime Therapeutics, Inc. (O:FPRX) had a very good day on Wednesday, up 2.33 to 33.34, or 7.5%, on 7.5 million shares. Similar to ERII, both have big gaps and wedges. This stock broke out on Wednesday, reaching all-time highs at 33.35. There is no overhead resistance, so it could very well run to 37 1/2-40, possibly in the next few days.
Globant (N:GLOB) jumped 92 cents to 34.52, or 2.7%, on 221,600 shares traded on Wednesday. The swing trade that was put on it didn’t get a follow-through yet, but it stabilized and is starting to move up again. It reached a high of 34.99, and 35 is resistance. If it can get through there, it could run up to 39 pretty quickly.
Integrated Device Technology, Inc. (O:IDTI) has a very interesting chart. On Wednesday, it was up 71 cents to 26.02, or 2.8%, on 5.4 million shares. The only mistake that may have been made on this stock is that it’s been up too quick too far, and it may get a pullback. However, Wednesday was a nice inside day. The target is up around the 30-31 zone. Let’s see if it gets there before it pulls back.
Other stocks on the long side include BSQUARE Corp. (O:BSQR), Calithera Biosciences, Inc. (O:CALA), Energy Recovery, Inc. (O:ERII), Exelixis, Inc. (O:EXEL), Freeport-McMoRan Inc. (N:FCX), Inphi Corporation (N:IPHI), Inteliquent, Inc. (O:IQNT), Intra-Cellular Therapies, Inc. (O:ITCI), JinkoSolar Holding Co., Ltd. (N:JKS), Juno Therapeutics Inc. (O:JUNO), Neurocrine Biosciences Inc. (O:NBIX), Neogenomics Inc. (O:NEO), Natural Health Trends Corp. (O:NHTC), NeoPhotonics Corporation (N:NPTN), Oclaro, Inc. (O:OCLR), Pegasystems Inc. (O:PEGA), and Solar3D, Inc. (O:SLTD).