It was a really good day on Wall Street on Thursday. Nasdaq 100 got a 15-year renew high. That’s the first time in 15 years that Nasdaq 100 composite went to a new high. There are many stocks here that look great. It’s going to be very tough going forward to narrow our focus.
SouFun Holdings Ltd. (SFUN) was up 84 cents to 8.56, or 9.5%, on 18.3 million shares on Thursday. It has a great pattern structure, left shoulder-head-right shoulder, it broke through the declining-topsline neckline, and spiked up to resistance. It could very well get some resistance in here and pull back, but the 8 3/4 to 9 3/4 zone may create some pull back. It does look like a set-up for higher levels. The targets are 11 and 13.
Skechers USA Inc. (SKX) had a monster earnings report and a breakout on Thursday, exploding 11.03 to 86.87, or 14 1/2%, on 5.6 million shares. That’s the biggest volume we’ve ever seen on this stock, but it does come on a key-breakout day. A lot of times when there is this type of pattern, it has a run-up to the next parallel line. Look for this to extend in the next few days and reach closer to 93-95.
VASCO Data Security International (VDSI) had a swing put on it on Thursday. This stock, along with FEYE and CYBR in the cyber-security sector, are a strong group going forward. VDSI held support and bounced on Thursday, up 52 cents to 26.03, or 3.7%, on 10 million shares. It needs to get through 26.85 on volume, and then it could be on its way to 30-31.
Weatherford International Ltd. (WFT), after a big drop last August, a head-and-shoulder formed, it rolled over, created a 5-wave decline, an inverse head-and-shoulder formed with and up-sloping neckline. If it’s a rising channel it’s at resistance, both the top of the channel and laterally. It was up 84 cents to 14.21, or 6%, on 36 million shares. That’s huge volume. With that kind of a thrust, there’s a possibility of a breakout and run-up to the next target, which comes in around 17, maybe as high as 18 from the Oct snapback highs.
Other stocks on Harry’s Charts of the Day included Advaxis, Inc. (ADXS), Alliance Fiber Optic Products Inc. (AFOP), Agenus Inc. (AGEN), Arris Enterprises, Inc. (ARRS), CoreLogic, Inc. (CLGX), Clean Energy Fuels Corp. (CLNE), Cheetah Mobile Inc. (CMCM), Diplomat Pharmacy, Inc. (DPLO), Esperion Therapeutics, Inc. (ESPR), GW Pharmaceuticals (GWPH), Merge Healthcare Incorporated (MRGE), Neonode, Inc. (NEON), and Steel Dynamics Inc. (STLD).