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bluebird bio, Inc. (BLUE) had a very nice day on Tuesday, up 1.50, or 1.66%, to 92.00, on 639,903 shares traded. The pattern shows a breakout, we put a swing on it, it moved up, we had a nice swing trade for a couple of weeks, it broke out again, held the double top and moving averages, and then moved up 5 days in a row. It got within 25 cents of the spike-high target. The first target is 100, and then in the 105-7 range. 10.22 days to cover.
Boingo Wireless, Inc. (WIFI) broke through a declining topsline on Monday, and followed through on Tuesday, popping 40 cents, or 3.4%, to 12.22, on 543,537 shares traded, reaching as high as 12.48. I’m actually looking for this stock to make it up to 13.00-.25, and when it gets through that, it’s clear sailing to much higher levels.
Stocks on the Short Side….
Cardtronics plc (CATM) has continued to form a bear flag the last three weeks. At some point, it may collapse. It was actually up 25 cents to 45.17, on 234,659 shares traded on Tuesday. After the big drop and bear wedge, it looks doomed to me. Targets are 41, and then 37.
Jack in the Box Inc. (JACK) is a new swing short. It made a nominal new high testing the gap, which is 98.55. Tuesday’s high was 98.37, it pulled back, and closed up 11 cents to 97.54, on 712,463 shares traded. Targets are 91, and then 82.
Stocks on the long side included bluebird bio, Inc. (BLUE), Clovis Oncology Inc (CLVS), Neuralstem, Inc. (CUR), Green Dot Corporation (GDOT), Identiv, Inc. (INVE), KMG Chemicals, Inc. (KMG), Momo Inc. (MOMO), NeuroDerm Ltd. (NDRM), Sierra Wireless, Inc. (SWIR), TG Therapeutics, Inc. (TGTX), and ViewRay, Inc. (VRAY), Boingo Wireless, Inc. (WIFI).
On the short side, stocks included Acuity Brands, Inc. (AYI), Cardtronics plc (CATM), Five Prime Therapeutics, Inc. (FPRX), Jack in the Box Inc. (JACK), Parsley Energy, Inc. (PE), Papa John's International, Inc. (PZZA), Ralph Lauren Corporation (RL), Signet Jewelers Limited (SIG), U.S. Silica Holdings, Inc. (SLCA), Simon Property Group, Inc. (SPG), Tempur Sealy International, Inc. (TPX), and United Parcel Service, Inc. (UPS).
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.