The market is just chugging along in a down mode and unable to really get itself going. It appears to be trying to consolidate in this range, and perhaps it will get a better move going at some point, but there’s still vulnerability, and the market is not oversold. Despite that, we are able to tread on the long side, because every day there’s stocks moving up, even in the worst markets. So let’s take a look at some of the ones that popped on Tuesday.
Amedisys Inc. (AMED) has been on our list for a long time. On Tuesday, it was up 2.56 to 47.44, or 5.7%, on 700,000 shares traded. It had a long base, a breakout in April, a wedge, a flag, a crawling wedge, and a falling wedge at the end of April, at which time it went from 24 all the way up to Tuesday’s high at 47 1/2, doubling in that time. Yet, with a pattern like that, momentum is very strong. If it gets through here, it could spike to the 53-55 range, with a secondary target of 60-62.
Comfort Systems USA Inc. (FIX) has been in a beautiful, parallel, rising channel since October, having gone from 12, and change, all the way up to Tuesday’s high of 28.80, up 1.17 to 28.79, or 4%, on 635,500 shares traded. That was the highest level reached for this stock in its history, going all the way back to Jan 1997. After a massive, multi-year base that was in the form of a big coiling base, it broke out, retested, and ran up. It’s a very, very strong pattern. With 4 1/2 days to cover, this stock could spike up into the low 30’s.
Teladoc, Inc. (TDOC) had a nice follow-through day on Tuesday, after Monday’s breakout, up another 1.62 to 34.82, or 4.88%, on on 263,700 shares traded. It looks like it’s going to hit the swing target around 36 pretty quickly. It may even get a bigger move up towards 38-40.
LendingTree, Inc. (TREE), one of our best day trades in a while, had a very, very big day on Tuesday, up a whopping 34.91 to 117.51, or 43%, on 1.3 million shares. It opened at 94.75, fell back to 93.30, ran to 119.23, before pulling back and closing at 117.51. Absolutely, all-time high territory with a spike through the top of the channel. There may be some follow-through that takes it into the 140-50 zone.
Other stocks on the long side include ABIOMED, Inc. (ABMD), Codexis, Inc. (CDXS), EarthLink Holdings Corp. (ELNK), Exelixis, Inc. (EXEL), Netflix, Inc. (NFLX), Douglas Dynamics, Inc. (PLOW), Rudolph Technologies Inc. (RTEC), ReWalk Robotics Ltd. (RWLK), Virgin America Inc. (VA), and World Wrestling Entertainment Inc. (WWE).