The stock market had a good day on Tuesday. A lot of the stocks we follow did well, so we’re going to take a look at some of those.
Allot Communications Ltd. (ALLT) jumped 2 1/2 points to 26.10, or 10.5%, on 1.5 million shares. It surged up near the early May highs, which were the highest levels this stock has ever reached. At this point, it may break out, and move up toward the 34-35 zone on the next move. If it does, it could be a substantial move. We may issue another swing trade on this stock.
Cirrus Logic Inc. (CRUS) broke out across the wedge that it formed a couple days ago, stalled for two days, and on Tuesday, it popped 1.94 to 29.39, or 7.07%, on 4.3 million shares. It appears to be headed for a date at the top of the channel at about 30 1/2. That may even come on Wednesday. If this pattern accelerates through the top, this top could move up into the 33-34 zone next.
Spreadtrum Communications Inc. (SPRD), which we put out as a swing trade on Tuesday in anticipation of a breakout, looks as if it might do so. It was up 1.71 to 18.20, or 10%, on 2.6 million shares. It’s acting well, and if we do get a follow-through on Wednesday, this stock could run, perhaps into the 22-23 zone.
VirnetX Holding Corp (VHC) popped 3.26 to 33.39, or 10.86%, on 1.2 million shares. That’s the biggest volume in nearly a month. It had a break out of a wedge, held support and moving averages, which leads me to believe we’ll see 35 1/2 – 36 short-term, and if it really gets going, perhaps it will test the high up in the 42-43 zone.
Other stocks in our Charts for the Day are AuthenTec, Inc. (AUTH), Vaalco Energy Inc. (EGY), Ellie Mae, Inc. (ELLI), Genetic Technologies Ltd. (GENE), Headwaters Inc. (HW), NuVasive, Inc. (NUVA), Pilgrim's Corp. (PPC), Santarus, Inc. (SNTS), Synacor, Inc. (SYNC), Uroplasty Inc. (UPI).