The 1st of the month and it started off with an interesting day. Although the indices opened lower, the market turned around quickly, despite the fact that oil did not. It’s a good sign. I think the markets are being affected by earnings. Let’s go over some of the stocks that acted well and made important moves on Monday.
First Solar, Inc. (O:FSLR), the leader in the soar group, broke through resistance on Monday, up 47 cents to 69.13, on 1.9 million shares. The fact that it broke through indicates that it may test the multi-year highs at 71-72, and the secondary target is in the high 70s, near 80.
Photronics Inc. (O:PLAB) had an interesting day on Monday, up 34 cents to 12.28, or 2.85%, on 1.8 million shares. It looks like it wants to try to break out. Watch it on Tuesday at 12.40, because if it does, we may see 13, and then we’re off to the races toward 15.
SolarEdge Technologies, Inc. (O:SEDG), one of our favorite solar stocks, up 30 cents to 28.57, or 1%, on 873,800 shares traded on Monday, and ran right up against resistance. If it should take that out, and then 30. If it does, it has a real shot at being a 33, 35, and as much as low 40s stock at some point. It has leg 1 and 2 up, and leg 3 is well on its way. It has 3 days to cover.
Intrexon Corporation (N:XON) is acting very well. It has a nice surge, a pullback on low volume, and a surge again on big volume. On Monday, it was up 2.43 to 31.57, or 8.3%, on 3.6 million shares. If it gets up through 31.57, the range we’re looking at is 33 3/4-33.90, and then we’re looking at a 40-43-dollar stock.
Other stocks on the long side included Aquinox Pharmaceuticals Inc. (O:AQXP), VelocityShares 3x Inv Natural Gas ETN (N:DGAZ), VelocityShares 3x Inv Crude ETN (N:DWTI), ProShares UltraShort Bloomberg Crude Oil (N:SCO), Eros International (N:EROS), Eyegate Pharmaceuticals, Inc. (O:EYEG), Facebook, Inc. (O:FB), First Solar, Inc. (FSLR), Inovio Pharmaceuticals, Inc. (O:INO), Direxion Daily Jr Gld Mnrs Bull 3X ETF (N:JNUG), Direxion Daily Gold Miners Bull 3X ETF (N:NUGT), Photronics Inc. (PLAB), Spirit Airlines, Inc. (O:SAVE), SolarEdge Technologies, Inc. (SEDG), TransEnterix, Inc. (N:TRXC), and Intrexon Corporation (XON).