It was another storm day on Wall Street and the market keeps pushing. Even the recent pullback won't scare away the bulls. Let’s take a long look at some more of the longs as the market is getting some breakouts in a lot of different places.
Applied Micro Circuits Corp. (AMCC) had a big move on Tuesday, up 1.62, or 20%, on 2.8 million shares. That’s the biggest volume in more than a year. It’s breaking out of a coiling-type consolidation. It had a 5-wave decline, was stuck in a consolidated coil, and then broke out big time on Tuesday. It closed at the top of the range, which is very encouraging. Now, look for a move up toward 12 on a short-term basis. We’ll see if it can get a follow-through tomorrow.
iRobot Corporation (IRBT) popped on Monday, got right to resistance, and on Tuesday it stalled, but it had a nice quiet inside day, narrow range on lower volume. This stock is only off 6 cents, so keep an eye on this one. If it pops through the 37.74 level, look for a run to the mid-40’s.
NXP Semiconductors NV (NXPI) had another nice move up. That’s four consecutive days. On Tuesday, it was up 79 cents, or 2 1/2%, on 1.7 million shares. Tuesday’s high was the highest level reached since the multiple tops in February. Those tops came in around 32.90-33, so watch to see if it can get up through that and reach our swing-trade target at 35.
Walter Energy, Inc. (WLT) has a big turnaround in play. It had two monster days on the downside on huge volume, and then it gapped up and reversed, up 1.93, or 16.5%, on 25.6 million shares. That’s big volume for that stock. Watch to see if it gets a follow-through. Resistance is at 16-16 1/4, and beyond that look for it to run to 18, and then 20.
Other stocks on Harry’s Charts of the Day are Advanced Micro Devices, Inc. (AMD), Biodel Inc. (BIOD), Cree, Inc. (CREE), Cytokinetics, Incorporated (CYTK), FLIR Systems, Inc. (FLIR), OmniVision Technologies, Inc. (OVTI), Santarus, Inc. (SNTS), Spreadtrum Communications Inc. (SPRD), STAAR Surgical Company (STAA), Stemline Therapeutics, Inc. (STML), and SunEdison, Inc. (SUNE).