Harry has posted a Charts of the Day video on KNDI at TheTechTrader site noting: Kandi Technolgies Group, Inc. (KNDI) moved up on the intraday chart to a new all-time high at 17.33. That was the strongest closing high on this chart ever, closing just nine cents off the high, on 2.9 million shares. It’s acting well, and looks like it wants to be a much bigger player. Look for it to run up to the low 20’s short-term, the mid 20’s intermediate-term, and then up to 28-30 long-term.
Harry has posted a Charts of the Day video on ITMN at TheTechTrader site noting: InterMune Inc. (ITMN) had a snapback on Monday of 1.25, or 4%, on 3 million shares. It has evolved into a mini basing pattern. If it can breakout above the 32 range and the volume picks up, it should be able to run up to retest 37-8 short-term, and then to the mid-to-high 40’s.
Harry has posted a Charts of the Day video on CARA at TheTechTrader site noting: Cara Therapeutics Inc. (CARA) is a new IPO. It has been moving up nicely, and on Monday, it went from 18.10 to 22.94, closing at 21.28, up 2.40, or 127%, on 654,900 shares traded. That’s the second biggest volume since the IPO day. It could extend, and looks like it may have more to go, maybe into the 20’s.
Harry has posted a Charts of the Day video on BIOF at TheTechTrader site noting: BioFuel Energy Corp. (BIOF) has had an interesting pattern develop. It had a big pop two days ago, it pulled back on Friday, and on Monday, it went from 2.75 to 3.60 before pulling back to 3.39, up 48 cents, or 16 1/2%, on 1.1 million shares. The key is the 4-4.10 level, which is the short-term target. If it gets above that, look for something up around 4 3/4-5.
Will Today's Recovery Rally in the SPY Have Staying Power? The fascinating aspect to the enclosed SPDR S&P 500 (SPY) chart is that the pattern continues to exhibit a series of lower lows and lower highs, despite intervening powerful recovery rally efforts of 1.2% to 1.8% off of each respective low since Monday morning.
This is very perverse action because it gives the illusion that “buying-the-dip” is still a viable strategy, yet the fact is, the SPY is in a dominant near-term downtrend.
Unless and until the SPY can claw its way above the prior rally peak at 17.81 from yesterday’s, the downtrend will remain intact, and false hope on the upside will continue to be problematic.
Today’s last hour of trading will be extremely important, especially if the SPY cannot hold or extend its early recovery.
Also because end-month selling just might be a factor.
Harry has posted a Charts of the Day video on OMER at TheTechTrader site noting: Omeros Corporation (OMER) had a big day on Wednesday. It gapped up to 9.84, and closed at 10.53, just 2 cents off the high, up 1.61, or 18%, on 2.8 million shares. This was the strongest and biggest volume in weeks. It got back up to resistance level and closed right there. So we’ll see if there is any follow-through on Thursday. The next target is 11.60-.65, followed by a run-up to the 13 1/2 area. The momentum was pretty good on this one, and the volume has been increasing as it goes upward. The only down day was when the volume was very low, so it may extend, but be looking for a couple more days up toward 12.
Harry has posted a Charts of the Day video on IPCI at TheTechTrader site noting: IntelliPharmaCeutics International Inc. (IPCI), a former swing trade of ours, broke at the 3.50 support level, and has been continuing to drift lower. It’s very disappointing. Basically, it had one monster day back in Nov, going from 1.80 to close at 5.23, and then the next day it spiked up to 6.46 before pulling back down. Looking at the long-term chart, it looks like an area we wanted it to pull back to, but hoping it wouldn’t get below 3 1/2. If it gets over 3.50, with volume, then we’ll be looking at this one for another swing trade. First, we need to see some volume, and big volume. 335,000 shares is not going to get the job done.
Harry has posted a Charts of the Day video on GTN at TheTechTrader site noting: Gray Television Inc. (GTN), a swing trade of ours, which has been acting fantastic, and edging its way higher and higher over the last five weeks. It broke out, and now it’s flagging again. This stock may actually make it up to the 18-19 range, which is the next target.
Harry has posted a Charts of the Day video on DEPO at TheTechTrader site noting: DepoMed Inc. (DEPO) had a huge pop on Wednesday, up 1.47, or 17.6%, on 3.1 million shares, taking it all the way from the 8.72 area to 9.88, before pulling back to 9.82. That’s the second-biggest volume all year. It broke through the top of the parallel channel. Could it be accelerating? It would not be shocking to see this one up around 10 1/2 short-term, and then 11 3/4-12 as the secondary target, if it accelerates here.
