It was an interesting day on Wall Street on Thursday. The markets were up sharply, they bounced, came down in the afternoon, tried to retest earlier highs, did not break, but came on strong and managed to back off in the last hour as some cautious profit taking set in, in some overbought conditions.
But the market keeps climbing. Individually, a lot of stocks did well on Thursday, so let’s take a look at some of them. I’ll show you a few that are either swinging, or day trading.
Acacia Communications Inc (NASDAQ:ACIA) has been phenomenal since after its IPO when it hit bottom around 27, then ran up to 45, pulled back to the Brexit low down around the 33 area, and then took off and has been smokin’ the last couple weeks.
On Thursday it was up 2.81 to 52.43, or 5.66%, on 1.1 million shares. This looks like a stock that isn’t done yet. Although you may have Wednesday’s low as a potential stopping point, we don’t want it under 47. I think this stock could hit the mid-50’s, maybe even 57, as early as Friday.
Accelerate Diagnostics Inc (NASDAQ:AXDX) popped 63 cents to 19.07, or 3.4%, on 390,656 shares traded on Thursday. This is one of our swing trades that recently popped, came down into the Brexit low, and then has run up every day since.
That’s two weeks and twelve trading days. I wouldn’t be an advocate of buying it aggressively here. I would look for some pullback opportunities up towards 17-17 1/2 range, but it looks like this stock is headed to 23-24 zone, at least initially. With 20.6 days to cover, we may very well see that.
Lannett Com (NYSE:LCI) is a company that I like. It had a big move down from the mid-70’s down to 16 when most biotech’s got hammered. It dropped, consolidated, and broke out, consolidated again, and on Thursday it popped 1.52 to 28.23, or 5.69%, on 1.6 million shares, convincing me that I want to put this on my swing list. Particularly because it closed at 28.23, 7 cents from the high, and a new closing high, which indicates to me a target of 32 going forward.
Xencor Inc (NASDAQ:XNCR) was actually down 23 cents to 17.96, or 1.26%, on 203,728 shares traded. This stock, with its long base, a massive breakout with a breakaway gap on big volume, followed by two weeks of flagging on low volume, I decided it was time to put out a swing trade on this on Thursday.
Although I did state that I may be a little early, it could get up to a little bit lower towards 17. If it does what I think it can, and breaks out of this flag and runs, and if it gets through the 19.99-20 zone, I’m looking for this stock to run up the mid-20’s. 14 days to cover could fuel the advance on this one.
Stocks on the long side included Acacia Communications, Inc. (ACIA), Accelerate Diagnostics, Inc. (AXDX), Blucora Inc (NASDAQ:BCOR), Cree Inc (NASDAQ:CREE), Cypress Semiconductor Corporation (NASDAQ:CY), Exelixis Inc (NASDAQ:EXEL), Gol Linhas Aereas Inteligentes SA (NYSE:GOL), International Business Machines Corporation (NYSE:IBM), Direxion Daily Junior Gold Miners Bull 3X Shares (NYSE:JNUG), Direxion Daily Gold Miners Bull 3X Shares (NYSE:NUGT), Lannett Company, Inc. (LCI), Nintendo Ltd (OTC:NTDOY), Tronox Limited (NYSE:TROX), Weibo Corp (NASDAQ:WB), Xencor, Inc. (XNCR), and ZELTIQ Aesthetics Inc (NASDAQ:ZLTQ).