It was a follow-through day on Wall Street on Thursday, running right into resistance at 4200 Nasdaq 100 and 1900 S&P 500, and then they pulled them back. Let’s take a look at some of the stocks we follow and see what they did on Thursday.
Cree Inc (O:CREE) has been forming a nice base for six months, and after it looked like it was going to break out a couple of places, it came down with the market, but held the neckline on the support line at 23 1/2, and exploded off of that to get to 28 on Thursday. So it needs to get to 29. Keep an eye on resistance here. There is a declining topsline and lateral resistance, and it’s above the two moving averages. If it gets above 29, this stock could very well get to 31, 34, and maybe even as high as 36. It was up 1.40 to 27.71, or 5.3%, on 2.6 million shares on Thursday, and has 17.94 days to cover.
8x8 Inc (O:EGHT) had a swing put on it on Thursday. It has a nice base pattern, a run up from 7.25 to 12.40, about 5 points, it pulled back, had a 3-wave corrective move, reversed to the upside, and on Thursday, it was up 14 cents to 11. 16, or 1.3%, on nearly a million shares. Look for it to move to 11 3/4-12 and then run. Based on the merger move the next target is 15.
Pacific Biosciences of California (O:PACB) held the 50-day, even with the market pullback, it bounced, retested on Wednesday, and on Thursday, it jumped 70 cents to 12.99, or 5.7%, on nearly 2 million shares. It looks like it formed a nice consolidation, and if it takes off, the target is in the 17-18 zone. It has 7.5 days to cover.
Stocks on the long side included ADTRAN Inc (O:ADTN), ConocoPhillips (N:COP), Kinder Morgan, Inc. (N:KMI), Range Resources Corporation (N:RRC), ProShares UltraShort Bloomberg Crude Oil (N:SCO), VelocityShares 3x Inverse Crude Oil ETN (VelocityShares 3x Inverse Crude linked to S&P GSCI Crude Oil Excess Return (N:DWTI)), Cree, Inc. (CREE), CyberArk Software, Ltd. (CYBR), 8x8 Inc. (EGHT), The Direxion Daily S&P Biotech Bull 3X Shares (N:LABU), Nautilus Group Inc (N:NLS), Pacific Biosciences of California, Inc. (PACB), Spirit Airlines Inc (O:SAVE), TrovaGene Inc (O:TROV), VirnetX Holding Corp (N:VHC), Xilinx Inc. (O:XLNX), and Intrexon Corpn (N:XON).