Day Trading with Hary Boxer

The stock market had a rather topsy-turvy day on Wednesday, and on the long side there are a lot of stocks that appear to be breaking out, emerging, or looking promising that we should take a look at their patterns and how they’re developing.

Aegerion Pharmaceuticals, Inc. (AEGR) has already broken out. The only thing missing is more volume, so be a little cautious with it. We were close to putting a swing trade on it today. It broke out and ran up sharply in October, backed and filled over the course of the next couple months, and in just the last week, or so, this stock has moved up from the 20 range to 23.65, pulled back to test near 21 1/2, and popped on Wednesday, up 1.03 to 24.33, or 4.4%, on nearly a half million shares. There is some resistance at the 26.04 target that goes way back to the spike high in May and June of 2011. So if it gets through that, it could be on the way to much higher prices. The overall structure shows a long base, a sharp breakout in October, a nice consolidation platform, the 50-day moving average and trend line that held, and this stock is moving up. Look for more upside—first 26.00 and then 30.

Silicon Motion Technology Corp. (SIMO) appears to have turned itself around. The major declining topsline is right where it closed on Wednesday. The recent rising bottom formed a large wedge, and the short declining topsline and a smaller wedge within a wedge has been broken. The recent thrust has taken it through two lines of support, the 50-day, and then a challenging, major-declining topsline, which was broken, and could lead to about 16 3/4-17, the swing trade target for this stock. Intermediate-term, look for something around 21-22.

Smart Balance, Inc (SMBL) continues to impress as it had a nice dip down and then reversed itself right back up, consolidating, breaking out on Tuesday, and following through on Wednesday, up 38 cents to 13.67, or 2.9%. The volume was steady at 716,600. There is a strong line of resistance up around 14, which could be tested as early as Thursday, but on an intermediate-term basis, look for something in the mid to high teens on this one.

Seagate Technology Public Limited Company (STX) has had its declining topsline over the last four months taken out a week ago, only to snapback the last couple session. On Wednesday, it jumped nearly at point at 96 cents to 30.32, or 3.3%, on 14 million shares. There’s a little left shoulder-head-right shoulder, perhaps, and certainly a reversal pattern. Look for a quick move to 32 short-term, a secondary move to 35, and then we’ll see about the longer-term picture.

Other stocks on Harry’s Charts of the Day are Ellie Mae, Inc. (ELLI), First Solar, Inc. (FSLR), Generac Holdings Inc. (GNRC), Impac Mortgage Holdings Inc. (IMH), LDK Solar Co., Ltd. (LDK), Oncolytics Biotech Inc. (ONCY), Progenics Pharmaceuticals, Inc. (PGNX), Suntech Power Holdings Co. Ltd. (STP), Trina Solar Limited (TSL).