It was a consolidation day on Wall Street on Thursday, with a good finish at the end after they came down in the morning and finished strongly. Many of the stocks we follow did well, particularly oil stocks and some of the gold. We’ll take a look at several of those and a few swing trades.
Abercrombie & Fitch Company (NYSE:ANF), one of our older swing trades, is doing very, very well. The pattern in the rising channel says it’s headed for 34-35. It was up 73 cents to 31.14, or 2.4%, on 4.7 million shares on Thursday. It still has 8.4 days to cover and looks like its headed to the top of the channel on a short-term basis. The volume and OBV look good.
Editas Medicine Inc. (EDIT) has been phenomenal, up another 5.59 to 37.49, or 17.5%, on 590,035 shares traded. It has one of the better short-term moves that I’ve ever seen on any stock, going from 12 1/2 to 39 in just the last three weeks. That’s 200%. It needs a pullback consolidation, and then it will go higher.
The Direxion Daily Gold Miners Bull 3X Shares (NYSE:NUGT) had a great day on Thursday, up 6.74 to 61.62, or 12.3, on 106.5 million shares. Potentially, it could reach up to the mid 70’s, even the mid 80’s, before this one has any kind of retrace. In January this stock was at 17.
Other stocks on the long side included Abercrombie & Fitch Co. (ANF), Direxion Daily Brazil Bull 3X Shares (NYSE:BRZU), Chesapeake Energy Corporation (NYSE:CHK), 3D Systems Corporation (NYSE:DDD), Editas Medicine Inc. (EDIT), Direxion Daily Energy Bull 3X Shares (NYSE:ERX), Direxion Daily Junior Gold Miners Bull 3X Shares (NYSE:JNUG), Direxion Daily Gold Miners Bull 3X ETF (NUGT), Royal Gold Inc (NASDAQ:RGLD), Range Resources Corporation (NYSE:RRC), Shutterstock (NYSE:SSTK), Supernus Pharmaceuticals Inc (NASDAQ:SUPN), Targa Resources Inc (NYSE:TRGP), Unit Corporation (NYSE:UNT), United States Steel Corporation (NYSE:X), T2106, T2108.