It was a hell of a day on Wall Street on Wednesday. The Dow was up nearly 300 points, and the markets closed with a bang and the end of the day. A lot of stocks we follow did very well, especially some of the biotechs and tech stocks we trade. Let’s take a look at some longs here.
Builders FirstSource, Inc. (BLDR) has been doing very well. After the explosion in April, they consolidated for several months digesting the gains, of course, and merger. It then popped, pulled back, held the trend line, and now the snapback is under way. On Wednesday, it jumped 1.05 to 15.45, or 7.4%, on 1.8 million shares. That’s the biggest volume in several weeks. It’s up against resistance. Look for a test of the 17-dollar range short-term, and then 20 1/2. Those are the targets.
Flotek Industries Inc. (FTK) is looking good. It popped another 1.01 to 20.20, or 5.3%, on 2.7 million shares on Wednesday. That’s the strongest volume in 5-6 weeks as it breaks out across key resistance. The gap at 20.33 was tested with a 20.27 tick. If it gets into the gap fill, or even higher, I could see this stock at 23-23 1/2 short-term.
Lipocine Inc. (LPCN) is acting great, up on Wednesday 1.34 to 16.93, or 8.6%. Since June, the base pattern was taken out with a thrust, they formed a flag or wedge, another explosive move took place, and then they had a sharp pullback. That held the trendline, price support, and moving averages, and came sharply off of that. It’s been up 7 consecutive days. I expect it to test 17 3/4-18, and then run with a target of 21 1/2-22.
Trevena, Inc. (TRVN) has been exploding out of a base pattern, up on Tuesday, and on Wednesday, it was up another 2.35 to 11.44, or 26%, on 11.6 million shares. It’s been up 5 days in a row, and reached a new IPO high. Any pullback consolidation in that zone could set it up for mid-teens.
Other stocks on the long side include BioTelemetry, Inc. (BEAT), Energy Focus, Inc. (EFOI), Isle of Capri Casinos, Inc. (ISLE), Inotek Pharmaceuticals Corporation (ITEK), Matrix Service Company (MTRX), Neogenomics Inc. (NEO), Sarepta Therapeutics, Inc. (SRPT), Vera Bradley, Inc. (VRA), Windstream Holdings, Inc. (WIN), and Zogenix, Inc. (ZGNX).