It was a tough day on Wall Street on Monday, but there was a nice rally at the end of the day that brought a lot of stocks back. What’s interesting is how the gold is acting. Of course, with the market pulling back gold is up and vice-versa. Several of the stocks that we expected to move did move right up to the resistance zone and backed off. Let’s take a look at what others stocks are doing.
Cree, Inc. (CREE) didn’t do much on Monday, but for a down day this stock was up a nickel to 28.93, on 2.5 million shares. It held its own on a nice day above support with a breakout from the base. It needs more volume. That’s one of the things it was missing on the breakout. Watch it carefully. I could see it consolidating. Target is 32.00.
Sientra, Inc. (SIEN), after news on Monday that they will resume selling their breast implant devises in the US, shot up to 10.45, and pulled back to 9.96, up 1.36 or 16%, on 2.44 million shares. It was a good day for this stock. OBV hit new highs. It looks to me like it still wants to go higher. Targets are 12 1/2 and 13 3/4.
Intrexon Corporation (XON) had a nice inside day on a low volume of 1.9 million shares on Monday, the lowest volume in about 7 sessions. It was actually down 95 cents to 35.02, or 2.64%. It looks like it wants to go higher. Target is in the 41-44 zone.
Other stocks on the long side included Barrick Gold Corporation (ABX), Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG), Direxion Daily Gold Miners Bull 3X ETF (NUGT), Cree, Inc. (CREE), Direxion Daily S&P Biotech Bear 3X ETF (LABD), Direxion Daily S&P Biotech Bull 3X ETF (LABU) ProShares UltraShort Bloomberg Crude Oil (SCO), Sientra, Inc. (SIEN), Supernus Pharmaceuticals, Inc. (SUPN), and Intrexon Corporation (XON).
Stocks on the short side included AmSurg Corp. (AMSG), Criteo SA (CRTO), Comfort Systems USA Inc. (FIX), Global Payments Inc. (GPN), Luxoft Holding, Inc. (LXFT), Middleby Corp. (MIDD), Qlik Technologies, Inc. (QLIK), Qualys, Inc. (QLYS), and LendingTree, Inc. (TREE).