ArQule, Inc. (NASDAQ:ARQL) was up another 30 cents, or 11.4%, to 3.18, on 1.1 million shares on Monday. It has been trading beautifully. It came down for three days, and in a lousy market it sure popped and did well. When a stock like this is up eleven percent on a day like Monday, you have to pay attention. Keep an eye on this for a move over 3.35 to the next target at 4-4.25.
MediciNova Inc. (NASDAQ:MNOV) had a big day on Monday, jumping 1.93, or 19%, to 12.15, on 2.1 million shares. It’s interesting that a stock would reverse, come down with a breakaway gap, and reverse right back up again during the same session. That, my friends, is called an Allen reversal. When a reverse comes with volume like this one did on Monday, it’s time to take notice. Right now, resistance is going to be near 14, and if it gets through that, you’re looking as 17 as the next target. Monday was a significant day for this stock.
Stocks on the Short Side….
Overstock.com, Inc. (NASDAQ:OSTK) was down another 3.40, or 10%, falling under 33.00 to 32.85, on 3.7 million shares at lateral support and at the bottom of the channel. It may rebound, particularly if the market rebounds, but this stock is in free-fall and may very well see high 20’s first.
Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) rolled over and continues to extend lower, taking out the wedge. On Monday, it dropped another 1.65, or 4%, to 40.09, on 2.1 million shares. Look for it to head down to the next support level at the 37 1/2 range.
Stocks on the long side included ArQule, Inc. (NASDAQ:ARQL), BioLife Solutions, Inc. (NASDAQ:BLFS), CASI Pharmaceuticals, Inc. (NASDAQ:CASI), Direxion Daily Financial Bear 3X Shares (NYSE:FAZ), Innovate Biopharmaceuticals, Inc. (NASDAQ:INNT), MediciNova Inc. (NASDAQ:MNOV), PetIQ, Inc. (NASDAQ:PETQ), Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT), SMART Global Holdings, Inc. (NASDAQ:SGH), ShotSpotter, Inc. (NASDAQ:SSTI), VelocityShares Daily 2x VIX ST ETN (NASDAQ:TVIX), and ProShares Ultra VIX Short-Term Fut ETF (NYSE:UVXY).
On the short side, stocks included Advanced Energy Industries, Inc. (NASDAQ:AEIS), Albemarle Corporation (NYSE:ALB), American Woodmark Corporation (NASDAQ:AMWD), CAI International, Inc. (NYSE:CAI), Finisar Corp. (NASDAQ:FNSR), Golden Entertainment, Inc. (NASDAQ:GDEN), Lumber Liquidators Holdings, Inc. (NYSE:LL), Overstock.com, Inc. (NASDAQ:OSTK), Prestige Brands Holdings, Inc. (NYSE:PBH), Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY), Signet Jewelers Limited (NYSE:SIG), Scotts Miracle-Gro Company (NYSE:SMG), Sun Hydraulics Corporation (NASDAQ:SNHY), Triton International Limited (NYSE:TRTN), Take-Two Interactive Software Inc. (NASDAQ:TTWO), and Ultra Clean Holdings Inc. (NASDAQ:UCTT).
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