It was kind of a lousy day on Wall Street on Monday, so we’re going to take a look at longs as well as shorts. I didn’t like what I saw and if the market does not surge on Tuesday and get some short covering, which may occur, because I’m hearing about a lot of institutions that are short and don’t want to show it on their books, we may still feel the fire for a couple more days. I’m worried about the market. I do not like the broken trend lines, or the rollover moving averages, and the rally back on Monday looked like bear flags or wedges. If they don’t start going soon, we could get a more extensive decline. There were some stocks that did well on Monday, so let’s take a look at those.
Celator Pharmaceuticals, Inc. (NASDAQ:CPXX) is looking good. It had a big breakaway gap, 2-day pullback, a surge up, another 2-day pullback on low-volume ebb here. Underlying technicals have developed well. On Monday, it was up 42 cents to 11.05, or %, on 2.6 million shares. To me, it looks like a stock that was set even higher. The target on this one is 15 short-term.
Five Prime Therapeutics, Inc. (NASDAQ:FPRX) had a swing put on it on Monday, because of the overall structure. First of all, it has a big breakaway gap, a strong run up, a 3-wave correction, and tested the breakout point from back in Oct. It ran up, backed off at the moving averages, broke through, set up a nice little support level at 34 1/2. On Monday, it got up to 38.79, and backed off, closing up 67 cents to 37.98, or 1.8%, on 707,000 shares traded. Good volume. Good OBV. I’m looking for this to breakout and run to 40-45, and then 50-51. Those are the targets going forward. 4.56 days to cover.
Inovio Pharmaceuticals, Inc. (NASDAQ:INO) swing trade is acting well. It had a big pop, a 2-day pullback, a reversal on Friday, and on Monday, it had another little pop, up just 12 cents to 8.02, or 1.5%, on 1.5 million shares. Bottom line is, I think it has the energy to make it up to the zone between 9-9 1/2 short-term, and beyond that the target is 10 3/4. It has 9 days to cover. The long base could support a very big move. The long-term declining topsline appears to have been broken as of Monday.
Stocks on the long side included Alder Biopharmaceuticals Inc. (NASDAQ:ALDR), Air Transport Services Group, Inc. (NASDAQ:ATSG), Century Aluminum Co. (NASDAQ:CENX), Celator Pharmaceuticals, Inc. (NASDAQ:CPXX), Finish Line Inc. (NASDAQ:FINL), Five9, Inc. (NASDAQ:FIVN), Five Prime Therapeutics, Inc. (NASDAQ:FPRX), Inovio Pharmaceuticals, Inc. (INO), MediciNova Inc. (NASDAQ:MNOV), MaxLinear, Inc. (MXL), NeoPhotonics Corporation (NYSE:NPTN), and Vuzix Corporation (NASDAQ:VUZI).
On the short side, stocks included Natus Medical Inc. (NASDAQ:BABY), Concordia Healthcare Corp. (NASDAQ:CXRX), DexCom, Inc. (NASDAQ:DXCM), Eagle Pharmaceuticals Inc. (NASDAQ:EGRX), Luxoft Holding, Inc. (NYSE:LXFT), Royal Caribbean Cruises Ltd. (NYSE:RCL), Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB), and Williams-Sonoma Inc. (NYSE:WSM).