It looks like the markets are consolidating, and with the long weekend coming up, it could be a dull day on Friday or a real wild day. More importantly, let’s take a look at some of the individual chart patterns of stocks that are really starting to improve.
Blue Buffalo Pet Products, Inc. (BUFF) has an interesting chart, up 18 cents to 25.94, on 446,545 shares traded. I put a swing back on it after I liked the way this stock has acted the last couple months, particularly with the pop above the double top that pulled back to form a wedge. If and when this does go, expect a test of the all-time highs, post IPO highs, at about 28.80, which is the next target.
Flexion Therapeutics, Inc. (FLXN) had a good day on Thursday, up 5.78 to 17.23, or 50%, on 2.3 million shares. It opened at 12.66, shot up to 17.35, backed off, and came on again. It traded beautifully. It’s right up against resistance if it doesn’t get a follow-through, but if it does follow-through, look for a test of about 20 1/2-21. It has 6 days to cover.
Fabrinet (FN) is really coming back strong, five days in a row. On Thursday, it was up another 1.31 to 35.22, or 3.86%, on 600,255 shares traded. It looks like it’s about to test the spike high around 36 1/2-3/4, and eventually 40.
Gigamon Inc. (GIMO), which we put a swing on Thursday, was up 27 cents to 31.23, on 295,100 shares traded. I believe this stock is headed to substantially higher levels. It needs to make a move across 32 1/4, and it may happen very quickly. If it does, look for it to head up to 35, 37, and then 40. It has 3.84 days to cover.
Stocks on the long side included Alder Biopharmaceuticals Inc. (ALDR), Alnylam Pharmaceuticals, Inc. (ALNY), Array BioPharma Inc. (ARRY), Blue Buffalo Pet Products, Inc. (BUFF), Callon Petroleum Company (CPE), Copart, Inc. (CPRT), Celator Pharmaceuticals, Inc. (CPXX), Dollar General Corporation (DG), Dollar Tree, Inc. (DLTR), Flexion Therapeutics, Inc. (FLXN), Fabrinet (FN), Gigamon Inc. (GIMO), HP Inc. (HPQ), Juno Therapeutics Inc. (JUNO), Minerva Neurosciences, Inc. (NERV), Sonus Networks, Inc. (SONS), Titan Pharmaceuticals Inc. (TTNP), Veeva Systems Inc. (VEEV), Wingstop Inc. (WING).