The market had another phenomenal day on Wednesday. It was a great trading day. A lot of stocks acted great. Let’s take a look at some of them.
Fabrinet (N:FN) has a really nice chart. It had a breakaway gap about two weeks ago, it pulled down gently over a five-day period, the volume got quiet, and in the last three days it moved up again, holding the gap support. It broke out above the prior high at 29.68, and on Wednesday, it reached a high of 29.90, closing up 63 cents to 28.08, or 2%, on 441,700 shares traded. Volume was good, but not great. Look for it to run up to 331/2, roughly, on a swing trade.
Ocular Therapeutix, Inc. (O:OCUL) broke out with an explosive move on Wednesday on 5.6 million shares, which is historic volume for this stock. It jumped 2.41 to 8.67, or 38 1/2%. This stock has come from the 40s down to the 5.00 range, and after almost a year it broke out with a breakaway gap. It did pull back, break through the declining topsline, above the 50, and above the gap. Watch this one going forward, because if it doesn’t make the move up, it could slip back to below 8.00, or slip into the gap and have a deeper retest, perhaps down toward the prior high at 7.35. I like this for a move up to 11, and then 14.
Swift Transportation Company (N:SWFT) continues to form in a steady wedge that looks intriguing. After the recent breakout, and the moving averagescrossing over, it’s consolidating nicely. On Wednesday, it was up 15 cents to 17.43, on 2.1 million shares. Look for it to run up to 20 1/2-3/4, followed by 24-24 1/2.
Other stocks on the long side included Century Aluminum Co. (O:CENX), CARBO Ceramics Inc. (N:CRR), Direxion Daily Energy Bull 3X ETF (N:ERX), Fabrinet (N:FN), Fossil Group, Inc. (O:FOSL), Garmin Ltd. (O:GRMN), Juno Therapeutics Inc. (O:JUNO), Direxion Daily S&P Biotech Bull 3X ETF (N:LABU), Lumentum Holdings Inc. (O:LITE), Direxion Daily Gold Miners Bull 3X ETF (N:NUGT), Ocular Therapeutix, Inc. (O:OCUL), ORBCOMM, Inc. (O:ORBC), Regulus Therapeutics Inc. (O:RGLS), Swift Transportation Company (N:SWFT), and Teck Resources Limited (N:TCK).