It was a fantastic day on Wall Street for the bulls on Tuesday. The market gapped, ran, and kept going higher. At the end of the day it spiked into the close. It couldn’t get better than that. Let’s look at some of the stocks that did well.
Juno Therapeutics Inc. (NASDAQ:JUNO) had a nice day on Tuesday, up 4.75 to 39.93, or 13.5, on 2.2 million shares. It took out resistance, it took out the 50, and it closed above both. The next target is in the zone between 42 and 44 short-term. If it does explode over the next week, or so, it could very well reach the high 40s. It has 4.5 days to cover.
Kite Pharma, Inc. (NASDAQ:KITE), one of many biotechs that took off, broke out of the declining topsline, and a right-hand, extended-V pattern across a double top on Tuesday, and ran up 6.48 to 51.20, or 15%, on 2.6 million shares. There’s a little bit of resistance at 50 that may be tested as early as Wednesday, and 57 is the secondary target, followed by the low 60s, potentially. It has almost four days to cover.
MaxLinear, Inc. (NYSE:MXL) is one of our swing trades that is doing well. It broke through the channel bottom, and popped back on an inside day on Monday, and on Tuesday, it popped another 61 cents to 16.70, or 3.79%, on 1.4 million shares. Volume increased, OBV is moving, and it looks like it’s headed for a retest of the 17 1/4 range, and if it gets through that, the next target is the low 20s, maybe 21, 22. It has 3.94 days to cover.
Other stocks on the long side included 3D Systems Corporation (NYSE:DDD), Ebix Inc. (NASDAQ:EBIX), Direxion Daily Financial Bull 3X ETF (NYSE:FAS), Himax Technologies, Inc. (NASDAQ:HIMX), Juno Therapeutics Inc. (JUNO), Kate Spade & Company (NYSE:KATE), Kite Pharma, Inc. (KITE), Direxion Daily S&P Biotech Bull 3X ETF (NYSE:LABU), Las Vegas Sands Corp. (NYSE:LVS), MaxLinear, Inc. (MXL), NeoPhotonics Corporation (NYSE:NPTN), Rovi Corporation (NASDAQ:ROVI), TrovaGene, Inc. (NASDAQ:TROV), Workday, Inc. (NYSE:WDAY), and Intrexon Corporation (NYSE:XON).