Harry Boxer's Charts of the Day stock chart videos are available nightly to members of TheTechTrader. Members please login and see Charts of the Day in the "Videos" menu dropdown.
bluebird bio, Inc. (BLUE) jumped 7.15, or 8.5%, to 91.30, on 2.3 million shares traded on Monday, holding onto some of its gains, unlike many of the biotech stocks. When a stock gaps above the 21- and 50-day moving averages and closes there, it’s usually a good sign. If it gets through the 91.30 level, it could run to 100, 110, and 120 potentially. It has 13.7 days to cover short.
Loxo Oncology, Inc. (LOXO), on a cancer drug approval, had an explosive move on Monday, popping 21.13, or 43%, to 70.12, on 5.9 million shares traded. It’s 3-waves up, and is a little extended. The breakaway move with a pullback for a swing trade opportunity, I think, could take it to 85-90. My swing trades are a lot less than that, but that is my target. We’ll just have to wait and see.
Stocks on the Short Side….
PCM, Inc. (PCMI) has a bear wedge, for sure. There doesn’t look like much energy in this stock at this point. On Monday, it was down 10 cents to 20.15, on 73,857 shares traded, and it may take it down to 14-15, which is the target going forward.
Cimarex Energy Co. (XEC) may have broken the trendline on Monday, dropping another 1.87, or 2%, to 102.71, on 1.5 million shares traded. If it gets under 102.00, we may see a quick run to 98.00, or maybe even 91.00.
Stocks on the long side included Alarm.Com Holdings, Inc. (ALRM), bluebird bio, Inc. (BLUE), Cara Therapeutics Inc. (CARA), CEVA Inc. (CEVA), Extreme Networks, Inc. (EXTR), Gigamon Inc. (GIMO), Ichor Holdings, Ltd. (ICHR), Immunomedics, Inc. (IMMU), Loxo Oncology, Inc. (LOXO), Mimecast Limited (MIME), Momo Inc. (MOMO), Navistar International Corporation (NAV), NVIDIA Corporation (NVDA), Nova Measuring Instruments Ltd. (NVMI), Universal Display Corp. (OLED), TrueCar, Inc. (TRUE), Tesla Motors, Inc. (TSLA), and XPO Logistics, Inc. (XPO).
On the short side, stocks included Cardtronics plc (CATM), Dick's Sporting Goods, Inc. (DKS), Diamondback Energy, Inc. (FANG), Foot Locker, Inc. (FL), Glaukos Corporation (GKOS), Hi-Crush Partners LP (HCLP), Innophos Holdings, Inc. (IPHS), PCM, Inc. (PCMI), Parsley Energy, Inc. (PE), Radian Group Inc. (RDN), U.S. Silica Holdings, Inc. (SLCA), Seagate Technology plc (STX), Taubman Centers, Inc. (TCO), United Rentals, Inc. (URI), and Cimarex Energy Co. (XEC).