The stock market had an interesting day on Thursday. It was up most of the morning, and then rolled over in the afternoon. It came down pretty hard and gave back a chunk of the gains, taking the Dow and S&P 500 to negative territory. Nasdaq 100 managed to eke out a gain, but definitely profit taking set in. Despite that, a lot of stocks that we follow did well, so we’ll go over some of them.
Arena Pharmaceuticals, Inc. (ARNA) had a huge move in May, a beautiful coil, then a sharp, steady run-up for two weeks, and then a really nice pop back before a 4-day flag, and then on Thursday, it popped 1.33 to 11.35, or 13.27%, on 42 million shares. It may very well see a test of 13 1/2 short-term, and then 15.
Medgenics, Inc. (MDGN) has a great looking chart. Two levels of key resistance was taken out, and then it formed a wedge, which was taken out on Thursday. It popped 4.51 to 15.00 even, or 43%, on only half a million shares. That’s the biggest volume in a couple weeks. Let’s see if it gets some more upside, although it may a bit overbought, but momentum could carry it up to the 18-20 zone.
OraSure Technologies Inc. (OSUR) has had a nice 4-day move, taking it from 10 all the way up to 13.50–.65. It closed up 1.26 to 13.36, or 10.4%, on 6.2 million shares. The next target is set at 14 1/4, or thereabouts, short-term, and 18-19 intermediate-term.
Smart Balance, Inc (SMBL) is just monstrous, moving steadily. It popped, formed a little flag, and then moved from about 71/2 to about 11.00 on Thursday, up 39 cents to 10.77, or 3.76%, It’s steadily moving higher, and has broken through many levels of resistance. Look for this stock to get up to the 12 1/2 zone.
Other stocks in our Charts for the Day are Ellie Mae, Inc. (ELLI), Glu Mobile, Inc. (GLUU), Kewaunee Scientific Corp. (KEQU), LeapFrog Enterprises Inc. (LF), MIPS Technologies Inc. (MIPS), Neonode, Inc. (NEON), Nationstar Mortgage Holdings Inc. (NSM), Patrick Industries Inc. (PATK), Parkervision Inc. (PRKR), Spectrum Pharmaceuticals, Inc. (SPPI), Threshold Pharmaceuticals, Inc. (THLD).