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It was a pretty good day on Wall Street on Thursday, new all-time highs on the S&P 500 and Dow. The Nasdaq 100 came close. We’re going to take a look at some of those stocks that did very well on Thursday.
Clayton Williams Energy, Inc. (CWEI) has gone from 6 to 55 just since the March low. It has 5 waves up, and looks like there’s the momentum to push it higher. It jumped 3.84 to 54.66, or 7.56%, on 535,506 shares traded on Thursday, reaching as high as 54.98. Target is at 70. It has almost 6 days to cover.
Etsy, Inc. (ETSY) is looking pretty good after the down trend that began a year ago until early this year, based out, and then it broke out with a big thrust on volume a week ago, and then settled into a consolidation, formed a wedge, and broke out of it on Thursday, up 72 cents to 14.50, or 5.2%, on 2 million shares. With 4.46 days to cover, I wouldn’t be surprised to see 16 short-term.
Exact Sciences Corporation (EXAS) certainly is a winner, up 1.39 to 20.84, or 7%, on 5 million shares. When it popped and pulled back mid-June, we put a swing on it, and it’s been up ever since, going from 8.95 to Thursday’s high at 21.00. If it extends I think the target at 22-22 1/2 should be met, possibly Friday. The intermediate target is upwards of 30. It has 5.3 days to cover.
NVIDIA Corporation (NVDA) is awesome. It has gone from mid-20’s in Feb, all the way up to the 60-dollar range. We put a swing on it early July, and it ran up steadily for 12 points. On Thursday, it ran up to 59.95 before pulling back and closing up 1.19 to 59.70, or 2%, on 14.5 million shares. In afterhours it spiked up to 63.00, and change. It’s at the upper end of the range and at my target. It has 4.5 days to cover.
Stocks on the long side included Acacia Communications, Inc. (ACIA), Alpha & Omega Semiconductor, Ltd. (AOSL), AxoGen, Inc. (AXGN), The Chemours Company (CC), Cotiviti Holdings, Inc. (COTV), Callon Petroleum Company (CPE), Clayton Williams Energy, Inc. (CWEI), Etsy, Inc. (ETSY), Exact Sciences Corporation (EXAS), Healthways, Inc. (HWAY), SemiLEDs Corporation (LEDS), NVIDIA Corporation (NVDA), Spark Therapeutics, Inc. (ONCE), Resolute Energy Corporation (REN), and Twilio, Inc. (TWLO).
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.