The stock market had a positive day on Thursday with good technicals. There’s still no reason to be short. The market is plowing ahead, although it could turn at any moment. We’ll continue to look at the long side since there are plenty of stocks that are still doing well.
ASML Holding NV (ASML), a stock in the semi-conductor group, has had a beautiful rising for about the last year and a half. It has gone from the low 30’s to the high 60’s. An overbought situation occurred in the course of the run up to the top of the channel back in July and Aug. It rolled over, snapped back, formed a head-and-shoulders, a wider base, and then on Thursday, it exploded 4.53 to 68.35, or 7%, on 8 million shares. That’s the biggest volume in 3 or 4 months. At this point, it would not be surprising to see the juxtaposition lines which come in around 76-77 range near-term target.
EBay Inc. (EBAY) has been looking really good over the last few months. In the last several weeks it had a run up, pulled back and tested moving averages, another run up, it flagged, and on Thursday, it popped 1.27 to 5.17, or 2.4%, on 24.5 million shares. That’s the biggest volume since Oct. Look for a run up of the juxtaposition of the trend lines up around 58.
Lam Research Corporation (LRCX), a component of the semi-conductor group, spiked up on Thursday, up 1.75 to 40.07, or 4.6%, on 4.4 million shares. It broke out of resistance and through the declining topsline, consolidated on the wedge, and then broke out on Thursday. It could see 42, and then 44 1/2 short-term.
Proto Labs, Inc. (PRLB) has moved up very steadily since the Oct lows, going from 28 to the mid 40’s. Thursday, it jumped 1.51 to 44.22, or 3.5%, on 620,300 shares. That’s the second biggest volume in a couple months. Look for something up around 48-50 as the next target.
Other stocks on Harry’s Charts of the Day are Cray Inc. (CRAY), EnerNOC, Inc. (ENOC), Goldfield Corp. (GV), Hercules Offshore, Inc. (HERO), NXP Semiconductors NV (NXPI), Perion Network Ltd (PERI), Silicon Graphics International Corp. (SGI), TASER International Inc. (TASR), Tyson Foods Inc. (TSN), and Uni-Pixel, Inc. (UNXL). ASML, EBAY, LRCX, PRLB – Stock Charts - Harry Boxer, TheTechTrader.com