Harry has posted a Charts of the Day video on RH at TheTechTrader site noting: Restoration Hardware Holdings, Inc. (RH) has a very toppy-looking pattern. It had an ugly break early Sept, snapped back to the moving averages, rolled over to the neckline, snapped back to the moving averages again, and rolled over again. If it takes out the 61 1/4 range, it could cascade down into the mid 50’s.
Harry has posted a Charts of the Day video on UNXL at TheTechTrader site noting: Uni-Pixel, Inc. (UNXL) looks like it’s poised to pop. It had big news from Eastman Kodiak on Wednesday that took it up, and on Thursday, instead of it backing off it stalled, consolidated, and popped 42 cents, or 2.3%, on 1.6 million shares. There’s a double-top in the 19 1/2 area, and a high at the 29 level, but the target is for the 22 1/2-23 area, and then 25.
Harry has posted a Charts of the Day video on KOG at TheTechTrader site noting: Harry has posted a Charts of the Day video on Symbol at TheTechTrader site noting:
Harry has posted a Charts of the Day video on CLDX at TheTechTrader site noting: Celldex Therapeutics, Inc. (CLDX) is another beauty. After the pop on the breakout and then a pullback, it ran up a little bit, consolidated for a week and a half, an then exploded. This stock has been up nine consecutive days, and on Thursday it was up day 10, jumping 2.31, or 6.9%, on 3.5 million shares. It has moved through lateral resistance and channel-top resistance, and continues to forge ahead, closing not far off the highs. The way it’s going it may hit 40 before too long.
Harry has posted a Charts of the Day video on ACAD at TheTechTrader site noting: ACADIA Pharmaceuticals Inc. (ACAD), one of our swing trades, continues to do very well. It had a breakout in the earlier part of Sept, moved up beautifully since then, and basically moved out of a little wedge on Thursday, popping 1.54, or 6.24%, on 2.1 million shares. It looks like it’s accelerating or at least moving up toward the mid-channel line towards 30, which is the next target.
Strength in U.S. Steel - Today’s strength in United States Steel Corp. (X) has propelled the stock above a 4 1/2 month resistance plateau that also releases the upside potential implied by the intermediate-term base/accumulation pattern.
The ability of X to sustain its gains above 19.50 greatly increases the likelihood of upside continuation towards 20.60-21.00 next, on the way to 22.00 thereafter.
Mike has posted Mid-Day Minute on MPTrader site: China Equity Markets Show Some Buoyancy - The Morgan Stanley China A Share Fund (CAF) has climbed from its June 24 low at 18.21 to this morning’s pre-open high at 22.80, or plus 25%, which has propelled the fund above its flattening 200-day EMA for the first time since early June.
More importantly, however, is the massive-support plateau that has developed between 18.64 and 17.68 during the past 20 months that also represents a potentially-powerful base formation as well.
Purely from a big-picture pattern perspective, my work argues strongly that CAF established a significant bear-market low at 17.68 on Sept 5, 2012, with the first upleg of a new-bull phase ending at the Feb 15, 2013 high of 27.90.
If my pattern work proves accurate, then CAF ended a deep correction of its initial upleg at the June 24 low, and since then has been in the early stages of a new-bull move that should revisit and hurdle 27.90 in the upcoming weeks and months.
Harry has posted a Charts of the Day video on HPQ at TheTechTrader site noting: Hewlett-Packard Company (HPQ) had been doing well, but it was a disappointment on Wednesday when it didn’t have a better follow-through. It did move up sharply, broke out across resistance by popping up through the 26 area, reaching 26.71, only to pullback 78 cents and close at 25.93, up 46 cents, or only 1.8%, which is the disappointing part. The good news was that the volume was 33 million shares, the biggest volume on an up-day in several weeks. We’ll see if this stock can continue holding this channel on any pullback, then see if there’s more upside, because it appears this stock is ready to get up to 29 1/2-30.
Harry has posted a Charts of the Day video on XONE at TheTechTrader site noting: The ExOne Company (XONE) reached the top of the channel with a thrust on Monday, jumping 4.63, or 7%, on 668,000 shares traded. At this point, unless it starts to accelerates, it could pullback, but it looks good.
Harry has posted a Charts of the Day video on SNTS at TheTechTrader site noting: Santarus, Inc. (SNTS) had another breakout on Monday, up 1.51, or 6.8%, on 4 million shares. That’s the biggest volume on an up-day for about four weeks. Consolidation is done, and it reached 24.07 on Monday. Further follow-through should take this one up to 26, and then 29.