It was turn-around Tuesday, but the Greek news hit the market hard after a nice early morning. Although there was a late snapback, the market closed near a flat line on most of the indices on Nasdaq 100. It’s still down a few points, but will be interesting to see what kind of follow-through it gets on Wednesday, if any, up or down.
Akorn, Inc. (AKRX), one of our swing trades, after pushing through key resistance and backing off in a 3-day flag, popped on Monday, and the follow through on Tuesday made me convinced that maybe we should go in for a spike up toward the 16-16 1/2 area, which is the next target on this stock.
3D Systems Corp. (DDD) had a nice falling channel that was broken on Tuesday with a pop, up 1.01 to 28.39, or 3.69%, on 756,000 shares. If it gets above the high at 28 3/4, look for a move up to 31 short-term. The secondary target is 33 1/2-34.
DSW Inc. (DSW) had a nice move on Tuesday, breaking out of the March-April consolidation and a recent falling wedge on positive earnings. It gapped up at resistance and closed at the upper end of the range, up 5.43 to 61.23, or 9 3/4%, on 2.1 million shares. That was the biggest volume since January. At this point, the next move is potentially up at the top of the projected channel at 66-67.
Genetic Technologies Ltd. (GENE) had an explosive move on Tuesday. The 1-year falling wedge was broken, and it took out 2 lateral price-resistance lines, the declining topsline, and two moving averages. It had a very strong close as well, although it was 19 points off the high, up 1.58 to 3.99, or 65.6%, on 1.5 million shares. That was by far the biggest volume since a year ago. Look for an extension that could take this stock up near the 4.95 zone.
Patrick Industries Inc. (PATK), another one of our swing trades, took a dip for 3 days, held the trend line, and then snapped back 1.15 to 12.95, or 10%, on 130,700 shares. The volume was low, but not bad for that stock.
Other stocks in our Charts for the Day are Akorn, Inc. (AKRX), American Vanguard Corp. (AVD), Cirrus Logic Inc. (CRUS), Pharmacyclics Inc. (PCYC), Rosetta Genomics, Ltd. (ROSG), and Threshold Pharmaceuticals, Inc. (THLD).