Charts of the Day

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Charts of the Day video for Thu October 8th 2015

Public Charts of the Day
When the FOMC notes came out, the....

It was an interesting day on Wall Street on Thursday. When the FOMC notes came out, the market liked what they had to say, and they rallied. It was a good day. There’s a lot to cover here, so let’s get to it.

ConocoPhillips (COP) made a beautiful move on Thursday, up 1.01 to 56.78, or 1.8%, on 9.4%. If it stalls and pulls back, great. If it gets up to 59-60, the target zone, and then pulls back, that’s okay as well.

Twitter, Inc. (TWTR) made a significant move on Thursday. The daily chart shows a spike low, a pullback, a 50% retrace, it platformed, and then on Thursday, it had a significant breakout, up 49 cents to 30.32, or 1.6%, on 3.6 million shares. A strong move has occurred from 24 1/2 to 31 1/2, seven points straight up with a little pause. Having broken through two moving averages and lateral resistance, I’m expecting it to make it up to 33 1/4 short-term. Secondary target is 38. Look for resistance in that zone and maybe a consolidation. If it gets it, 38 would be a potential scalp or even a swing.

Neurocrine Biosciences Inc. (NBIX) did great on Thursday, up 4.67 to 43.60, or 12%, on 7.6 million shares. A swing was put on it because I like the company and the long-term channel that was retested. The spike-up on Thursday that reached resistance pulled it back. Any movement to 47.50-.70 could run it to 52, and then maybe 57. Those are the targets. It looks intriguing, but let’s see if it will follow through.

Weight Watchers International, Inc. (WTW), one of our swing trades, is acting great, up 33 cents to 7.31, or 4.7%, on 7.9 million shares. It popped, crossed over prior high, and is testing resistance here. Since it took out 7.31, it looks like its headed up to the next target at 8.75, maybe even 8.90.

Other stocks on the long side include S&P 500, NDX-X, RUT-X, T2106, T21208, Bonanza Creek Energy, Inc. (BCEI), Encana Corporation (ECA), Baytex Energy Corp. (BTE), Oasis Petroleum Inc. (OAS), Stone Energy Corp. (SGY), Mistras Group, Inc. (MG), ProShares Ultra Bloomberg Crude Oil (UCO), VelocityShares 3x Long Crude Oil ETN (UWTI), Applied DNA Sciences Inc. (APDN), SanDisk Corp. (SNDK), Freeport-McMoRan Inc. (FCX), Tronox Limited (TROX), Calithera Biosciences, Inc. (CALA), Teck Resources Limited (TCK), and WaferGen Bio-systems, Inc. (WGBS).

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