The stock market was down sharply in the morning on Tuesday, came back nicely in the afternoon, but still closed down on the day. There were some outstanding stocks on the long side on Tuesday, so we’re going to take a look at some of those.
Arena Pharmaceuticals, Inc. (ARNA) traded 50 million shares on Tuesday, taking it from about 1.75 to 3.49. It doubled, pulled back, popped, formed a wedge, and on Tuesday, it exploded out of it, a 26% gain, or 70 cents to 3.42, just 7 cents off the high. Look for a short-term target up around 4.00 as early as Wednesday, and if it gets through that, look for something up around 4.75 intermediate-term.
Generac Holdings Inc. (GNRC) had a nice day on Tuesday, when the declining channel was broken, and an explosive breakaway gap ran up as high as 30.61, before backing off to 28.80. Still, it was up 5.85, or 25%, on 2.5 million shares. This is the key level to overcome. If it can get past it in the next few days, look for something in the 34-5 range.
IEC Electronics Corp. (IEC) had a special day on Tuesday. It ran through, and just above, the key resistance level, up 1.26 to 6.02, or 26 1/2%. The secondary target is up around the 7.00 range short-term, and potentially, the intermediate-term target is up around 8 1/4.
Vertex Pharmaceuticals Incorporated (VRTX) had a spectacular session on Tuesday, just after the spectacular session the day before. This stock gapped up on huge volume and ran hard again on Tuesday through resistance. It popped 6.04 to 64.16, or 10%, on 16 million shares. It wouldn’t be a surprise if this stock ran up to the high 60’s, maybe even the low 70’s short-term.
Zillow, Inc. (Z), which had another pop of 1.88 to 42.91, or 4 1/2%, on 1 million shares on Tuesday. But the fact that it took out lateral resistance that was key, it pulled back to it, and now it’s moving up, looking for a short-term move to about 47.
Other stocks in our Charts for the Day are Carmike Cinemas Inc. (CKEC), Dynavax Technologies Corporation (DVAX), The GEO Group, Inc. (GEO), Jamba, Inc. (JMBA), Kingold Jewelry, Inc. (KGJI), NuVasive, Inc. (NUVA), QuickLogic Corporation (QUIK), TASER International Inc. (TASR).