The stock market had a really nice comeback in the afternoon on Monday, after the markets consolidated earlier. I’m very pleased at the way the week started. It was a little different from what I expected. The bottom line here is that there was the possibility for some good trading.
Cabela's Incorporated (NYSE:CAB) is still acting well. It has an inverse head-and-shoulders, breakout, a swing trade was put on it, it had a nice, little pullback-pop-pullback, then inside day on Friday, and a nice day on Monday, up 1.45 to 53.60, or 2.78%, on 900,000 shares traded. I think this one is going to run and be taken out around the 60-65 range. It has 8.7 days to cover.
Callon Petroleum Company (NYSE:CPE), a junior oil, is acting well, after coming down to support with a breakout on Monday, reversing from 10.19 to 10.87, and then closed up 32 cents to 10.83, or 3%, on 5.5 million shares. If it gets up to about the 11 1/4 range, we may see 12 1/2. It has 4.8 days to cover.
Celator Pharmaceuticals, Inc. (NASDAQ:CPXX) had a very quiet, narrow day on Monday, and is near the apex of the little coil that developed the last two weeks, but the channel is still in play. It closed up 22 cents to 15.29, or 1.5 million shares. If it continues, it will retest the high near 17.40 with the next target at 21-22. The pullback is on lower volume, and the OBV is looking really good.
Keryx Biopharmaceuticals Inc. (NASDAQ:KERX) looked good enough to put a swing on around the 5.55, or so, on Monday, and it popped up to 6.07, pulled back, and closed up 52 cents to 5.96, or 9.56%, on 2.8 million shares. Decent volume. There’s minor resistance at 6.64, which is the next target, and then 8 and 10.
Stocks on the long side included Adeptus Health Inc. (NYSE:ADPT), Cabela's Incorporated (CAB), The Chemours Company (NYSE:CC), Chembio Diagnostics, Inc. (NASDAQ:CEMI), Callon Petroleum Company (CPE), Celator Pharmaceuticals, Inc. (CPXX), Ebix Inc. (NASDAQ:EBIX), Five9, Inc. (NASDAQ:FIVN), Fabrinet (NYSE:FN), Genworth Financial, Inc. (NYSE:GNW), Keryx Biopharmaceuticals Inc. (KERX), Mitek Systems, Inc. (NASDAQ:MITK), ORBCOMM, Inc. (NASDAQ:ORBC), Sonus Networks, Inc. (NASDAQ:SONS), Sarepta Therapeutics, Inc. (NASDAQ:SRPT), Wynn Resorts Ltd. (NASDAQ:WYNN), United States Steel Corp. (NYSE:X), and Intrexon Corporation (NYSE:XON).