Today we’re going to talk about several longs.
Pharmacyclics (PCYC), celebrating a beautiful rising channel over the last 90 days, measures up near the 6 1/2 range, maybe even as high as 6 3/4–7, my near-term trading target. Tuesday’s action popped it out of a 4-day beautiful bull flag that was formed on low volume with great technicals. Beyond the 7.00 range long-term it could possibly see something up around the 8.00 range and beyond that around 12-13.
SMART Modular (SMOD), which on a daily basis has been in a beautiful rising channel for the last year, pulled back very nicely in an orderly fashion to test the rising channel bottom and bounced. Today’s action moved it back above its 21-day moving average and it looks like a retest of the highs up around 7.75-.80 may be due short-term, but the top of the channel beckons around the 12.00 level. That’s my intermediate-term trading target.
Sequenom (SQNM) had a very significant technical day Tuesday on 17 1/2 million shares, the heaviest volume since probably last December, broke out of a trading range and exploded, closing near the high end of the range. A move toward 6 1/2, my next trading target, may be due short-term. There’s some formidable resistance up there. Let’s see what we get once we go forward through that, secondary target about 8 - 8 1/2.
Lastly, Valassis Communications (VCI), which is just beginning to accelerate here, looks like it’s going to test the 27.00 range, but if a price-volume surge gets it through that it could explode this stock into the low to mid 30s. That’s what we’ll be looking for with VIC.
Other stocks on Harry’s Chart of the Day are Acme Packet (APKT), Conexant Systems (CNXT), Dendreon (DNDN), Finisar (FNSR), Integrated Silicon Solutions (ISSI), JAZZ Pharmaceuticals (JAZZ), Leapfrog (LP), Interactive Data (IDC), Netlist (NLST). NACG Holdings (NOA).
That’s it for today.
