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Arlo Technologies, Inc. (ARLO) is popping and had a big pop on Tuesday, indeed, up 1.64, or 31.18%, to 6.90, with a session high of 7.75, on 27.3 million shares traded. I have never seen that kind of volume on this stock. It broke out of a 3-month down-channel and crossed the declining topsline and lateral resistance. It gave back half the gains, but still had a good day. At some point, you may see this stock trade up to 11.00-12.00, but be careful of anything in this market right now on the long side, unless it continues momentum.
Eldorado Gold Corporation (EGO), one of the gold stocks I want to show you, is representative of junior golds, and I think it looks great. Look at the falling wedge right to the trendline, and then Tuesday’s explosive-type pop took it up 1.23, or 10.42%, to 13.03, with a session high of 13.09, o 3.5 million shares traded. That is one of the best volumes this year. If this is a breakout, the extension should take it to 14.00-.25, and ultimately 18.00 and 19.00.
Kohl's Corporation (KSS), on a major announcement on Tuesday, exploded 4.32, or 13.42%, to 36.52, with a session high of 37.27, on 20 million shares traded. With the OBV rising sharply, I think this stock has more to go.
Pacific Biosciences of California, Inc. (PACB), one of the stronger junior biotech’s since August, has gone from 3.50 to 18.00. That is phenomenal! Tuesday took it up another 2.14, or 13.54%, to 17.95, with a session high of 18.31, on 6.6 million shares traded. The next target is 22.00.
Rayonier Advanced Materials Inc. (RYAM), in the chemical group, has really been accelerating lately. Just in the last four weeks it has gone from 3.25 to 7.60, 150%. On Tuesday, it moved up 79 cents, or 12.21%, to 7.26, with a session high of 7.60, on 2.5 million shares traded. The next target is for a triple to 9.75.
On the long side, stocks included Alcoa Corporation (AA), United States Steel Corporation (X), Arlo Technologies, Inc. (ARLO), Celsius Holdings, Inc. (CELH), Chembio Diagnostics, Inc. (CEMI), Digimarc Corporation (DMRC), Eldorado Gold Corporation (EGO), Nordstrom, Inc. (JWN), Kirkland's, Inc. (KIRK), Kohl's Corporation (KSS), NCR Corporation (NCR), NanoString Technologies, Inc. (NSTG), Pacific Biosciences of California, Inc. (PACB), Rayonier Advanced Materials Inc. (RYAM), Sibanye Stillwater Limited (SBSW), Virgin Galactic Holdings, Inc. (SPCE), and VOXX International Corporation (VOXX).
Stocks on the short side included Akamai Technologies, Inc. (AKAM), Alibaba Group Holding Limited (BABA), Citrix Systems, Inc. (CTXS), DocuSign, Inc. (DOCU), Dynatrace, Inc. (DT), Fastly, Inc. (FSLY), Model N, Inc. (MODN), Meritage Homes Corporation (MTH), Overstock.com, Inc. (OSTK), Stamps.com Inc. (STMP), Teladoc Health, Inc. (TDOC), and ZOOM Technologies, Inc. (ZOOM).