It was a wild and wholly day on Wall Street on Wednesday, down in the morning, back up, a retest, then the FOMC, a nice pop, and then a little bit of a pullback at the end of the day, but it was a mixed close. The NASDAQ is still under pressure, the S&P 500 is doing great, but the blue chips and NYSEare doing much better. Let’s take a look at some of the stocks highlighted here.
Cynosure Inc (NASDAQ:CYNO) popped nicely on Wednesday, up 1.19, or 2.4%, on 930,700 shares traded. This stock is in a beautiful rising channel. It’s four waves up, with a possible fifth wave with multiple waves within the fifth wave. It made new, all-time highs on Wednesday, and could be in the 60-dollar range in the not too distant future. It has 5.37 days to cover.
Direxion Daily Energy Bull 3X Shares (NYSE:ERX) is one of the swing trades we had for the oil sector that has now had a five-wave move, and has reached a couple of our targets. Be careful about this one going forward, but if it does get more momentum, it could see mid-30’s.
Inovio Pharmaceuticals Inc (NASDAQ:INO) just continues to push. It was up 46 cents to 10.44, or 4.39%, on 1.7 million shares on Wednesday, and has been acting great. The inverse head-and-shoulders is what caught my attention. When it broke out we put a swing on it, and its gone from the 7 1/4-1/2 area to 11. My short-term target is up in the 11 zone, and the secondary target is around 13. It has 6.32 days to cover.
Medivation Inc (NASDAQ:MDVN) is coiling beautifully. It was up 23 cents to 52.05, on 2.2 million shares. If it pops, this stock should run up to the high 50’s, as well as potentially a takeover at some point. It could reach the mid-60’s first.
Stocks on the long side included Boston Scientific Corporation (NYSE:BSX), Blue Buffalo Pet Products Inc (NASDAQ:BUFF), Century Aluminum Company (NASDAQ:CENX), CONSOL Energy Inc. (NYSE:CNX), Barracuda Networks (NYSE:CUDA), Cynosure Inc (NASDAQ:CYNO), Direxion Daily Energy Bull 3X ETF (ERX), Energy Transfer Equity LP (NYSE:ETE), Fireeye Inc (NASDAQ:FEYE), Garmin Ltd. (NASDAQ:GRMN), Inovio Pharmaceuticals Inc (NASDAQ:INO), Legacy Reserves LP (NASDAQ:LGCY), Medivation Inc (NASDAQ:MDVN), Mercury Systems Inc (NASDAQ:MRCY), NeoPhotonics Corporation (NYSE:NPTN), Primo Water Corporation (NASDAQ:PRMW), Range Resources Corporation (NYSE:RRC), US Silica Holdings Inc (NYSE:SLCA), Sonus Networks Inc (NASDAQ:SONS) , Stratasys Ltd (NASDAQ:SSYS), Timkensteel Corp (NYSE:TMST), and Targa Resources Inc (NYSE:TRGP).