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Array BioPharma Inc. (ARRY) had a nice move and nice follow-through on a lousy day, up 37 cents, or 3.4%, to 11.24, 8.2 million shares traded on Tuesday. Good volume. Closed at the upper end of the range. Going forward the targets are 12 1/2, maybe even 14.
Kopin Corporation (KOPN) is looking great. It more than doubled since I gave it to you in Oct. It had a 5-wave move up, flagged, and on Tuesday it broke out again, up 21 cents, or 6%, to 3.74, on 617,862 shares traded. The volume picked up. If it can get through resistance, it could be a 4.50 stock.
Magellan Petroleum Corporation (MPET) sure is rocking. It exploded on Tuesday for 2.54, or 19%, to 15.93, on a solid 514,423 shares traded. The best volume in three weeks. It may very well explode up to the 18-20 zone short-term.
Shopify Inc. (SHOP) is still doing great. After it popped and broke out it’s been trending for two weeks. On Tuesday it was up another 1.42, or 3%, to 49.52, on 1.3 million shares traded. It looks like it could go higher to at least 51-52. The short-term target is 55, and then 65.
Stocks on the long side included Applied Optoelectronics, Inc. (AAOI), Aphria Inc. (APHQF), Array BioPharma Inc. (ARRY), Avon Products Inc. (AVP), Cannabis Sativa, Inc. (CBDS), Cemtrex Inc. (CETX), CARBO Ceramics Inc. (CRR), Forward Pharma (FWP), Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG), Direxion Daily Gold Miners Bull 3X ETF (NUGT), Kopin Corporation (KOPN), Manitex International, Inc. (MNTX), Magellan Petroleum Corporation (MPET), Noble Energy, Inc. (NBL), Resolute Energy Corporation (REN), Shopify Inc. (SHOP), and Sanchez Energy Corporation (SN).
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.