It was an interesting day for the market on Monday. It was a nice morning, a pullback late in the day, but still, it was a good, positive day. A lot of stocks that we follow did well, so let’s take a look at some of them.
Alcoa Inc. (NYSE:AA) had an earnings report that was pretty good after hours, 50% above estimates. More importantly, the line of resistance goes back a year. AA was up 32 cents to 10.14, or 3.26%, on 37 million shares.
For me, the next target has to be at 11 1/2, then 12 3/4-13, but ultimately I think it could be a 14-15-dollar stock. Watch on Tuesday to see if there is a follow-through on this swing trade.
Acacia Communications Inc (NASDAQ:ACIA) was up 4.92 to 48.87, or 1%, on 1.9 million shares. Since the low on June 27, around Brexit, it got down to 32.92, and on Monday, the high was at 49.39. Ten dollars, or more than 50% since Brexit.
More importantly, the prior high and current resistance low was taken out on Monday. The current consolidation could lead to even higher levels. My next target is 54.
Lannett Com (NYSE:LCI) had a big day on Monday. It broke through the declining topsline and out of a consolidation, jumping 3.13 to 27.72, or 12.7%, on 2 million shares. It ran up to resistance near the 27 3/4 range, reaching 28.10. If it extends, the next level of resistance comes in around the gap at 32 which is the next target. It has 13.5 days to cover.
Weibo Corp (NASDAQ:WB) is doing great. It continues to extend, but it’s up near resistance. After the pullback on Friday, it had an inside day, but a positive one. The target is 38.00. WB was up 96 cents to 13.90, or 3%, on 1.1 million shares and has 1.68 days to cover.
Stocks on the long side included Alcoa Inc. (AA), Acacia Communications, Inc. (ACIA), Accelerate Diagnostics Inc (NASDAQ:AXDX), BioTelemetry Inc (NASDAQ:BEAT), Cemtrex Inc (NASDAQ:CETX), Coherus BioSciences Inc (NASDAQ:CHRS), Cliffs Natural Resources Inc (NYSE:CLF), VelocityShares 3x Inverse Crude linked to S&P GSCI Crude Oil Excess Return (NYSE:DWTI), ProShares UltraShort Bloomberg Crude Oil (NYSE:SCO), Ebix Inc (NASDAQ:EBIX), Fabrinet (NYSE:FN), Gigamon Inc (NYSE:GIMO), GoPro Inc (NASDAQ:GPRO), Direxion Daily Junior Gold Miners Bull 3X Shares (NYSE:JNUG), Lannett Company, In nvc. (LCI), Mobileye N.V. (NYSE:MBLY), Medivation Inc (NASDAQ:MDVN), Momo Inc (NASDAQ:MOMO), Novavax Inc (NASDAQ:NVAX), NVIDIA Corporation (NASDAQ:NVDA), Resolute Energy Corp (NYSE:REN), Stone Energy Corp (NYSE:SGY), TASER International Inc (NASDAQ:TASR), Teladoc Inc (NYSE:TDOC), Twilio Inc (NYSE:TWLO), Weibo Corporation (WB), and United States Steel Corporation (NYSE:X).