It was a very interesting day on Monday, with a downside follow-through, and then it curled up and ran up the rest of the session, and closed not far from the session highs. It was a good day price-wise, but not a good day technically. The technicals could not keep pace, and that could be bearish. We’ll just have to wait to see what happens and whether there is any up-side follow-through on Tuesday. Let’s take a look at some of the stocks that acted well today.
Mattel, Inc. (O:MAT) popped out across multiple tops late on Friday, and then on Monday it followed through, up 82 cents to 27.07, or 3%, on 14 million shares. It didn’t close great, but that could have been from the lateral resistance from the June high. The swing we put on it has been working. If it gets through 27.07, the targets are 28.95, 30.50, and then 32.00.
NantKwest, Inc. (O:NK), which has a swing trade on it that is taking a little longer, hasn’t broken down, but if it still holds at 14, that’s still good. On Monday, it popped out of a mini-wedge, and jumped 1.16 to 16.22, or 7.7%, on 650,000 shares traded. With 6.4 days to cover it could very well get a run to 18-19, and maybe eventually up towards 23 and 25.
Pacific Biosciences of California, Inc. (O:PACB) looks like it can go again, but it’s going to take a little longer. The flag that formed has a beautiful set-up. The OBV is moving up nicely. MoneyStream, Balance of Power is holding up well. It's four waves up, and looks like a fifth wave is coming, which could last a week or two weeks more. It was up 32 cents to 10.00, or 3.3%, on 856,107 shares traded on Monday. Targets are 12, 13, maybe even higher eventually.
SolarCity Corporation (O:SCTY) had another good move on Monday, up 4.55 to 41.59, or 12.3%, on 3.6 million shares. After coming out of the little wedge it formed, it could follow through and run up to 50.00 short-term. Secondary target is 55. It has 5.7 days to cover.
Other stocks on the long side include Anavex Life Sciences Corp. (O:AVXL), Dermira, Inc. (O:DERM), VelocityShares 3x Inv Natural Gas ETN (N:DGAZ), Five Prime Therapeutics, Inc. (O:FPRX), NovoCure Limited (O:NVCR), Nevro Corp. (N:NVRO), SolarCity Corporation (O:SCTY), SolarEdge Technologies, Inc. (O:SEDG), and TerraForm Power, Inc. (O:TERP).