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Advanced Micro Devices, Inc. (AMD) has really been running as of late, going from 26 to 32 in the last week, and a half, or so. But the key is Thursday’s action that broke out above the key trading range in the last two months. It jumped 2.32, or 8%, to 31.82, on over 131 million shares. That’s breakout volume. I think it’s going to retest the highs at 34, and then 38, 39. It’s looking real good.
CareDx, Inc (CDNA) is an old swing trade of ours, and I believe, the top pick for the year. You can see on the chart that it ran back above resistance, and on Thursday, it was up 2.34, or 7%, to 35.87, on 1.3 million shares. It’s likely that the targets are going to be 40 and 46.
Iovance Biotherapeutics, Inc. (IOVA) broke the base, popped, formed a wedge, exploded, and then formed a little wedge. It broke out, pulled back, and is really nicely moving in a rising channel, on Thursday, gaining 84 cents, or 5%, to 18.47, on 1.8 million shares. I think it’s going to see the 20-21 zone short-term.
Just Energy Group Inc. (JE), with an explosive move out of its base, breakaway gap and big volume for this stock, advanced 46 cents, or 13%, to 3.98, on 2.1 million shares on Thursday, closing at the high for the day going away. I think it’s going to test the 4 1/2-3/4 area short-term, and then blow into the 5 1/2-6 area.
La Jolla Pharmaceutical Company (LJPC), one of my old favorites, got crushed from the 40’s down to 5.00. It built a beautiful base, and on Thursday, exploded on positive drug news, taking it from 5.31 to 11.38, and snapped back 4.92, or 92 1/2%, to 10.24, on 24 million shares. It more than doubled, and although it backed and filled all day, and at the end of the day it closed nicely. I would now look for this stock to run to 14, and then maybe 16 as a secondary.
Science Applications International Corporation (SAIC) also had a breakaway pop, jumping 5.67, or 7%, to 84.95, on 1.5 million shares. That’s a breakout. The next target is 93-94.
Stocks on the long side included Advanced Micro Devices, Inc. (AMD), CareDx, Inc (CDNA), Ciena Corporation (CIEN), Comtech Telecommunications Corp. (CMTL), iCAD, Inc. (ICAD), Iovance Biotherapeutics, Inc. (IOVA), Just Energy Group Inc. (JE), La Jolla Pharmaceutical Company (LJPC), Orion Energy Systems, Inc (OESX), Anaplan, Inc. (PLAN), Science Applications International Corporation (SAIC), Snap Inc. (SNAP), and Zynex, Inc. (ZYXI).