The market had a pretty good day on Wednesday, and a lot of our stocks had a very good day. This market won’t quit, and, until it does, we’ll be looking at the long side.
Cyber-Ark Software Ltd. (CYBR), after the pop and pullback for a few days, formed a little wedge, held the breakout point, and accelerated back up on Wednesday, up 2.95 to 61.66, or 5%, on 2.4 million shares. If it gets through the 63 1/2 range, look for it to make a move to retest 70, and then get into the mid-70’s.
3D Systems Corp. (DDD) is one of the 3D group that has really bombed of late, to say the least. It was on our short list for a long time. On Wednesday, jumped 1.77 to 31.95, or 5.86%, on 4 million shares. It has gone from almost 100, down to the high 20’s. This stock based out by forming a triple bottom, and then started to move up. First, it took out the declining topsline a few days ago, stalled for two days, letting the moving averages cross over, or curl up and begin to cross over, and now has accelerated to a resistance level near the 33 1/4 area. If it can blow through here, the next target is 37-38, but if it stalls in here, and sets up, it’s going to be important how it sets up, whether it pulls back sharply or flags in this zone. We’ll keep an eye on that one. 20 days to cover could fuel the advance.
First Solar, Inc. (FSLR) is one of the leaders of the solar group, if not the leader. This stock has gone from the mid-70’s in Sept, down to below 40 in mid Jan, formed a base, exploded out of the base with a breakaway gap, ran up, consolidated 5-6 weeks, and on Wednesday moved 2.67, closing at 53.74, or 4.4%, on 3.7 million shares. That’s the best volume in 4 weeks. It could move, at this point, past the 67-8 zone short-term, and then maybe as high as 74 to try to test the Sept high. That goes for the rest of the group, including SunEdison, Inc. (SUNE), and SolarCity Corporation (SCTY), two of my favorites.
Stratasys Ltd. (SSYS) looks like it’s coming alive, which is the reason why I put that out on Wednesday. It has 10 days to cover. This is a quality company in the 3D printing group. It has had a lengthy decline, going from the 130 range in mid-2014, all the way down to the 50-51 range. The recent bounce wasn’t unexpected, but the fact that it took out the declining topsline, first resistance, and the 50, on a close of 3.37 to 61.43, or 5.8%, on 1.7 million shares, was surprising. It looks like it could be the beginning. After testing the prior cycle in February look for it to get up to, at least, 65ish, but the target is 67 1/2-3/4, and then 68. Let’s see what happens beyond that.
Other stocks on Harry’s Charts of the Day included AirMedia Group Inc. (AMCN), Basic Energy Services, Inc. (BAS), Builders FirstSource, Inc. (BLDR), C&J Energy Services, Inc. (CJES), Clean Energy Fuels Corp. (CLNE), DepoMed Inc. (DEPO), Direxion Daily Energy Bull 3X ETF (ERX), Foamix Pharmaceuticals Ltd. (FOMX), Horizon Pharma, Inc. (HZNP), Jumei International Holding Limited (JMEI), MOBILEYE N.V. (MBLY), Silicon Motion Technology Corp. (SIMO), Smith & Wesson Holding Corporation (SWHC), ProShares Ultra Bloomberg Crude Oil (UCO), United States Oil ETF (USO), Voltari Corporation (VLTC), and Yandex (YNDX).