The stock market had a volatile day on Wednesday. The afternoon rally was still a little suspect, but pretty steady. The rally on the S&P 500 was much stronger than the rally on the Nasdaq, so we’ll have to keep pace with what’s going on. There are still a lot of strong stocks, and some stocks breaking out, so let’s take a look at some of them.
Acura Pharmaceuticals Inc. (ACUR) had some big days in Nov-Dec, then it formed a falling wedge over the last couple weeks, which culminated in Wednesday’s pop, running from 1.89 to 2.54, and closing at 2.35, up 48 cents, or 25%, on nearly a million shares traded. That’s the biggest volume in about 5 weeks. Look for a test of the highs at the next level around 2.75-.77, and then the secondary target at 3.20-.22.
Dendreon Corp. (DNDN) had a pretty good day on Wednesday. The declining topsline, which was broken recently, wedged a couple times, broke out, pulled back sharply but held near support, and then rebounded just as sharply. It pulled back one more time in an orderly retracement in the last couple weeks, only to break out again on Wednesday, up 49 cents to 6.65, or 8%, on 13 million shares. It may very well test the 6.90 zone, and then 7.00-05. There is some resistance at 7.20, but just an outside chance it may reach that short-term.
First Solar, Inc. (FSLR) had a good day on Wednesday, but the last couple days weren't so good. It held for three days near support, and then on Wednesday, it lifted, taking out the declining topsline, up 2.11 to 31.13, or 7%, on a solid 6.8 million shares. Now the rising channel on an intermediate basis indicates it’s headed toward 40.
Zynga, Inc. (ZNGA) popped 25 cents to 2.99, or 9%, on a whopping 94 million shares on Wednesday. This may be the stronger volume on an up-day since its IPO. This stock has dropped from 13 down to 2, based out for a couple months, popped and pulled back, and on Wednesday, it popped and broke out. Look for a test in the next day or two of 3.25 short-term, and then the 3.40 zone, which is resistance. If it can get up through there with this kind of volume, it wouldn’t be surprising to see this stock get up to 4.25-.50. So keep an eye on ZNGA as well.
Other stocks on Harry’s Charts of the Day are AudioCodes Ltd. (AUDC), Conceptus, Inc. (CPTS), EMCORE Corporation (EMKR), Ferro Corp. (FOE), Goodrich Petroleum Corp. (GDP), Keryx Biopharmaceuticals Inc. (KERX), Power Integrations Inc. (POWI), Shutterfly, Inc. (SFLY), SunPower Corporation (SPWR), Take-Two Interactive Software Inc. (TTWO), Uni-Pixel, Inc. (UNXL), and Vipshop Holdings Limited (VIPS).