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Amkor Technology, Inc. (AMKR) semiconductor made a new high on Monday, up 22 cents, or 2%, to 12.32, on 1.7 million shares traded. Since I gave it to you at the 7.00 range, this stock is up about 80-85%. It looks like a long-term channel, but if it’s accelerating, and the lines changed, the choppy rising angles may have more to go. This points to resistance. I wouldn’t be shocked to see it get up to 13 1/2-14 short-term.
Exelixis, Inc. (EXEL) is in the biotech sector. Despite the recent pullback retest and consolidation of a lot of biotech stocks, EXEL made a nominal new high on Monday, up 21 cents, or 1 1/4%, to 17.17, on 5 million shares traded, reaching as high as 17.29. This stock is acting very well. However, I do want to point out, the top of the channel may be the angle of ascent at the 21-22 zone.
Gigamon Inc. (GIMO) made another new all-time high on Monday, up 1.40, or 2.4%, to 60.05, on 658,799 shares traded, reaching as high as 60.40. It appears the top of the channel is beckoning near 67, which is the target for GIMO.
Hudson Technologies Inc. (HDSN) had a big day on Monday, up 69 cents, or 9%, to 8.30, on 1.75 million shares traded. It exploded on an engulfing day and off the bottom of the channel. It looks like it may want to reach up to the top of the channel at a target of about 9.30-.50.
Stocks on the long side included Advanced Micro Devices, Inc. (AMD), Amkor Technology, Inc. (AMKR), China Natural Resources Inc. (CHNR), Callon Petroleum Company (CPE), Corrections Corporation of America (CXW), Encana Corporation (ECA), Exelixis, Inc. (EXEL), Freeport-McMoRan Inc. (FCX), Gigamon Inc. (GIMO), Hudson Technologies Inc. (HDSN), Health Insurance Innovations, Inc. (HIIQ), Las Vegas Sands Corp. (LVS), Oasis Petroleum Inc. (OAS), Potash Corporation of Saskatchewan Inc. (POT), Resolute Energy Corporation (REN), Stemline Therapeutics, Inc. (STML), Targa Resources Corp. (TRGP), VelocityShares 3x Long Natural Gas ETN (UGAZ), United Rentals, Inc. (URI), VelocityShares 3x Long Crude Oil ETN (UWTI), and Whiting Petroleum Corp. (WLL).
Days to cover is the amount of short interest divided by the company's average daily share volume. In other words, the number of days required to close out all the short positions. A higher number means more potential fuel to a stock’s rally as shorts cover, and thus accelerate the move, when the stock’s price rises.
On Balance Volume (OBV), developed by Joe Granville, is a running summation of volume on up-days minus volume on down days. OBV rises when volume on up days outpaces volume on down days -- and falls when volume on down days is stronger. A rising OBV reflects positive volume pressure that can lead to higher prices. Conversely, falling OBV reflects negative volume pressure that can foreshadow lower prices.