It was a difficult day on Wall Street on Monday, to say the least, and indicies closed at the lower end of the range. A lot of stocks we traded on Monday did well. Let’s take a look at some patterns of stocks that appear to be holding well and/or emerging. We’ll be looking at some stocks on the long and short side here.
Anthera Pharmaceuticals, Inc. (ANTH) ran up for a couple weeks, and then backed off on Friday. On Monday, it had a nice reversal off the low of the 10.16 zone, and closed a point off that level, up 34 cents to 11.15, or 3%, on 1.6 million shares. Even though the volume wasn’t strong it was selling. Keep an eye on the 11.65 level. If it gets through that, it could run up to 13 1/2-14 zone.
IGI Laboratories, Inc. (IG), after Friday’s big pop, had another upside day on Monday, up 40 cents to 8.47, or 5 %, on nearly a million shares. Look for it to test the 9 1/2, and then the 11 areas. Those are the targets.
POZEN Inc. (POZN), after the pullback and pop, it stalled for a couple days flagging, and on Monday, it popped another 47 cents to 12.02, or 4%, on nearly a million shares. The volume is picking up and moving across this level potentially. There’s resistance at 12.70, but if it can get through there, the target is 14 1/2-3/4.
Sorrento Therapeutics, Inc. (SRNE) had a reversal day on Monday, up 19 cents to 23.70. on 1.2 million shares. It went all the way down to 21.69, we put a buy on it at 21.90-22.00, and it closed at 23.70, so that was a nice move. It managed to close in the green after being down sharply. That’s a good sign it wants to go higher. There’s resistance at 24.90, and then the high at 26.80. The short-term target is 26.80-27.00.
Other stocks on Harry’s Charts of the Day included Flamel Technologies SA (FLML), Nymox Pharmaceutical Corporation (NYMX), OncoGenex Pharmaceuticals, Inc. (OGXI), ProShares UltraShort Bloomberg Crude Oil (SCO), Solar3D, Inc. (SLTD), and Teva Pharmaceutical Industries Limited (TEVA).
Stocks on the short side included Cabela's Incorporated (CAB), Rockwell Collins Inc. (COL), Pacira Pharmaceuticals, Inc. (PCRX), Qualys, Inc. (QLYS), TAL International Group, Inc. (TAL), Terex Corporation (TEX), TriNet Group, Inc. (TNET), Tupperware Brands Corporation (TUP), Universal Electronics Inc. (UEIC), Yelp Inc. (YELP), and Zillow Group, Inc. (Z).