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Applied Optoelectronics, Inc. (AAOI) had a breakout day on Tuesday, popping 1.91, or 16%, to 13.93, with a session high of 14.26, o 3.2 million shares traded, the biggest volume going back a couple years. It made a huge move in 2016-17, taking it all the way from 6.00 to over 100, and then came down dramatically in a 5-wave move to 5.50 in mid-March, ran back up, and on Tuesday it exploded. Now, I’m looking for a quick retest of the 16 range, and then 18 1/2, and 21 are possibilities beyond that.
Apache Corporation (APA), one of our favorites in the oil sector, was strong on Tuesday. It came out of a coil, popped and flagged for a few days, and then on Tuesday, it jumped 1.32, or 10%, to 14.90, with a session high of 15.20, on a solid 14 million shares traded. It looks to me like it’s going to try to run through the 15 1/2 range, and then to the 18, 20, and 21 range.
Inovio Pharmaceuticals, Inc. (INO) on Tuesday closed up 1.68, or 6.6%, to 27.05, with a session high of 27.95, on 22.3 million shares traded. During the day it looked like it was going to explode. I put a swing on it, and it still might, but we need to cut firm with a move to 28 1/2, and then we’re looking at 32-33, which is the target.
Owens & Minor, Inc. (OMI) had another explosive, high-volume day on Tuesday, with a move up of 6.46, or 81.4%, to 14.40, after reaching a session high of 15.40, on a whopping 61 million shares traded with a breakaway gap. It moved out of a year-long base pattern, which tells me this is going higher. I have to say, my next target should and could be up in the 20 range. Maybe we will see 17 and 20.
Vista Outdoor Inc. (VSTO) formed an inverse head and shoulder from Nov to May, then broke out, flagged and took off in a rising channel. On Tuesday, it popped another 1.34, or 9.2%, to 15.97, with a session high of 16.31, on 1.65 million shares traded. My next target on VSTO is 19.
On the long side, stocks included Applied Optoelectronics, Inc. (AAOI), Apache Corporation (APA), Arlo Technologies, Inc. (ARLO), AXT, Inc. (AXTI), Calix, Inc. (CALX), Fortress Value Acquisition Corp. (FVAC), Immunic, Inc. (IMUX), Inovio Pharmaceuticals, Inc. (INO), MasterCraft Boat Holdings, Inc. (MCFT), Midatech Pharma plc (MTP), Natural Grocers by Vitamin Cottage, Inc. (NGVC), Ocean Bio-Chem, Inc. (OBCI), Owens & Minor, Inc. (OMI), OPKO Health, Inc. (OPK), Rosetta Stone Inc. (RST), SmileDirectClub, Inc. (SDC), Sonos, Inc. (SONO), Virgin Galactic Holdings, Inc. (SPCE), Smith & Wesson Brands, Inc. (SWBI), and Vista Outdoor Inc. (VSTO).