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FOMC Meeting Sparks Market Volatility

Published 09/18/2014, 02:37 AM
Updated 07/09/2023, 06:31 AM

The stock market had an interesting day on Wednesday. There was the FOMC meeting with a lot of volatility after that, but at the end of the day we closed at the highs for the day going away. It was a very good session and a lot of our stocks did well.

Aegerion Pharmaceuticals Inc (NASDAQ:AEGR) was up 1.28, or 4%, on 1.2 million shares on Wednesday. It looks like a potential nice swing, and we did put out a swing trade on it on Wednesday, because, not only did it take out the major declining topsline, but it broke through the coil that had been forming for three or four days, and broke out across resistance. The next target is at 36 1/2. Once it gets through that, look for it to head up toward 40, and then 44. It’s going to take volume and it needs a thrust, but I like the configuration of the chart – left shoulder-head-right shoulder -- and it does resemble some inverse head-and-shoulder bottoming pattern. So keep an eye on this one.

Avanir Pharmaceuticals Inc (NASDAQ:AVNR), which is also one of our swing trades, had a beautiful, explosive break-away gap with volume on Wednesday. It was up 43 cents, or 4%, on 14.7 million shares. Notice that it had a spike-high day on Monday, an inside day on Tuesday, and then on Wednesday, it was back up again to test the high. If it can get through 13.00-13.10, the high being 13.09 on Wednesday, look for a quick run to 16-16 1/2.

Canadian Solar Inc (NASDAQ:CSIQ) may be the star of the solar group right now by the way it’s acting, with a fantastic earnings report on big volume. It had a breakaway move that took it through the moving averages, lateral resistance, and declining topsline, then it worked its way above major resistance, formed a flag, and consolidated. On Wednesday, it was up 2.76, or 7.35%, on 6.3 million shares. The next target is 45, and then 48.

YRC Worldwide Inc (NASDAQ:YRCW) had a spectacular day on Wednesday. It had a big breakaway gap, and then a surge that took it right up to the target at 23 3/4. Wednesday’s high was 23.99, which was a nominal new high. It also tagged the 50-day moving average, which was just pennies from there, so as a result, it backed off a little bit. It now has the potential for a declining topsline, probably Thursday or Friday. Look for a big move. It looks like it will get to 27 again, but we'll have to see if there is a follow-through day.

Other on Harry’s Charts of the Day are ChyronHego Corporation (NASDAQ:CHYR), Canadian Solar Inc (NASDAQ:CSIQ), Endo Health Solutions Inc (NASDAQ:ENDP), Enphase Energy Inc (NASDAQ:ENPH), Fireeye Inc (NASDAQ:FEYE), GoPro Inc (NASDAQ:GPRO), Hong Kong Highpower Technology (NASDAQ:HPJ), Sky-mobi Limited (NASDAQ:MOBI), TGIX, Tekmira Pharmaceuticals Corporation (TO:TKM), Trina Solar Limited (NYSE:TSL), and VASCO Data Security International (NASDAQ:VDSI).

The Boxer Shorts include CONMED Corporation (NASDAQ:CNMD), Core Laboratories (NYSE:CLB), eHealth Inc (NASDAQ:EHTH), Nu Skin Enterprises Inc (NYSE:NUS), Tupperware Brands Corporation, Michael Kors Holdings Limited (NYSE:KORS), Kindred Healthcare Inc (NYSE:KND).

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