The market just keeps pressing higher. I know the market is long-in-the-tooth, but it just won’t quit, and until we get a decisive turn down we’ll keep playing the long side. Although swing-traders might make some money on the short side on some of the Boxer Shorts.
Bristol-Myers Squibb Company (NYSE:BMY) may not be done consolidating, but it is pushing the upper end of the flag. It’s something to keep an eye on. It traded 67 million shares on Tuesday, and was up about a half percent. Nothing great, but I did want to show you that it’s set up to make a move here.
Integrated Device Technology, Inc. (NASDAQ:IDTI) swing trader popped 82 cents, or 4.76%, on 3.2 million shares, and you can see the pullback opportunity here to support the bottom trendline, and now it’s popping. The highs over the last week or so were 18.35, and now Tuesday’s high is at 18.31. If it can get up through this area, you may see this stock run some more. The eventual target is in the 21 range.
NewLink Genetics Corporation (NASDAQ:NLNK) swing trade is acting well. You can see in the last couple weeks the pullback, and on Tuesday the snapback, up 1.75, or 5.6%, on 880,200 shares traded. That’s not spectacular volume, but the technicals look like they’re about to turnaround. Moving averages have held and so has price support. This would be the logical place for this to take off. The first target is set at 35-35 1/2, the second target 38-39. Ultimately, I’m looking for a big move to retest the highs in the low 40’s.
Vimicro International Corp. (NASDAQ:VIMC) has been a little slow. I have been waiting a month for this stock to get going. It had a big move. They say the bigger the move, the bigger the consolidation. Yet it’s a bullish-looking move. Kind of a wedge pattern. It has a falling wedge within a larger wedge. Either way, it’s a consolidation pattern that if taken out could explode. On Tuesday, it did pop 35 cents, or 4%, on 477,700. It needs to get some extension with more volume. Keep an eye on this one because if it does start to move, it could quickly test 11-11 1/2 range, maybe 11 3/4 range, and then it’s off to the races at 11.90-12.00, perhaps into the 13-15 zone.
Other on Harry’s Charts of the Day are Avanir Pharmaceuticals, Inc. (AVNR), Bitauto Holdings Limited (BITA), GoPro, Inc. (GPRO), Green Brick Partners, Inc. (GRBK), GW Pharmaceuticals (GWPH), Integrated Device Technology, Inc. (IDTI), Direxion Daily Jr Gld Mnrs Bull 3X Shrs (JNUG), ETF Direxion Daily Gold Miners Bull 3X Shrs (NUGT), Royal Gold, Inc. (RGLD), Maxwell Technologies, Inc. (MXWL), NewLink Genetics Corporation (NLNK), Omeros Corporation (OMER), Planar Systems Inc. (PLNR), Regulus Therapeutics Inc. (RGLS), Silver Wheaton Corp. (SLW), SunEdison, Inc. (SUNE), TerraForm Power, Inc. (TERP), Vimicro International Corp. (VIMC), and ZELTIQ Aesthetics, Inc. (ZLTQ).