It certainly was a 'turnaround Tuesday' on Tuesday as the indices opened lower, moved up, and then the comments from Fed Chair Yellen really spiked them up. It was a very strong session and beautiful day for many of the stocks we follow. Many of the stocks here will be swing trades.
NeoPhotonics Corporation (NYSE:NPTN) continues to act well, up another 48 cents to 13.83, or 3.6%, on 858,200 shares traded, and made a new 5-year high on Tuesday. It looks like it’s going to test 17, 17 1/2, and then the 20-21 zone.
Rovi Corporation (NASDAQ:ROVI) had a nice snapback on Tuesday, up 1.28 to 20.89, or 6.5%, on nearly a million shares. It got just beneath support, and then snapped back. Look for a retest of 23-4, maybe as high as 27-8.
Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN) also had a nice snapback on Tuesday, popping 1.34 to 15.47, or nearly 10%, on 1.2 million shares, which was pretty decent volume. It broke out across the wedge and declining topsline. I need to see this stock get to 16. Once it does that, there’s a little bit of resistance around 17. If it gets through that, I’m looking for a move to 20 1/2 and then 21 1/2. I do think it may see that.
Weight Watchers International, Inc. (NYSE:WTW) looked like a flag was forming, so we put a swing on it. Love the volume, good OBV, which often indicates that a potential move is coming. It did pop through the declining topsline, jumping 70 cents to 14.35, or 5%, on 1.8 million shares. Let’s see if it gets a follow-through. Targets are around 15 1/2-16 zone, and then 18 longer-term.
Stocks on the long side included Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF), Fabrinet (NYSE:FN), Himax Technologies, Inc. (NASDAQ:HIMX), Direxion Daily Jr Gld Mnrs Bull 3X ETF (NYSE:JNUG), Direxion Daily Gold Miners Bull 3X ETF (NYSE:NUGT), Direxion Daily S&P Biotech Bull 3X ETF (NYSE:LABU), MediciNova Inc. (NASDAQ:MNOV), NeoPhotonics Corporation (NPTN), Oclaro, Inc. (NASDAQ:OCLR), ORBCOMM, Inc. (NASDAQ:ORBC), Rovi Corporation (ROVI), Supernus Pharmaceuticals, Inc. (SUPN), Swift Transportation Company (NYSE:SWFT), TASER International Inc. (NASDAQ:TASR), Take-Two Interactive Software Inc. (NASDAQ:TTWO), VelocityShares 3x Long Natural Gas ETF (NYSE:UGAZ), USA Technologies Inc. (NASDAQ:USAT), Energous Corporation (NASDAQ:WATT), Weight Watchers International, Inc. (WTW), Wynn Resorts Ltd. (NASDAQ:WYNN), and United States Steel Corp. (NYSE:X).