It was really a topsy-turvy day for the market on Thursday. Down first, back up nicely, closing at the highs for the day. Are we out of the woods yet? I’m not sure. I don’t actual think we are yet. If the market extends here and takes out key resistance, perhaps I’ll be corrected. I do want to go over some longs that I’m interested in that I think have some real momentum.
Acacia Communications, Inc. (NASDAQ:ACIA) is looking well, and Wall Street is liking this one, up 2.47 to 44.32, or 5.9%, on just under a million shares traded. It had a big run-up, consolidated, popped out, and looks like it’s ready to run again. If it does, it’s four waves up and the fifth wave should take it to 50, give or take a point.
Accelerate Diagnostics, Inc. (NASDAQ:AXDX) has really be acting well. After a 3-wave, corrective pullback, and a nice base, it popped and went right up to the declining topsline and backed off. It was actually down 59 cents to 16.28 on Thursday. I put a swing on it. I’m looking for it to ideally hold a pullback around 15 1/2, 19, and eventually 23-24.
Cemtrex Inc. (NASDAQ:CETX) looks pretty good. This low-price stock with an explosive move pullback and then a bigger one, reached the December resistance zone up around 3.75 by tagging 3.82 recently. It pulled back in a nice little wedge on low volume on Thursday. The apex of the wedge does mean it’s going to 4.25, and then 5.00.
Nu Skin Enterprises Inc. (NYSE:NUS) had a big breakout on Thursday, up 4.21 to 44.90, or 10%, on 3 million shares. A big declining topsline was broken recently, and the inverse neckline was broken on Thursday. Perhaps we’re going to see a test of 49.90-50 coming up.
Stocks on the long side included Acacia Communications, Inc. (ACIA), Advanced Micro Devices, Inc. (NASDAQ:AMD), Accelerate Diagnostics, Inc. (AXDX), Central Garden & Pet Company (NASDAQ:CENT), Cemtrex Inc. (CETX), VelocityShares 3x Inverse Crude Oil ETN (NYSE:DWTI), ProShares UltraShort Bloomberg Crude Oil (NYSE:SCO), Exelixis, Inc. (NASDAQ:EXEL), MGT Capital Investments, Inc. (NYSE:MGT), Nu Skin Enterprises Inc. (NUS), Vuzix Corporation (NASDAQ:VUZI), and United States Steel Corp. (NYSE:X).