Day Trading with Hary Boxer

AP Pharma Inc. (APPA) had a very strong move today, jumping 31 1/2% on 6.3 million shares, the heaviest volume as far back as we can go. Looks like this stock is headed for the 3–3 1/2 range. If it can get over the early Feb high, which is up around 2 1/2, that should be the target short-term. Today the stock surged from 1.56 to 2.06 and closed a penny off the high, and broke back up through the 10- , 21- , and 50-day moving averages. A significant session for APPA.

Finisar (FNSR) is having a great time of it, today in particular. It surged more than 9 million shares and jumped another 1.23 or 8.7%, reaching lateral price resistance in the 15.36 zone. A breakthrough is anticipated and a move toward 20 may be on the way.

Somaxon Pharmaceuticals (SOMX) was the star of the day today. The long-term charts shows multiple tops and resistance up in the 5.00 range. The stock moved through that like a knife through butter. On FDA approval of a sleep drug, it rocketed from 3 3/4 up to 10.01 at one point, closing at 9.18, up 5.24 or 133% on monster volume of 46 million shares, by far the biggest volume ever traded for this stock. The price-volume surge that breaks out of this base is probably going to initiate additional price action. I would not be surprised to see this stock gap tomorrow and run another couple points, but over the course of the next few weeks I’d look for something potentially in the mid-to-high teens.

Pharmasset, Inc. (VRUS) continues to roll on heavy volume the last three sessions after breaking out across key resistance. The longer-term target right now is up around low -to-mid 30’s. That may be reached on this move right here.

Other stocks featured on Harry’s charts today are Star Scientific, Inc. (CIGX), Delta Petroluem Corp. (DPTR), InfoLogix (IFLG), Radware (RDWR), Somanetics Corp. (SMTS), TiVo Inc. (TIVO).

That’s it for tonight and for this week. Watch out tomorrow option expiration day.