It was an interesting, really strong snapback rally and reversal day on Tuesday. One of the best I’ve seen in a while. The Nasdaq 100 alone was up about 85 points off the low and closing at the highs for the day. That’s about as good as it gets. A lot of the stocks we follow and our swing trades, were acting great, so, we’re going to cover a few of them. Even some of the biotechs of late, in the last day or two, that got a little dicey there, snapped back beautifully.
BioTelemetry, Inc. (BEAT) nearly reached its target on Tuesday. We had a target in the 11.00-12.00 zone, and it reached 10.70, just 30 cents off the target. It closed up nicely off the low, a 10.15 low, 10.68 close, on 42 cents, or 4%, on 253,800. The volume wasn’t exceptionally heavy, but not bad. Looking at the chart, you can see the base, breakout, a wedge, and an explosive move, a very nice one from about the 8.00 range up to near 11.00. That will be our swing trade, if it can get up there.
Cyber-Ark Software Ltd. (NASDAQ:CYBR) had a very nice reversal on Tuesday going from 36.00 to 40.95, closing 4 cents off the high, up 2.76, or 7.23%, on 1.3 million shares. It couldn’t get much better than that. It came down and nearly filled the gap completely. It took out some weak ends, tested the 50-day, and the trendline, and reversed. If it can get up through the declining topsline on Wednesday, I would expect it to get as high as 43. Going forward the swing trade is 47, and upwards of 50.
NewLink Genetics Corporation (NASDAQ:NLNK), one of our swing trades, is doing well. Looking at the chart, you can see the multiple-session highs, and the lows that it came off of on Tuesday, reaching as low as 35, and closing at 38.29, up 1.45, or 3.9%, on 3.4 million shares. That was a beautiful reversal. If it gets some more volume to take it definitively above 39 1/4, it may very well test the double-top at 42. The next target is 46-47.
SunEdison, Inc. (NYSE:SUNE) had a big reversal day on Tuesday. It got down to the trendline at 18.53 and closed at 20.03. That’s a big reversal there. Up only 2%, but 14 million shares traded, the biggest volume in a couple weeks. If that’s the case, Tuesday’s low is key. I don’t want this under to go 18 1/2 because it could be volatile down around the 15-16 range. It has four legs up, and I would like to see a fifth leg take it up near 25-26.
Other stocks on Harry’s Charts of the Day are Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN), Caesars Entertainment Corporation (NASDAQ:CZR), Flamel Technologies SA (NASDAQ:FLML), Green Brick Partners, Inc. (NASDAQ:GRBK), Groupon, Inc. (NASDAQ:GRPN), Infinity Pharmaceuticals, Inc. (NASDAQ:INFI), Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK), Royal Gold, Inc. (NASDAQ:RGLD), Regulus Therapeutics Inc. (NASDAQ:RGLS), Silver Wheaton Corp. (NYSE:SLW), and ZELTIQ Aesthetics, Inc. (NASDAQ:ZLTQ).