It was a sloppy day on Wall Street on Wednesday. The markets were due for a pullback. The oscillators got to plus 166 on McClellon, and they did get a pullback. Towards the end of the day, the Nasdaq 100 was much worse than the S&P 500, which I’m not clear whether that’s a negative divergence with the NDX not confirming the S&P 500, or the S&P 500 with a positive divergence, and leading to what could be a shallow retest, and then more upside. For now, let’s take a look at some stocks that are leading the way.
First Majestic Silver Corp (NYSE:AG) is one of the best silver stocks out there in terms of percentage moves, for sure, having gone from the January low about 2.40, all the way up to Wednesday'€™s high over 17. It closed at 16.91, up 1.50, or 9.7%, on 7.85 million shares, and looks like it just broke out again. I can see this extending into the mid 20's at some point. I look for a midchannel target around 19. Very impressive stock.
NeoGenomics Inc (NASDAQ:NEO) popped 20 cents to 9.36, or 2%, on a million shares on Wednesday. I put a swing on it. The long-term pattern is incredible in this market, and Wednesday it reached new, all-time highs. I think we have a stock that is going to 10 1/2 and 12 1/2. It has 4.7 days to cover, which could help.
Twilio Inc (NYSE:TWLO) is on fire. It gapped and ran 3.95 to 42.25, or 10.3%, on 8.5 million shares on Wednesday, reaching a high of 42.75. It's coming out of a wedge. With the angle of ascent, we may see mid 50s in this stock. For now, look for 48-50 short-term, and mid 50s intermediate-term.
Vuzix Corp Cmn Stk (NASDAQ:VUZI) had a great day on Wednesday, up 76 cents to 7.85, or 10.7%, trading more than 1.7 million shares. That’s the biggest volume this stock has ever traded. It’s coming up to a resistance line. If it gets through here it should quickly get to 9 1/2-3/4, and then the secondary target is 12 1/2.
Stocks on the long side included Agnico Eagle Mines Limited (NYSE:AEM), First Majestic Silver Corp. (AG), Digital Ally Inc (NASDAQ:DGLY), Evolent Health Inc (NYSE:EVH), VanEck Vectors Junior Gold Miners (NYSE:GDXJ) Newmont Mining Corporation (NYSE:NEM), Direxion Daily Gold Miners Bull 3X Shares (NYSE:NUGT), Pan American Silver Corp (NASDAQ:PAAS), Silver Wheaton Corp (NYSE:SLW), VelocityShares 3x Long Silver linked to S&P GSCI Silver ER Exp 14 Oct 2031 (NASDAQ:USLV), Neogenomics Inc. (NEO), Resolute Energy Corp (NYSE:REN), Shutterstock (NYSE:SSTK), Synacor Inc (NASDAQ:SYNC), Twilio, Inc. (TWLO), Vuzix Corporation (VUZI), Yirendai Ltd. (NYSE:YRD), and ZELTIQ Aesthetics Inc (NASDAQ:ZLTQ).