The market had another interesting, mixed day on Thursday, and a lot of stocks we follow, particularly in oils, even the fracking stocks, started picking up, and some of the gold stocks had a little bit of a choppy day. Let’s take a look at a few of them.
Finisar Corp. (NASDAQ:FNSR) has done very well, but is choppy over the long-term. It was up 85 cents to 17.52, or 5%, on 2.3 million shares. I think this stock is going to extend. The daily chart for Thursday shows it breaking out of the declining pattern, popped, filled the gap, came back and retested, and ran up. Recently, having a strong report, it exploded, pulled back and held that gap. It turned around on Wed and followed through on Thursday. Keep an eye on Thursday’s high at 17.71, which is resistance. If it gets through that, this stock could be in the 20, and the 23 range going forward, particularly if the volume keeps up.
The Direxion Daily Russia Bull 3X ETF (NYSE:RUSL) has taken out a declining topsline, consolidated, and popped out on Thursday, up 91 cents to 13.93, or 7%, on 3.8 million shares. That’s the biggest volume since the end of Feb. I think it can extend and eventually run up to 19, but first look for it to run to 16, the short-term target.
U.S. Silica Holdings, Inc. (NYSE:SLCA) is the one I put a swing on Thursday, because it’s the leader in that group. It dropped from the mid 60s down to the teens, but on three occasions it ran up and rolled over, then broke up toward resistance, backed off, formed a wedge, and on Thursday, it broke out, up 1.77 to 22.49, or 8.5%, on 10.2 million shares. This is a stock that completed its base pattern and is about to explode. The short-term target is 26, and then 30. This is a new swing, so keep an eye on it.
Stocks on the long side included Direxion Daily Brazil Bull 3X ETF (NYSE:BRZU), Century Aluminum Co. (NASDAQ:CENX), Cray Inc. (NASDAQ:CRAY), Emerge Energy Services LP (NYSE:EMES), Energy Recovery, Inc. (NASDAQ:ERII), Eros International (NYSE:EROS), Finisar Corp. (NASDAQ:FNSR), Hi-Crush Partners LP (NYSE:HCLP), Helix Energy Solutions Group, Inc. (NYSE:HLX), Mobileye N.V. (NYSE:MBLY), Direxion Daily Russia Bull 3X ETF (RUSL), U.S. Silica Holdings, Inc. (SLCA), ProShares Ultra Bloomberg Crude Oil (NYSE:UCO), VelocityShares 3x Long Natural Gas ETN (NYSE:UGAZ), United States Natural Gas Fund, LP (NYSE:UNG), VelocityShares 3x Long Silver ETN (NASDAQ:USLV), VelocityShares 3x Long Crude Oil ETN (NYSE:UWTI), and Whiting Petroleum Corp. (NYSE:WLL).