The stock market had a spectacular day on Tuesday. They gapped up, ran up,and channeled up, closing not far off the high. There was a sell-off, but pretty much that was profit taking. It was a very important, key breakout, and we shall see if there’s a follow-through on Wednesday. We had a lot of stocks that did well, so let’s take a look at them.
Cynosure, Inc. (CYNO), a swing trade of ours, is doing well. We put out a swing trade and it took some time to back and fill, it formed a 3-wave corrective pullback flag within the confines of the channel above the 50-day, moving averages, and lateral price support, at the breakout point. On Tuesday it popped right back out of it, up 1.85 to 49.69, or 3.87%, on 425,500. It has 3 days to cover. It looks like it could make a run back at the high at 49.95, but eventually, I’m looking for 58.00.
Universal Display Corp. (OLED) had a nice breakaway gap on Monday, and a nice follow-through on Tuesday, up 3.10 to 64.39, or 5%, on 1.8 million shares. Look for a move to the top of the channel to 69.00. It has 5 days to cover, and looks very good.
Supernus Pharmaceuticals, Inc. (SUPN) continues moving in a rising channel, up 44 cents to 18.85, or 2.39%, on 431,200 shares traded. It has taken out resistance and may very well test 19.25but more importantly 20-201/2. It has 4.9 days to cover.
TASER International Inc. (TASR) is finally moving steady in a rising channel. It was up 41 cents to 21.86, or 2%, on 773,400 shares traded. It shows that an extension could take it to 24.00.
Stocks on the long side included Adeptus Health Inc. (ADPT), Advanced Micro Devices, Inc. (AMD), BioTelemetry, Inc. (BEAT), BroadSoft, Inc. (BSFT), Cynosure, Inc. (CYNO), Direxion Daily Gold Miners Bear 3X ETF (DUST), Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST), Eldorado Resorts, Inc. (ERI), Exelixis, Inc. (EXEL), Direxion Daily S&P Biotech Bull 3X ETF (LABU), Medivation, Inc. (MDVN), NVIDIA Corporation (NVDA), Universal Display Corp. (OLED), Market Vectors Semiconductor ETF (SMH), Supernus Pharmaceuticals, Inc. (SUPN), TASER International Inc. (TASR), Ubiquiti Networks, Inc. (UBNT), Vuzix Corporation (VUZI), and Intrexon Corporation (XON).