It was a great day for the market on Tuesday and a lot of stocks acted well. We had great trades, but more importantly, we’re going to take a look at some stocks that look promising, some that broke out, others that are set up to break out, and a few swing trades.
Cray Inc. (O:CRAY) had an amazing day on Tuesday, up 6.61 to 40.24, or nearly 20%, on 2.4 million shares. It looks like we could see this stock move. Perhaps, longer-term, it could take out an entire range from 2014 to present, and move into the 50’s. Keep your eye on this stock on Wednesday to see if there’s a follow-through, possibly a day trade.
Cree, Inc. (O:CREE) has been acting well. The pattern shows a pop, a wedge, a pop, a pullback retest, and then the breakout on Tuesday, up another 1.39 to 30.67, or almost 5%, on 1.6 million shares. Both the volume and OBV look strong. It looks like it’s going to test the 31 3/4 zone, maybe as early as Wednesday, but the swing target on it is 36 followed by 40.
Fabrinet (N:FN) is one of the Top 20 picks for this week and is acting great. It popped, pulled back, is holding the gap nicely, and snapped back. If it can get above the 29.58 area, the target is 33.
Other stocks on the long side included Amira Nature Foods Ltd. (N:ANFI), Cray Inc. (CRAY), Cree, Inc. (CREE), Canadian Solar Inc. (O:CSIQ), Fabrinet (FN), Groupon, Inc. (O:GRPN), Direxion Daily S&P Biotech Bull 3X ETF (N:LABU), MaxLinear, Inc. (N:MXL), Oclaro, Inc. (O:OCLR), Omega Protein Corporation (N:OME), Primo Water Corporation (O:PRMW), Rovi Corporation (O:ROVI), Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (N:VLRS), Wynn Resorts Ltd. (O:WYNN).